HANGZHOU, China - Nano Labs Ltd (NASDAQ:NA), a fabless integrated circuit design company, announced today that it has received two Deficiency Letters from the Nasdaq Stock Market. The notices indicate the company's non-compliance with Nasdaq's continued listing requirements, specifically regarding the minimum market value and minimum bid price per share.
The first notice states that Nano Labs does not meet Nasdaq's requirement of maintaining a minimum market value of listed securities of $50 million. The second notice points out the company's failure to maintain the minimum bid price of $1 per share. Additionally, the company does not meet the alternative compliance standards based on total assets and total revenue.
Despite these notifications, Nano Labs' shares will not be immediately delisted from the Nasdaq Global Market. The company has been given 180 days, until November 19, 2024, to regain compliance with the minimum bid price rule. Within this period, Nano Labs is also expected to submit a Compliance Plan to address the market value deficiency. If Nano Labs' plan is accepted, they may receive an extension of up to 180 days to demonstrate compliance.
Nano Labs' management is actively exploring options to meet Nasdaq's listing criteria and intends to submit the required Compliance Plan promptly. This announcement adheres to Nasdaq Listing Rule 5810(b), which mandates the disclosure of a deficiency notification.
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