Fangdd Network Group Ltd. - DUO STOCK NEWS

Fangdd Network Group (Nasdaq: DUO), a property technology company in China, has announced a US$5 million registered direct offering of Class A ordinary shares at US$0.7 per share, or pre-funded warrants at US$0.6994375 per warrant. The offering is expected to close around November 8, 2024. The company plans to use the proceeds for general corporate purposes. MM Global Securities, Inc. is serving as the exclusive placement agent. The offering is made pursuant to an effective shelf registration statement previously filed with the SEC.

FangDD Network Group (Nasdaq: DUO) has announced that it has regained compliance with Nasdaq's minimum bid price requirement. The company received a notification letter from Nasdaq on October 10, 2024, confirming that the closing bid price of FangDD's Class A ordinary shares had been at $1.00 per share or greater for ten consecutive business days, from September 26 through October 9, 2024.

This development resolves the non-compliance issue that was initially flagged on December 13, 2023, when FangDD was notified that it had fallen below the minimum bid price requirement as per Nasdaq Listing Rule 5550(a)(2). The company's American depositary shares had previously closed below $1.00 per share for 30 consecutive business days. With this compliance notice, Nasdaq has confirmed that the matter is now closed.

FangDD Network Group (Nasdaq: DUO), a property technology company in China, has announced the pricing of a US$4.5 million registered direct offering of Class A ordinary shares or pre-funded warrants. The offering is priced at US$0.88 per share or US$0.8794375 per pre-funded warrant. The company expects to close the offering on or about October 11, 2024, subject to customary closing conditions.

FangDD plans to use the net proceeds for general corporate purposes. MM Global Securities, Inc. is acting as the exclusive placement agent for this offering. The securities are being offered through an effective shelf registration statement previously filed with the SEC. A prospectus supplement and accompanying base prospectus will be filed with the SEC and made available on their website.

FangDD Network Group (Nasdaq: DUO), a property technology company in China, has announced the pricing of a US$5.0 million registered direct offering. The company will issue and sell up to 3,125,000 Class A ordinary shares (or pre-funded warrants) at US$1.60 per share (or US$1.5994375 per pre-funded warrant). The offering is expected to close around October 7, 2024, subject to customary conditions.

FangDD plans to use the net proceeds for general corporate purposes. MM Global Securities, Inc. is acting as the exclusive placement agent. The securities will be offered through an effective shelf registration statement previously filed with the SEC. A prospectus supplement and accompanying base prospectus will be filed with the SEC and made available on their website.

FangDD Network Group (Nasdaq: DUO), a property technology company in China, has announced a US$2.5 million registered direct offering of Class A ordinary shares. The company will issue and sell 1,612,902 Class A ordinary shares at US$1.55 per share to certain investors. The offering is expected to close on or about October 2, 2024, subject to customary closing conditions.

FangDD plans to use the net proceeds for general corporate purposes. MM Global Securities, Inc. has been engaged as the exclusive placement agent for this offering. The securities will be offered through an effective "shelf" registration statement on Form F-3 previously filed with the SEC. A prospectus supplement and accompanying base prospectus will be filed with the SEC and will be available on their website.

FangDD Network Group (Nasdaq: DUO) has announced the effective date for its substitution listing plan. The company will delist its American Depositary Shares (ADSs) from Nasdaq and immediately list its Class A ordinary shares for trading on September 30, 2024. Each ADS represents one Class A ordinary share. The Bank of New York Mellon, acting as the depositary, will initiate a mandatory exchange of all ADSs into Class A ordinary shares on the same date. VStock Transfer, will serve as the U.S. transfer agent for the substitution listing. ADS holders do not need to take any action, and no fees will be charged for the mandatory exchange. Nasdaq may suspend ADS trading prior to the exchange date.

FangDD Network Group (Nasdaq: DUO) has announced updates on its substitution listing plan. The company intends to terminate its American depositary receipts facility and list its Class A ordinary shares on Nasdaq in place of its American depositary shares (ADSs). Upon effectiveness, ADSs will cease trading, and Class A ordinary shares will trade under the symbol 'DUO'. VStock Transfer, has been appointed as the U.S. transfer agent.

The Bank of New York Mellon will oversee a mandatory exchange of ADSs for Class A ordinary shares. The previously announced September 4, 2024 date for this exchange has been postponed. FangDD is working with DTC, Nasdaq, and other parties to finalize the process. ADS holders need not take action and won't be charged fees for the exchange. However, uncertainty remains regarding Nasdaq clearance for the mandatory exchange and substitution listing.

FangDD Network Group (NASDAQ: DUO) reported its unaudited financial results for H1 2024. Revenue decreased by 8.8% to RMB140.0 million (US$19.3 million), while net income increased to RMB16.4 million (US$2.3 million). The company's total closed-loop GMV decreased by 24.9% to RMB6.2 billion due to market downturn. Despite challenges, FangDD focused on enhancing operational management, cost control, and developing innovative services. The company's gross profit decreased by 11.9% to RMB17.5 million, with a gross margin of 12.5%. Operating expenses decreased by 3.0% to RMB86.1 million. FangDD maintains a positive outlook, anticipating market stabilization in H2 2024.

FangDD Network Group (Nasdaq: DUO) has announced updates on its substitution listing plan. The company intends to terminate its ADR facility on September 4, 2024, and list its Class A ordinary shares on Nasdaq under the symbol 'DUO'. A mandatory exchange of ADSs for Class A ordinary shares will occur on the Exchange Date. The company plans to effect a share consolidation on August 12, 2024, consolidating each 5,625 ordinary shares into one share. This will change the ADS ratio from 1:5,625 to 1:1. FangDD faces uncertainty regarding Nasdaq clearance for the Mandatory Exchange and Substitution Listing, and Nasdaq may suspend ADS trading until these processes are completed.