FangDD Received Nasdaq Notification Regarding Minimum Market Value Deficiency
October 21 2022 - 8:00AM
Fangdd Network Group Ltd. (Nasdaq: DUO) (“FangDD” or the
“Company”), a leading property technology company in China, today
announced that it has received written notification (the
“Notification Letter”) from The Nasdaq Stock Market LLC (“Nasdaq”)
dated October 20, 2022, notifying the Company that it is not in
compliance with the minimum market value requirement set forth in
Nasdaq Listing Rules for continued listing on the Nasdaq Global
Market. Nasdaq Listing Rule 5450(b)(1)(C) requires companies to
maintain a minimum market value of publicly held shares of at least
US$5 million, and Listing Rule 5810(c)(3)(D) provides that a
failure to meet the market value requirement exists if the
deficiency continues for a period of 30 consecutive business days.
Based on the market value of the Company for the 30 consecutive
business days from September 8, 2022 to October 19, 2022, the
Company no longer meets the minimum market value requirement.
The Notification Letter does not impact the
Company’s listing on The Nasdaq Global Market at this time. In
accordance with Nasdaq Listing Rule 5810(c)(3)(D), the Company has
been provided 180 calendar days, or until April 18, 2023, to regain
compliance with Nasdaq Listing Rule 5450(b)(1)(C). To regain
compliance, the Company’s market value of publicly held shares must
exceed US$5 million for a minimum of ten consecutive business days.
In the event that the Company does not regain compliance by April
18, 2023, the Company may be eligible for additional time to regain
compliance, or may face delisting.
The Company intends to monitor its market value
of publicly held shares between now and April 18, 2023 and intends
to cure the deficiency within the prescribed grace period. During
this time, the Company expects that American depositary shares
representing Class A ordinary shares of the Company will continue
to be listed and traded on The Nasdaq Global Market.
The Company’s business operations are not
affected by the receipt of the Notification Letter.
About FangDD
Fangdd Network Group Ltd. (Nasdaq: DUO) is a
leading property technology company in China, operating one of the
largest online real estate marketplaces in the country. 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 LiDirector, Capital Markets DepartmentPhone:
+86-0755-2699-8968E-mail: ir@fangdd.com
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