BAIYU Holdings (BYU) said Tuesday it has filed a notice of appeal against a Nasdaq decision to delist its shares from the stock exchange.

The company said that after receiving the notification from Nasdaq last Friday, it determined it would appeal the decision as the stock exchange didn't "consider all relevant facts in making its delisting decision."

Nasdaq based its delisting decision on concerns about "the adequacy of the company's due diligence in the [recently disclosed] transactions and what it considered unusual trading activity in the company's common stock following the announcements," BAIYU said.

BAIYU recently disclosed a purchase and sales contract for electric lithium batteries with a US-based auto parts supplier and a letter of intent to cooperate in the building and operating of electric vehicle charging stations in Cairo, Egypt.

"These two projects are natural extensions of the Company's bulk commodities trading business and align perfectly with our recent expansion into clean energy projects, including battery-charging stations," BAIYU Chief Executive Renmei Ouyang said in a statement.