FangDD Receives Nasdaq Notice Regarding Minimum Bid Price Requirement

Rhea-AI Summary

Fangdd Network Group Ltd. (Nasdaq: DUO) received a notification from Nasdaq stating that the company is not in compliance with the minimum bid price requirement, as the bid price of its American depositary shares (ADSs) closed below US$1 per share for the last 30 consecutive business days. The company has been granted a grace period of 180 calendar days until June 10, 2024, to regain compliance. If the closing bid price of the company’s ADSs is at least US$1 for a minimum of ten consecutive business days during this period, the company will regain compliance. The company intends to monitor the closing bid price of its ADSs and consider available options to cure the deficiency and regain compliance with the minimum bid price requirement under the Rule.

Positive

• None.

Negative

• The company's non-compliance with the minimum bid price requirement may lead to concerns among investors and traders, potentially impacting the stock price negatively.

SHENZHEN, China, Dec. 14, 2023 (GLOBE NEWSWIRE) -- Fangdd Network Group Ltd. (Nasdaq: DUO) (“FangDD” or the “Company”) today announced that it has received a written notification from The Nasdaq Stock Market LLC (“Nasdaq”) dated December 13, 2023, notifying that the Company is currently not in compliance with the minimum bid price requirement set forth under Nasdaq Listing Rule 5450(a)(1) (the “Rule”) as the bid price of the Company’s American depositary shares (“ADSs”) closed below US$1 per share for the last 30 consecutive business days from October 31, 2023 to December 12, 2023. The Company has been granted a grace period of 180 calendar days until June 10, 2024 to regain compliance. The Company will regain compliance if, at any time during this 180-day period, the closing bid price of the Company’s ADSs is at least US$1 for a minimum of ten consecutive business days. In the event the Company does not regain compliance with the Rule within 180 calendar days, the Company may be eligible for additional time.

The Company intends to monitor the closing bid price of its ADSs and consider available options to cure the deficiency and regain compliance with the minimum bid price requirement under the Rule. The Company’s ADSs will continue to be listed and traded on the Nasdaq Global Market during this period, unaffected by the receipt of the written notification from Nasdaq.

This announcement is made in compliance with Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification.

About FangDD

Fangdd Network Group Ltd. (Nasdaq: DUO) is a customer-oriented property technology company in China, focusing on providing real estate transaction digitalization services. Through innovative use of mobile internet, cloud, big data, artificial intelligence, among others, FangDD has fundamentally revolutionized the way real estate transaction participants conduct their business through a suite of modular products and solutions powered by SaaS tools, products and technology. For more information, please visit http://ir.fangdd.com.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “aim,” “anticipate,” “believe,” “estimate,” “expect,” “hope,” “going forward,” “intend,” “ought to,” “plan,” “project,” “potential,” “seek,” “may,” “might,” “can,” “could,” “will,” “would,” “shall,” “should,” “is likely to” and the negative form of these words and other similar expressions. Among other things, statements that are not historical facts, including statements about the Company’s beliefs and expectations are or contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement. All information provided in this press release is as of the date of this press release and is based on assumptions that the Company believes to be reasonable as of this date, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Investor Relations Contact

Ms. Linda Li
Director, Capital Markets Department
Phone: +86-0755-2699-8968
E-mail: ir@fangdd.com

FAQ

What notification did Fangdd Network Group Ltd. receive from Nasdaq?

Fangdd Network Group Ltd. received a notification from Nasdaq stating that the company is not in compliance with the minimum bid price requirement.

What is the ticker symbol of Fangdd Network Group Ltd.?

The ticker symbol of Fangdd Network Group Ltd. is DUO.

What is the grace period granted to Fangdd Network Group Ltd. to regain compliance?

Fangdd Network Group Ltd. has been granted a grace period of 180 calendar days until June 10, 2024, to regain compliance.

What happens if Fangdd Network Group Ltd. does not regain compliance within 180 calendar days?

If Fangdd Network Group Ltd. does not regain compliance within 180 calendar days, the company may be eligible for additional time.

What will happen if the closing bid price of Fangdd Network Group Ltd.'s ADSs is at least US$1 for a minimum of ten consecutive business days?

If the closing bid price of Fangdd Network Group Ltd.'s ADSs is at least US$1 for a minimum of ten consecutive business days, the company will regain compliance.