HANGZHOU, China, July 12,
2024 /PRNewswire/ -- Nano Labs Ltd (Nasdaq: NA)
("we," the "Company" or "Nano
Labs"), a leading fabless integrated circuit design company
and product solution provider in China, today announced
that it received a notification letter dated July 11, 2024 (the "Deficiency Letter") from the
Listing Qualifications Department of The Nasdaq Stock Market Inc.
(the "Nasdaq") notifying that the Company is no longer in
compliance with the Nasdaq Listing Rule 5450(b)(2)(C) for continued
listing due to its failure to maintain a minimum of Market Value of
Publicly Held Shares ("MVPHS") of US$15.0 million.
The Deficiency Letter does not result in the immediate delisting
of the Company's Class A ordinary shares on the Nasdaq Global
Market. The Company has 180 calendar days from the date of the
Deficiency Letters, or until January 7,
2025 (the "Compliance Period"), to regain compliance the
minimum MVPHS requirement. If at any time during the Compliance
Period, the Company's MVPHS is at least US$15.0 million for a minimum of 10
consecutive business days, Nasdaq will provide the Company with a
written confirmation of compliance with the minimum MVPHS
requirement, and the matter will be closed. The Company's
management is looking into various options available to regain
compliance and maintain its continued listing on the Nasdaq Global
Market.
This announcement is made in compliance with the Nasdaq Listing
Rule 5810(b), which requires prompt disclosure of receipt of a
notification of deficiency.
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.
For more information, please visit the Company's website
at: ir.nano.cn.
Forward-Looking Statements
This report 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. Risks and uncertainties that may cause such differences
include, among other things: satisfaction of customary closing
conditions related to the offering and the sale of the securities
and Nano Lab's ability to complete the offering. 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 and media inquiries, please contact:
Nano
Labs Ltd
Email: ir@nano.cn
Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com
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SOURCE Nano Labs Ltd