Carbon revolution announces receipt of non-compliance letter from nasdaq

Geelong, australia, june 03, 2025 (globe newswire) -- carbon revolution plc (nasdaq: crev) (the “company”), a tier 1 oem supplier and the leading global manufacturer of lightweight advanced technology automotive carbon fiber wheels, today announced that the company has received a notification letter (the “letter”) from the listing qualifications department of the nasdaq stock market llc (“nasdaq”) notifying the company that, based upon the company's annual report on form 20-f for the fiscal year ended june 30, 2024 which was filed with the securities and exchange commission on may 14, 2025, the company is not in compliance with the minimum stockholder's equity requirement for continued listing set forth in nasdaq listing rule 5450(b)(1)(a), which requires companies listed on the nasdaq global select market to maintain a minimum of $10,000,000 in stockholders' equity for continued listing. the letter has no immediate effect on the listing or trading of the company's ordinary shares or warrants on nasdaq. the letter stated that, under nasdaq rules, the company has 45 calendar days to submit a plan to regain compliance, and that if a plan is submitted and accepted, nasdaq could grant the company an exception of up to 180 calendar days from may 30, 2025, or until november 26, 2025, to regain compliance. if nasdaq does not accept the company's plan, then the company will have the opportunity to appeal that decision to a nasdaq hearings panel.
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