HANGZHOU, China, May 24, 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 two
notification letters dated May 24,
2024 (the "Deficiency Letters") 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 continued listing criteria, including (1) the
Nasdaq Listing Rule 5450(b)(2)(A) due to its failure to
maintain a minimum of $50 million in
market value of listed securities; (2) the Nasdaq Listing Rule
5450(a)(1) due to its failure to maintain a minimum bid price of
US$1 per share. Nasdaq also
determined that the Company does not meet the alternatives of total
assets and total revenue for continued listing.
The Deficiency Letters do 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 November 19,
2024, to regain compliance with Nasdaq's minimum bid
price requirement and submit a plan (the "Compliance Plan") to
Nasdaq to regain compliance with the market value of listed
securities standard. If the Compliance Plan is accepted by Nasdaq,
the Company may be granted a compliance period of up to 180
calendar days from the date of the Deficiency Letter to evidence
compliance.
The Company's management is looking into various options
available to regain compliance and maintain its continued listing
on the Nasdaq Global Market. The Company intends to submit the
Compliance Plan as soon as practicable. 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