Caravelle receives noncompliance notice from Nasdaq

Caravelle received a deficiency letter from Nasdaq notifying the company that, for the last 33 consecutive business days, the closing bid price for the company’s ordinary shares has been below the minimum $1.00 per share required for continued listing on Nasdaq pursuant to Nasdaq Listing Rule 5550. The Nasdaq bid price deficiency letter has no immediate effect on the listing of the company’s common stock, and its common stock will continue to trade on Nasdaq under the symbol (CACO) at this time.