- Smart Powerr Corp. (NASDAQ: CREG) ("CREG" or the "Company"), an industrial waste-to-energy solution provider in China, announced today that it received written notification from Listing Qualifications Department of The Nasdaq Stock Market LLC (the "Nasdaq") that, as a result of not having timely filed its quarterly report on Form 10-Q for the year ended March 31, 2023 (the "Form 10-Q"), the Company does not comply with the Nasdaq Listing Rule 5250(c)(1), which requires timely filing of periodic financial reports with the U.S. Securities and Exchange Commission (the "SEC").
Under the Nasdaq Listing Rule 5810(c)(2)(F)(i), the Company is required to submit its plan to regain compliance (the "Compliance Plan") no later than July 24, 2023. If the plan is accepted by Nasdaq, CREG can be granted up to 180 calendar days from the Initial Delinquency Filing's due date or until November 20, 2023, to regain compliance.
The Company was unable to file its Form 10-Q by its original deadline without unreasonable effort or expense, and the Nasdaq notification has no immediate impact on the listing of the Company's shares of common stock on the Nasdaq Capital Market.
This announcement is made in compliance with the Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a notification of deficiency.