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CN Energy Group Inc. (NASDAQ: CNEY) shares plunged sharply in after-hours trading on Friday, dropping 26.3% after the company revealed it had received a delisting determination from Nasdaq. The selloff followed investor reaction to the notice, which cited the company’s failure to maintain the minimum bid price required for continued listing on The Nasdaq Capital Market.
According to the company’s disclosure, Nasdaq’s Listing Qualifications Staff issued a written determination to delist CN Energy’s Class A ordinary shares after the stock closed below $1.00 for 30 consecutive business days. This noncompliance period ran from December 3, 2025, through January 15, 2026, placing the company in violation of Nasdaq Listing Rule 5550(a)(2), which mandates a minimum bid price of $1.00 per share.
Unlike many companies that receive similar notices, CN Energy is not eligible for a standard compliance period or extension. Nasdaq stated that the company has conducted multiple reverse stock splits within the past two years, exceeding the allowable cumulative ratio threshold. CN Energy implemented a 1-for-30 reverse stock split in January 2024, followed by a 1-for-25 reverse split in May 2025. Together, these actions resulted in a cumulative reverse split ratio of 1-for-750, which disqualifies the company from additional remediation time under Nasdaq rules.
In response, CN Energy confirmed it submitted a formal request for a hearing before a Nasdaq hearings panel on January 21, 2026. This appeal automatically stays any suspension or delisting action while the panel reviews the case. During the appeal process, the company plans to present a remediation strategy aimed at regaining compliance. CN Energy shares will continue trading on Nasdaq until a final decision is reached.
The company emphasized that the delisting notice has no impact on its day-to-day operations, financial condition, or obligations to file reports with the U.S. Securities and Exchange Commission.
CN Energy Group Inc. focuses on the production of recyclable activated carbon and renewable energy derived from forest and agricultural residues. Its products serve a broad customer base, including food and beverage companies, industrial manufacturers, and environmental protection enterprises.
