NaaS Technology Inc. Regains Compliance with Nasdaq's Minimum Bid Price Requirement

Rhea-AI Summary

NaaS Technology has successfully met Nasdaq's Minimum Bid Price Requirement.

On June 28, 2024, the company announced it received a compliance notice from Nasdaq confirming this achievement.

Previously, on June 13, 2024, NaaS was notified of a deficiency as its bid price had fallen below $1.00 for 30 consecutive business days.

To regain compliance, the bid price needed to meet or exceed $1.00 for at least ten consecutive business days within a 180-day period.

NaaS met this requirement with a bid price of at least $1.00 from June 13 to June 27, 2024, and the issue is now resolved.

Positive

• NaaS Technology met Nasdaq's Minimum Bid Price Requirement.
• The company's bid price was at least $1.00 for ten consecutive business days from June 13 to June 27, 2024.
• NaaS received a compliance notice from Nasdaq on June 28, 2024, confirming the matter is closed.

Negative

• On June 13, 2024, NaaS was notified of a deficiency for having a bid price below $1.00 for 30 consecutive business days.

BEIJING, June 28, 2024 /PRNewswire/ -- NaaS Technology Inc. (Nasdaq: NaaS) ("NaaS" or the "Company"), the first U.S. listed EV charging service company in China, today announces that it has received a notification letter (the "Compliance Notice") from the Listing Qualifications Department of the Nasdaq Stock Market Inc. ("Nasdaq") dated June 28, 2024, informing the Company that it has regained compliance with the Nasdaq Listing Rule 5550(a)(2) (the "Minimum Bid Price Requirement").

As previously announced, the Company received a notification letter (the "Deficiency Notice") from the Nasdaq dated June 13, 2024 indicating that the closing bid price for the Company's American depositary shares (the "ADSs") was below the minimum bid price of $1.00 required for continued listing under the Nasdaq Listing Rule 5550(a)(2) for 30 consecutive business days. According to the Deficiency Notice, if at any time during the 180-day compliance period, the closing bid price of the Company's ADSs is at least $1.00 for a minimum of ten consecutive business days, the Nasdaq will provide the Company written confirmation of compliance and the matter will be closed. According to the Compliance Notice, the closing bid price of the Company's ADSs has been at $1.00 per ADS or greater for ten consecutive business days from June 13 through June 27, 2024, and the Company has regained compliance with the Minimum Bid Price Requirement and the matter is closed.

About NaaS Technology Inc.

NaaS Technology Inc. is the first U.S. listed EV charging service company in China. The Company is a subsidiary of Newlinks Technology Limited, a leading energy digitalization group in China. The Company provides one-stop solutions to energy asset owners comprising charging services, energy solutions and new initiatives, supporting every stage of energy asset's lifecycle and facilitating energy transition.

For investor and media inquiries, please contact:

Investor Relations
NaaS Technology Inc.
E-mail: ir@enaas.com
Media inquiries:
E-mail: pr@enaas.com 

View original content:https://www.prnewswire.com/news-releases/naas-technology-inc-regains-compliance-with-nasdaqs-minimum-bid-price-requirement-302185884.html

SOURCE NaaS Technology Inc.

FAQ

What compliance achievement did NaaS Technology announce on June 28, 2024?

NaaS Technology announced that it regained compliance with Nasdaq's Minimum Bid Price Requirement.

What was the compliance issue NaaS Technology faced on June 13, 2024?

NaaS was notified that its bid price had fallen below the minimum $1.00 required for continued listing for 30 consecutive business days.

How did NaaS Technology regain compliance with Nasdaq?

NaaS met the requirement by maintaining a bid price of at least $1.00 for ten consecutive business days from June 13 to June 27, 2024.

What is Nasdaq's Minimum Bid Price Requirement?

Nasdaq's Minimum Bid Price Requirement mandates that a listed company's closing bid price must be at least $1.00 for continued listing.

What is the stock symbol for NaaS Technology?

The stock symbol for NaaS Technology is 'NAAS'.