Welcome to our dedicated page for Nano Labs news (Ticker: NA), a resource for investors and traders seeking the latest updates and insights on Nano Labs stock.
Nano Labs Ltd (Nasdaq: NA) is a prominent fabless integrated circuit (IC) design company and product solution provider based in China. As a fabless entity, the company focuses on the design and development of state-of-the-art ICs without owning or operating semiconductor fabrication plants. Nano Labs is committed to advancing technology through the creation of high throughput computing (HTC) chips, high performance computing (HPC) chips, distributed computing and storage solutions, smart network interface cards (NICs), vision computing chips, and distributed rendering solutions.
The company’s key products include the Cuckoo 1.0, Cuckoo 2.0, and the Darkbird 1.0 chips, which are known for their high efficiency and advanced performance. Expanding on these, the recent launch of the Cuckoo 3.0 chip marks a significant leap in performance and energy efficiency, achieving substantial improvements in single-core computing power and energy consumption.
Nano Labs serves a broad range of industries, including blockchain and Web3.0. The company's advanced chips are pivotal in the technology landscape, offering integrated solutions that combine the best features of HTC and HPC. Noteworthy achievements include the development of one of the first near-memory HTC chips in the market, with the Cuckoo series boasting a maximum bandwidth of approximately 2.27 Tbps.
Financially, Nano Labs has a strong presence in the Chinese market, contributing a major portion of its revenue. Recent corporate actions include a registered direct offering and private placement aimed at raising approximately $5 million, demonstrating investor confidence and the company's robust financial strategies. Additionally, the company has taken strategic steps to comply with Nasdaq listing rules, ensuring its strong market presence.
However, the company also faces challenges. In May 2024, Nano Labs received notifications from Nasdaq regarding non-compliance with certain listing criteria, including maintaining a minimum market value of listed securities and a minimum bid price per share. The company is actively working on strategies to regain compliance and secure its listing status.
Leadership at Nano Labs is optimistic about the company's future. Recent insider purchases by the company's chairman and CEO, Mr. Jianping Kong, signal strong internal confidence in the company’s long-term prospects. These actions, along with ongoing product innovations and strategic financial maneuvers, position Nano Labs as a significant player in the IC design and technology solutions sector.
For more information, please visit the Company's website at: https://ir.nano.cn/.
Nano Labs has successfully regained compliance with Nasdaq's minimum bid price requirement. The company received a notification letter from Nasdaq on November 18, 2024, confirming that its Class A ordinary shares maintained a closing bid price of $1.00 or higher for 10 consecutive business days from November 4 through November 15, 2024. This resolves the non-compliance notice issued on May 23, 2024, when the company failed to maintain the minimum required bid price.
Nano Labs (Nasdaq: NA) has announced plans to allocate part of its excess liquidity to Bitcoin as a long-term strategic reserve asset. The company's decision is based on Bitcoin's position as a reliable store of value and its increasing global adoption. The initiative aims to diversify the company's portfolio and enhance resilience against market fluctuations, while aligning with evolving global economic dynamics.
Nano Labs (Nasdaq: NA), a Chinese fabless integrated circuit design company, announced the establishment of a Coinbase account to begin accepting Bitcoin payments for its products. This strategic initiative aims to enhance global transaction capabilities and provide greater payment flexibility to clients and partners. The move responds to increasing demand for digital currency transactions in the technology sector and positions the company to attract partners who prefer cryptocurrency-based transactions.
Nano Labs (Nasdaq: NA) has announced the results of its Annual General Meeting (AGM) held on October 23, 2024. Shareholders approved three key resolutions: a 10-to-1 share consolidation effective November 3, 2024, at 5 P.M. Eastern time, with market effectiveness on November 4, 2024; the adoption of new memorandum and articles of association reflecting the share consolidation; and the appointment of MaloneBailey, LLP as the independent auditor for fiscal year 2024.
Following the consolidation, the company's authorized capital will be US$50,000, divided into 25 million ordinary shares with a par value of US$0.002 each, including 12.14 million Class A shares, 2.86 million Class B shares, and 10 million shares as determined by the board.
Nano Labs (Nasdaq: NA) announced the results of its Annual General Meeting held on October 23, 2024. Shareholders approved three key resolutions: (1) A share consolidation of 10:1, changing share par value from $0.0002 to $0.002, resulting in an authorized capital of $50,000 divided into 25 million ordinary shares; (2) Adoption of new memorandum and articles of association reflecting the share consolidation; and (3) Appointment of MaloneBailey, LLP as independent auditor for FY2024. The share consolidation will take effect on October 29, 2024.
Nano Labs (Nasdaq: NA), a leading fabless integrated circuit design company in China, has regained compliance with Nasdaq's minimum market value of publicly held shares (MVPHS) requirement. The company received a notice from Nasdaq on October 10, 2024, confirming its compliance with Listing Rule 5450(b)(2)(C).
Previously, on July 11, 2024, Nano Labs was notified of non-compliance for failing to maintain a MVPHS of $15,000,000 over 30 consecutive trading days. To regain compliance, the company needed to maintain this minimum MVPHS for at least 10 consecutive trading days. Nasdaq determined that Nano Labs met this requirement on October 9, 2024, resolving the deficiency.
Nano Labs (Nasdaq: NA), a leading fabless integrated circuit design company in China, announced that its Chairman and CEO, Mr. Jianping Kong, has increased his stake in the company. In September 2024, Mr. Kong purchased 1,107,935 Class A ordinary shares in open-market transactions using personal funds. This marks the second time in 2024 that Mr. Kong has increased his shareholding in Nano Labs.
The company stated that these transactions complied with internal trading policies and relevant regulations. Mr. Kong expressed optimism about Nano Labs' long-term prospects and indicated he might continue to increase his shareholding in the future.
Nano Labs (Nasdaq: NA) has announced its 2024 Annual General Meeting of Shareholders, scheduled for October 23, 2024, at 10 A.M. Beijing time. The meeting will address three key points:
1. A share consolidation, merging every ten shares into one, changing the par value from US$0.0002 to US$0.002.
2. Amending the company's memorandum and articles of association to reflect this consolidation.
3. Appointing MaloneBailey, LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024.
The record date for shareholder voting eligibility is set for September 27, 2024. If approved, the share consolidation will take effect on October 29, 2024, with trading on the Nasdaq Capital Market expected to begin on a post-consolidation basis the following business day.
Nano Labs (Nasdaq: NA), a leading fabless integrated circuit design company in China, has announced the conversion of US$8.5 million in interest-free loans into Class A ordinary shares. The loans were provided by the company's chairman and CEO, Mr. Jianping Kong, and vice chairman, Mr. Qifeng Sun, along with their affiliates.
The conversion, which closed on September 23, 2024, resulted in the issuance of 27,914,614 Class A ordinary shares at a price of US$0.3045 per share. This price was based on the average closing price over the 10 trading days prior to September 19, 2024. As a result of this conversion, Nano Labs has been released from any future liabilities or obligations related to these loans.
Nano Labs (Nasdaq: NA) announced its unaudited financial results for the first half of 2024. Net revenue decreased to RMB24.7 million (US$3.5 million) from RMB52.3 million in the same period of 2023. The company reported a gross profit of RMB30.1 thousand, compared to a gross loss of RMB62.9 million in H1 2023. Net loss narrowed to RMB59.1 million (US$8.3 million) from RMB134.3 million year-over-year. The company highlighted the successful mass production of the Cuckoo 3.0 chip and ongoing development of AI and ZK computing chips. To address working capital needs, Nano Labs secured interest-free loans totaling US$8.5 million from shareholders in August and September 2024.
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