FangDD Receives Nasdaq Notice Regarding Minimum Bid Requirements
January 07 2022 - 12:49AM
Fangdd Network Group Ltd. (“FangDD” or the “Company”) (Nasdaq: DUO)
today announced that the Company had received a notice from the
Nasdaq Stock Market LLC (“Nasdaq”), dated January 4, 2022,
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”). It has
resulted from the fact that 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 November 19,
2021 to January 3, 2022. The Company has been granted a grace
period of 180 calendar days, expiring on July 5, 2022, in
which 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 between now and July 5, 2022 and
intends to consider available options to cure the deficiency and
regain compliance with the Rule’s minimum bid price requirement
within the prescribed grace period. The Company’s ADSs will
continue to be listed and trade on the Nasdaq Capital
Market during this period, unaffected by the receipt of the
written notice from Nasdaq.
This announcement is made in compliance with
Nasdaq Listing Rule 5810(b), which requires prompt disclosure of
receipt of a deficiency notification.
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.
Contact:
FangDDMs. Linda LiDirector, Capital Markets
DepartmentPhone: +86-0755-2699-8968E-mail:ir@fangdd.com
FangDD Network (NASDAQ:DUO)
Historical Stock Chart
From Mar 2024 to Apr 2024
FangDD Network (NASDAQ:DUO)
Historical Stock Chart
From Apr 2023 to Apr 2024