CARAVELLE INTERNATIONAL GROUP ANNOUNCES RECEIPT OF NOTIFICATION FROM NASDAQ REGARDING INSUFFICIENCY OF MINIMUM OFFER PRICE

SINGAPORE, August 6, 2024 /PRNewswire/ — On July 26, 2024Caravelle International Group (the “Business“) received a letter of deficiency (the “Nasdaq Offer Price Deficiency Letter“) of the Nasdaq notifying the Company that, during the last 33 consecutive business days, the closing bid price of the Company’s common stock has been below the minimum $1.00 per share required for continued listing on the Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2). The Nasdaq offering price deficiency letter has no immediate effect on the listing of the Company’s common stock, and its common stock will continue to trade on the Nasdaq Capital Market under the symbol “CACO” at that time.

Under Rule 5810(c)(3)(A), the Company will have a 180 calendar day compliance period, until January 22, 2025to restore compliance. If, at any time during such 180-day period, the closing bid price of the Company’s securities is at least equal to $1.00 for at least ten consecutive business days, the Company’s compliance with Rule 5550(a)(2) will be restored.

If the Company fails to comply with the regulations during the first compliance period, it may request an additional 180 calendar days to comply with the regulations. To be eligible, the Company will be required to satisfy the continued listing requirement for the market value of publicly held shares and all other initial listing standards of the Nasdaq Capital Market, except the offering price requirement. The Company will also be required to provide written notice of its intent to cure the deficiency during the second compliance period. However, if it appears to the NASDAQ staff that the Company will not be able or eligible to cure the deficiency, it may be delisted by NASDAQ.

The Company intends to actively monitor the closing price of its common stock and will consider available options to resolve this deficiency and regain compliance with Rule 5550(a)(2).

About Caravelle International Group

Caravel is a global ocean technology company. Its business is comprised of two segments: the traditional international shipping business, operated by the Topsheen Companies (Topsheen Shipping Company (Samoa) and its subsidiaries) and the new CO-Tech activity under Singapore Garden Technology Pte. Ltd.. As a traditional business, Caravelle’s international shipping business generated all of its revenue. The CO-Tech business is a new development that builds on the existing shipping business. It allows wood to be dried during the shipping process, making full use of shipping time, space and waste heat from ship exhaust gases. The Caravelle The CO-Tech industry has no historical operations and has not generated revenue. Caravel has its head office in Singapore.

Forward-Looking Statements

This announcement contains “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are made pursuant to the “safe harbor” provisions of the Securities Exchange Act of 1934. WE Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, including, without limitation, statements regarding the Company’s objectives, plans and strategies set forth herein and those preceded by or including the words “believe,” “expect,” “anticipate,” “future,” “will,” “intend,” “plan,” “estimate” or similar expressions, are “forward-looking statements.” These statements include, without limitation, the risks detailed in the Company’s filings with the United States Securities and Exchange CommissionThese forward-looking statements involve a number of risks and uncertainties that could cause future results to differ materially from those anticipated. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by these forward-looking statements. All information provided in this press release is as of the date hereof and the Company assumes no obligation to update any forward-looking statements, except as required by applicable law.