Caravelle regains compliance with minimum bid price requirement

Caravelle International Group received the determination letter on June 10 from Nasdaq that for the 17 consecutive business days, from May 15, 2024, to June 7, 2024, the closing bid price of the Company’s ordinary shares has been at $1.00 per share or greater. Accordingly, the Company has regained compliance with the Minimum Bid Requirement and this matter is now closed. On June 10, 2024, Nasdaq also notified the Company that, after its review of the materials provided by the Company on May 24, 2024, Nasdaq determined to grant the Company an exception to file its annual report on Form 20-F for the fiscal year ended October 31, 2023 by September 10, 2024, to enable the Company to regain compliance with Nasdaq Listing Rule 5250(c)(1). Caravelle International Group is committed to making every effort to ensure the timely submission of the annual report. This demonstrates the company’s dedication to fulfilling its regulatory obligations and maintaining its listing status on the Nasdaq stock exchange.