Cenntro Electric postpones reverse stock split

Cenntro Electric announced that the planned reverse split of its outstanding common stock that was to be effective on December 1 has been postponed. The effective date of the reverse stock split cannot be determined until Depository Trust and Clearing Corporation, or DTCC, eligibility is confirmed. The company expects to receive confirmation of DTCC eligibility in the coming days and will provide an update as to the effective date of the reverse stock split as soon as practicable. The purpose of the previously announced 1-for-10 reverse stock split of its outstanding common stock is to regain compliance with the minimum $1.00 bid price per share requirement of Nasdaq Listing Rule 5550 by December 18 and the company has no reason to believe it will not meet that deadline.