Nano Labs Resolves Nasdaq Minimum Market Value of Publicly Held Shares Deficiency
11 Oktober 2024 - 2:00PM
Nano Labs Ltd (Nasdaq: NA) (“we,” the “Company” or “Nano Labs”), a
leading fabless integrated circuit design company and product
solution provider in China, announced today that it received a
written notice from the Listing Qualifications Staff of Nasdaq on
October 10, 2024, notifying the Company that it has regained
compliance with the minimum market value of publicly held
shares (“MVPHS”) requirement under Nasdaq Listing Rule
5450(b)(2)(C) (the “Rule”).
The Company was previously notified by Nasdaq on
July 11, 2024 that it was not in compliance with the MVPHS
requirement because its ordinary share had failed to maintain a
MVPHS of $15,000,000 over the previous 30 consecutive trading days
as required by the Nasdaq Global Market under the Rule. In order to
regain compliance with the Rule, the Company was required to
maintain a minimum MVPHS of $15,000,000 or more for at least 10
consecutive trading days. The staffs of Nasdaq Listing
Qualifications Department of the Nasdaq Stock Market determined
that the requirement was met on October 9, 2024.
About Nano Labs Ltd
Nano Labs Ltd is a leading fabless integrated
circuit (“IC”) design company and product solution provider in
China. Nano Labs is committed to the development 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. Nano Labs has built a comprehensive flow processing unit
(“FPU”) architecture which offers solution that integrates the
features of both HTC and HPC. Nano Lab's Cuckoo series are one of
the first near-memory HTC chips available in the market*. For more
information, please visit the Company’s website at: ir.nano.cn.
* According to an industry report prepared by
Frost & Sullivan.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended, and as defined in the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements include, without limitation, the
Company’s plan to appeal the Staff’s determination, which can be
identified by terminology such as “may,” “will,” “expect,”
“anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,”
“potential,” “continue,” “is/are likely to” or other similar
expressions. Such statements are based upon management’s current
expectations and current market and operating conditions, and
relate to events that involve known or unknown risks, uncertainties
and other factors, all of which are difficult to predict and many
of which are beyond the Company’s control, which may cause the
Company’s actual results, performance or achievements to differ
materially from those in the forward-looking statements. Further
information regarding these and other risks, uncertainties or
factors is included in the Company’s filings with the Securities
and Exchange Commission. The Company does not undertake any
obligation to update any forward-looking statement as a result of
new information, future events or otherwise, except as required
under law.
For investor inquiries, please
contact:
Nano Labs Ltdir@nano.cn
Ascent Investor Relations
LLCTina XiaoPhone: +1-646-932-7242Email:
investors@ascent-ir.com
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