Carbon Revolution receives Nasdaq extension until May 14, 2025, for filing its Annual Report on Form 20-F.
Quiver AI Summary
Carbon Revolution plc, a leading manufacturer of lightweight carbon fiber wheels for the automotive industry, announced that it has received an extension from Nasdaq until May 14, 2025, to file its Annual Report on Form 20-F for the year ending June 30, 2024. This exception allows the company to maintain its listing on Nasdaq while it works to fulfill the reporting requirement. The company has explained that if the report is filed by the deadline and complies with Nasdaq's listing rules, its securities will remain listed. Carbon Revolution, which specializes in advanced manufacturing for high-performance vehicles, is focused on ensuring compliance and progressing its business goals despite potential risks and uncertainties outlined in the press release.
Potential Positives
- The Nasdaq has granted Carbon Revolution an exception to its Listing Rule 5250(c)(1), allowing the company additional time until May 14, 2025, to file its Annual Report on Form 20-F.
- This exception ensures that Carbon Revolution's securities will remain listed and traded on Nasdaq during the exception period, providing stability and confidence to investors.
- The company is actively working to file the required report by the extended deadline, indicating its commitment to compliance and transparency.
- The release highlights Carbon Revolution's status as a Tier 1 OEM supplier and a leader in the manufacturing of lightweight advanced technology automotive carbon fiber wheels, reinforcing its competitive position in the automotive market.
Potential Negatives
- The requirement to file the Annual Report on Form 20-F by May 14, 2025, indicates potential delays or financial issues, which may raise concerns about the company's overall financial health and ability to comply with regulatory requirements.
- The grant of an exception to Nasdaq's Listing Rule suggests that the company is currently not in compliance, which can be viewed negatively by investors and may affect investor confidence.
- Failure to regain compliance with Nasdaq's listing rules could result in delisting, which would severely impact the company's ability to attract investment and conduct business operations.
FAQ
What recent announcement did Carbon Revolution make regarding Nasdaq compliance?
Carbon Revolution announced it received an exception from Nasdaq, allowing until May 14, 2025, to file its Annual Report on Form 20-F.
How long is the exception period granted by Nasdaq?
The exception period granted by Nasdaq extends until May 14, 2025, for filing the required Annual Report.
Will Carbon Revolution's securities remain listed on Nasdaq?
Yes, Carbon Revolution's securities will remain listed on Nasdaq during the exception period as long as compliance is maintained.
What is the significance of the Annual Report on Form 20-F?
The Annual Report on Form 20-F is essential for Nasdaq compliance and outlines the company's financial performance and operations.
Where can I find more information about Carbon Revolution?
More information about Carbon Revolution can be found on their official website at carbonrev.com.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
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Full Release
GEELONG, Australia, Feb. 04, 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 on January 31, 2025 it received a letter from the Nasdaq Stock Market ("Nasdaq") informing the Company that Nasdaq has granted the Company’s request for an exception to Nasdaq’s Listing Rule 5250(c)(1) through May 14, 2025. The exception gives the Company until May 14, 2025 to file its Annual Report on Form 20-F for the year ended June 30, 2024. The Company’s securities will remain listed and traded on Nasdaq during the exception period. If the Company files the Annual Report by May 14, 2025, the securities will remain listed, so long as the Company remains in compliance with Nasdaq’s listing rules.
The Company continues to work diligently to file the required report by May 14, 2025.
About Carbon Revolution plc
Carbon Revolution plc (Nasdaq: CREV) (the “Company” or “Carbon Revolution”) is the parent of Carbon Revolution Pty Ltd, an early-stage growth company which has successfully innovated, commercialized and industrialized the advanced manufacture of carbon fiber wheels for the global automotive industry. The Company has progressed from single prototypes to designing and manufacturing lightweight wheels for cars and SUVs in the high performance, premium and luxury segments, for the world’s most prestigious automotive brands. Carbon Revolution is creating a significant and sustainable advanced technology business that supplies its lightweight wheel technology to automotive manufacturers around the world.
For more information, visit carbonrev.com
Forward Looking Statements
All statements other than statements of historical facts contained in this communication are forward-looking statements. Forward-looking statements may generally be identified by the use of words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “project,” “forecast,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” “target” or other similar expressions (or the negative versions of such words or expressions) that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the expectation of continued listing of Carbon Revolution’s ordinary shares and warrants on Nasdaq, the Company’s ability to file its Annual Report and promptly regain compliance with Nasdaq Listing Rule 5250(c)(1), the future financial performance, business strategies, financings and expectations for the Company’s business. These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations of Carbon Revolution’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from such assumptions, and such differences may be material. Many actual events and circumstances are beyond the control of Carbon Revolution.
These forward-looking statements are subject to a number of risks and uncertainties, including (i) the ability to maintain the listing of Carbon Revolution’s securities on Nasdaq or any other exchange on which such securities may be listed in the future; (ii) the failure to realize the benefits of being listed on a U.S. securities exchange and publicly-traded in the United States; (iii) Carbon Revolution's liquidity, including its ability to pay its obligations and to issue equity, refinance its indebtedness or otherwise obtain financing at all or on acceptable terms, (iv) risks related to its ability to meet financial covenants and other key covenants under existing financing arrangements or to obtain waivers or forbearance from compliance with such covenants, which could result in the acceleration of outstanding indebtedness, (v) changes in domestic and foreign business, market, financial, political and legal conditions; (vi) risks related to the rollout of Carbon Revolution’s business strategy and the timing of expected business milestones; (vii) the effects of competition on Carbon Revolution’s future business and the ability of the combined company to grow and manage growth, establish and maintain relationships with customers and retain its management and key employees; (viii) risks related to domestic and international political and macroeconomic uncertainty, including the Russia-Ukraine and conflicts in the Middle East; (ix) the outcome of any legal proceedings that may be instituted against Carbon Revolution; (x) the impact of pandemic and governmental responses on any of the foregoing risks; (xi) risks related to Carbon Revolution’s industry; (xii) changes in laws and regulations; and (xiii) those factors discussed in the documents Carbon Revolution filed with the SEC, including the Shell Company Report on Form 20-F.
If any of these risks materialize or Carbon Revolution’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Carbon Revolution does not presently know or that Carbon Revolution currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Carbon Revolution’s expectations, plans or forecasts of future events and views as of the date of this communication. Carbon Revolution anticipates that subsequent events and developments will cause Carbon Revolution’s assessments to change. However, while Carbon Revolution may elect to update these forward-looking statements at some point in the future, Carbon Revolution specifically disclaims any obligation to do so, unless required by applicable law. These forward-looking statements should not be relied upon as representing Carbon Revolution’s assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements.
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