Company: CNEY
Filing Date: 2025-10-29
Form Type: F-1/A
Source: 0001477932-25-007791
Chunk: 55

Company: CN ENERGY GROUP. INC.
Filing Date: 2025-10-29
Form: F-1/A
Chunk 55
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 stock market. The factors that could cause fluctuations in our share price may include, among other factors discussed in this section, the following:

| · | actual or anticipated variations in the financial results and prospects of our Company or other companies in the activated carbon business;  |
| · | changes in financial estimates by research analysts;                                                                                         |
| · | mergers or other business combinations involving us;                                                                                         |
| · | additions and departures of key personnel and senior management;                                                                             |
| · | changes in accounting principles;                                                                                                            |
| · | the passage of legislation or other developments affecting us or our industry;                                                               |
| · | the trading volume of our Class A ordinary shares in the public market;                                                                      |
| · | the release of lockup, escrow, or other transfer restrictions on our outstanding equity securities or sales of additional equity securities; |
| · | changes in economic conditions, including fluctuations in global and Chinese economies;                                                      |
| · | financial market conditions;                                                                                                                 |
| · | natural disasters, pandemics, terrorist acts, acts of war, or periods of civil unrest; and                                                   |
| · | the realization of some or all of the risks described in this section.                                                                       |

| 35 |

In addition, the stock markets have experienced significant price and trading volume fluctuations from time to time, and the stock prices of many companies have fluctuated in a manner unrelated or disproportionate to the operating performance of those companies. These broad market fluctuations may materially and adversely affect the market price of our Class A ordinary shares.

Techniques employed by short sellers may drive down the market price of our Class A ordinary shares.

Short selling is the practice of selling securities that the seller does not own but rather has borrowed from a third party with the intention of buying identical securities back at a later date to return to the lender. The short seller hopes to profit from a decline in the value of the securities between the sale of the borrowed securities and the purchase of the replacement shares, as the short seller expects to pay less in that purchase than it received in the sale. As it is in the short seller’s interest for the price of the security to decline, many short sellers publish, or arrange for the publication of, negative opinions regarding the relevant issuer and its business prospects in order to create negative market momentum and generate profits for themselves after selling a security short. These short attacks have, in the past, led to selling of shares in the market.

Public companies listed in the United States that have a substantial majority of their operations