Caravelle granted extension by Nasdaq to regain compliance

Caravelle International Group announced that it has received a letter from The Nasdaq Stock Market LLC, granting the Company an extension to regain compliance with Nasdaq’s filing requirements. As previously reported, the company received a deficiency notice from Nasdaq on May 10, 2023, due to the delay in filing its Annual Report on Form 20-F for the fiscal year ended October 31, 2022. The delay in filing has been attributed to the complexities involved in transitioning from a privately held company to a public company, subject to the reporting and compliance obligations under the Securities Exchange Act of 1934. The company has been working diligently with its independent registered public accounting firm to rectify this situation and has been granted an extension until August 28, 2023, to file its Form 20-F and regain compliance. If the company files the Form 20-F on or before the extended deadline, it will be considered in compliance with Nasdaq’s filing requirements. While there can be no assurance, based on current discussions with its auditor, the company believes it will file the Annual Report before the August 28, 2023, deadline.