CNEY Receives NASDAQ Minimum Bid Price Requirement Extension

LISHUI,China,July 24,2023 --CN Energy Group. Inc. (NASDAQ:CNEY) ("CNEY" or the "Company") today announced that on July 13,2023,it received notification from The Nasdaq Stock Market LLC ("NASDAQ"),confirming that the Company had been granted an additional 180 calendar day period,or until January 8,2024,to regain compliance under NASDAQ's minimum bid price requirement. To regain compliance,the bid price for the Company's Class A ordinary shares will need to close at $1.00 or more for a minimum of 10 consecutive business days by January 8,2024.

The current notification from NASDAQ has no immediate effect on the Company's business operations or the listing or trading of the Company's Class A ordinary shares,which will continue to trade on the NASDAQ Capital Market under the symbol "CNEY." The Company intends to monitor the closing bid price of its Class A ordinary shares and may,if appropriate,consider implementing available options,including,but not limited to,implementing a reverse share split of its outstanding ordinary shares,to meet the minimum bid price requirement.

About CN Energy Group. Inc.

CN Energy Group. Inc. is currently listed on NASDAQ under the symbol "CNEY." With patented proprietary bioengineering and physiochemical technologies,CNEY has pioneered and specialized in producing high-quality recyclable activated carbon and renewable energy from abandoned forest and agricultural residues,converting harmful wastes into invaluable wealth and delivering significant financial,economic,environmental and ecologic benefits. CNEY's products and services have been widely used by food and beverage producers,industrial and pharmaceutical manufacturers,as well as environmental protection enterprises. For more information,please visit the Company's website atwww.cneny.com.