UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of
earliest event reported):
(Exact name of registrant as specified in charter)
(State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
|
||
(Address of principal executive offices) | (Zip Code) |
Registrant’s telephone
number, including area code: (
N/A |
(Former name or former address, if changed since last report) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On May 23, 2022, Smart Powerr Corp. (the “Company” or “CREG”) received a letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that, because the Company has not yet filed its Quarterly Report on Form 10-Q for the period ended March 31, 2023 (the “Form 10-Q”), the Company does not comply with Nasdaq Listing Rule 5250(c)(1) for continued listing.
This notice from Nasdaq has no immediate effect on the listing of the Company’s common stock on the Nasdaq Capital Market. The Company has 60 calendar days or until July 24, 2023 to cure the deficiency or to submit a plan to regain compliance. If Nasdaq accepts the plan submitted by the Company, Nasdaq can grant an extension of the grace period for shares of the Company’s common stock to remain listed for up to 180 calendar days from the Initial Delinquency Filing’s due date, or until November 20, 2023.
The Company expects and intends to submit the compliance plan as soon as practicable but no later than 60 calendar days or July 24, 2023.
The statements contained in this Current Report on Form 8-K, and oral statements made regarding the subjects of this Current Report on Form 8-K, contains “forward-looking statements” within the meaning of the Securities Litigation Reform Act of 1995, or the Reform Act, which may include, but are not limited to, statements regarding the Company’s estimates, plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts, including statements identified by words such as “believe,” “plan,” “seek,” “expect,” “intend,” “estimate,” “anticipate,” “will,” and similar expressions. All statements addressing the Company’s ability to regain compliance with the Nasdaq listing requirements or to develop a plan acceptable to Nasdaq for an extension of the 60 day grace period, as well as statements expressing optimism or pessimism about future operating results are forward-looking statements within the meaning of the Reform Act. The forward-looking statements are based on management’s current views and assumptions regarding future events and operating performance, and are inherently subject to significant uncertainties and contingencies and changes in circumstances, many of which are beyond the Company’s control. The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not undertake any obligation to update or revise these statements to reflect events or circumstances occurring after the date of this Current Report on Form 8-K. For additional factors that could cause results to differ materially from forward-looking statements contained in this Current Report on Form 8-K, see the cautionary language set forth before the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Item 7 and the Risk Factors contained in Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Number | Description | |
99.1 | Press Release, dated May 26, 2023 | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
1
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Date: May 26, 2023
SMART POWERR CORP. | ||
By: | /s/ Yongjiang Shi | |
Yongjiang Shi | ||
Chief Financial Officer |
2
Exhibit 99.1
Smart Powerr Corp. Receives Notice of Filing Delinquency From Nasdaq
XI’AN, China, May 26, 2023 (GLOBE NEWSWIRE) – Smart Powerr Corp. (NASDAQ: CREG) (“CREG” or the “Company”), an industrial waste-to-energy solution provider in China, announced today that it received written notification from Listing Qualifications Department of The Nasdaq Stock Market LLC (the “Nasdaq”) that, as a result of not having timely filed its quarterly report on Form 10-Q for the year ended March 31, 2023 (the “Form 10-Q”), the Company does not comply with the Nasdaq Listing Rule 5250(c)(1), which requires timely filing of periodic financial reports with the U.S. Securities and Exchange Commission (the “SEC”).
Under the Nasdaq Listing Rule 5810(c)(2)(F)(i), the Company is required to submit its plan to regain compliance (the “Compliance Plan”) no later than July 24, 2023. If the plan is accepted by Nasdaq, CREG can be granted up to 180 calendar days from the Initial Delinquency Filing’s due date or until November 20, 2023, to regain compliance.
The Company was unable to file its Form 10-Q by its original deadline without unreasonable effort or expense, and the Nasdaq notification has no immediate impact on the listing of the Company’s shares of common stock on the Nasdaq Capital Market.
This announcement is made in compliance with the Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a notification of deficiency.
About Smart Powerr Corp.
Smart Powerr Corp. (Nasdaq: CREG) (“CREG” or “the Company”) is based in Xi’an, China and provides environmentally friendly waste-to-energy technologies to recycle industrial byproducts for steel mills, cement factories and coke plants in China. The byproducts include heat, steam, pressure, and exhaust, which we use to generate large amounts of lower-cost electricity and reduce the need for outside electrical sources. The Chinese government has adopted policies to encourage the use of recycling technologies to optimize resource allocation and reduce pollution. Currently, recycled energy represents only an estimated 1% of total energy consumption. The recycled energy resource market is viewed as a fast-growing market due to intensified environmental concerns and rising energy costs as Chinese economy continues to expand. The Company’s management and engineering teams have over 20 years of experience in industrial energy recovery in China. For more information about CREG, please visit http://smartpowerr.com.
Safe Harbor Statement
This press release may contain certain “forward-looking statements” relating to the business of CREG and its subsidiary companies. All statements, other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects” or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including, but not limited to, the risks and uncertainties associated with market conditions and the satisfaction of customary closing conditions relating to the registered direct offering and those discussed in the Company’s annual and periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
For more information, please contact:
Mr. Jackie Shi,
VP & Chief Financial Officer
Smart Powerr Corp.
Tel: +86- 139 9287 0723
Email: shi910723@yeah.net / jackie.shi@creg-cn.com
Cover |
May 23, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | May 23, 2023 |
Entity File Number | 001-34625 |
Entity Registrant Name | SMART POWERR CORP. |
Entity Central Index Key | 0000721693 |
Entity Tax Identification Number | 90-0093373 |
Entity Incorporation, State or Country Code | NV |
Entity Address, Address Line One | 4/F, Tower C |
Entity Address, Address Line Two | Rong Cheng Yun Gu Building |
Entity Address, Address Line Three | Keji 3rd Road, Yanta District |
Entity Address, City or Town | Xi’an City, Shaanxi Providence |
Entity Address, Country | CN |
Entity Address, Postal Zip Code | 710075 |
City Area Code | 86-29 |
Local Phone Number | 8765-1097 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, par value $0.001 per share |
Trading Symbol | CREG |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
I.TZWT6AC>*Y3&J9S">"C\*5*I,K9:F2F8040
MJ&+]&%8)J$46!T^(])IMZ[KKM-M8TAE57'Q(O!-<:T9
M)*R,XTSL2TI:B84+G=M%>64A\7"KG\F(^UR#.9%G*!Z*TZARWXNKG.4I:X:'
M&_Q$L;H/PV/6[VZS"_M-CK ;?T'LL
1P>XN;X6=-&@55>$SAB 8XCL1K;5P1M@:"1*
M#JY>7(9=@M@^$HM,9K*_;^-SI3AESOH: