05:39 AM EDT, 09/12/2024 (MT Newswires) -- (Updates with the stock move in the headline and the last paragraph.)

CN Energy ( CNEY ) said late Wednesday it has been notified that it is not in compliance with the Nasdaq Stock Market's listing rules.

The company's class A ordinary shares for 30 consecutive business days have failed to meet the minimum $1 million market value requirement for continued listing, according to a statement.

The company said it has until March 5 to regain compliance. It intends to monitor the class A shares and may, if appropriate, consider available options to regain compliance.

Shares of the company fell 29% in premarket activity Thursday after surging 396% in the regular trading session on Wednesday.

Price: 0.98, Change: -0.40, Percent Change: -29.35