FangDD Regains Compliance with Nasdaq Minimum Bid Price Requirement
21 Agosto 2023 - 3:00PM
Fangdd Network Group Ltd. (“FangDD” or the “Company”) (Nasdaq: DUO)
today announced that the Company had received a notification letter
(“Compliance Notice”) from the Nasdaq Stock Market LLC (“Nasdaq”),
dated August 18, 2023, indicating that the Company has regained
compliance with the minimum bid price requirement set forth under
the Nasdaq Listing Rule 5450(a)(1) (the “Minimum Bid Price
Requirement”).
As previously announced, the Company was
notified by Nasdaq on June 22, 2023 that the Company was not in
compliance with the Minimum Bid Price Requirement as the bid price
of the Company’s American depositary shares (“ADSs”) closed below
US$1.00 per share for 30 consecutive business days. In order to
regain compliance with the Minimum Bid Price Requirement, the
Company changed the ratio of its ADSs representing Class A ordinary
shares from one (1) ADS representing three hundred and seventy-five
(375) Class A ordinary share to one (1) ADS representing five
thousand six hundred and twenty-five (5,625) Class A ordinary
shares. The change became effective on August 4, 2023.
On August 18, 2023, Nasdaq confirmed in the
Compliance Notice that for the ten consecutive business days, from
August 4 through August 17, 2023, the closing bid price of the
Company’s ADSs has been at $1.00 per share or greater. Accordingly,
the Company has regained compliance with the Nasdaq Listing Rule
5450(a)(1), and the matter is closed.
About FangDD
Fangdd Network Group Ltd. (Nasdaq: DUO) is
customer-oriented property technology company in China, focusing on
providing real estate transaction digitalization services. 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.
Contact:
Ms. Linda LiDirector, Capital Markets DepartmentPhone:
+86-0755-2699-8968E-mail: ir@fangdd.com
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