FangDD Network Group Ltd. reports Nasdaq non-compliance and receives 180 days to regain minimum share bid price compliance.
Quiver AI Summary
Fangdd Network Group Ltd. announced that it has received a notification from Nasdaq indicating that it is not in compliance with the minimum bid price requirement, as its Class A ordinary shares have closed below $1 for 30 consecutive business days. The company has been granted a 180-day compliance period until June 23, 2025, to regain compliance. To do so, the closing bid price must be at least $1 for ten consecutive days within this period. If compliance is not achieved, Fangdd may qualify for an additional 180-day extension if it meets other listing criteria. The notification does not currently affect the trading of the company's shares, and Fangdd is monitoring the situation while considering its options to restore compliance.
Potential Positives
- The company has been granted a compliance period of 180 calendar days to regain compliance with Nasdaq's minimum bid price requirement.
- FangDD may be eligible for an additional compliance period of 180 calendar days if it does not regain compliance within the first period.
- The notification from Nasdaq has no immediate effect on the listing or trading of the company's shares, allowing it to continue operating normally during the compliance period.
Potential Negatives
- The company is not in compliance with Nasdaq's minimum bid price requirement, having closed below $1 per share for 30 consecutive business days, which could signal financial distress to investors.
- Failure to regain compliance within the specified 180-day period could lead to delisting from Nasdaq, creating potential liquidity issues for shareholders.
- The press release indicates the need for the company to actively monitor its share price and consider options to regain compliance, suggesting a reactive rather than proactive approach to its financial standing.
FAQ
What notification did FangDD receive from Nasdaq?
FangDD received a notification indicating non-compliance with the minimum bid price requirement, with shares closing below US$1 for 30 days.
What is the compliance period given to FangDD?
The company has a compliance period of 180 calendar days, until June 23, 2025, to regain compliance with Nasdaq rules.
How can FangDD regain compliance with Nasdaq?
FangDD can regain compliance if its Class A ordinary shares close at least US$1 for ten consecutive business days during the compliance period.
What happens if FangDD does not regain compliance?
If FangDD does not regain compliance, it may be eligible for an additional 180-day compliance period under certain conditions.
Does the notification affect FangDD's current trading status?
The notification does not currently affect the listing or trading of FangDD’s Class A ordinary shares on Nasdaq.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$DUO Hedge Fund Activity
We have seen 0 institutional investors add shares of $DUO stock to their portfolio, and 7 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- HRT FINANCIAL LP removed 52,755 shares (-100.0%) from their portfolio in Q2 2024
- BARCLAYS PLC removed 41,000 shares (-91.1%) from their portfolio in Q3 2024
- TWO SIGMA SECURITIES, LLC removed 20,178 shares (-100.0%) from their portfolio in Q3 2024
- CITADEL ADVISORS LLC removed 18,684 shares (-100.0%) from their portfolio in Q2 2024
- MILLENNIUM MANAGEMENT LLC removed 14,123 shares (-100.0%) from their portfolio in Q2 2024
- VIRTU FINANCIAL LLC removed 10,012 shares (-100.0%) from their portfolio in Q2 2024
- UBS GROUP AG removed 8,617 shares (-100.0%) from their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
SHENZHEN, China, Dec. 27, 2024 (GLOBE NEWSWIRE) -- Fangdd Network Group Ltd. (Nasdaq: DUO) (“FangDD” or the “Company”) today announced that it has received a written notification from The Nasdaq Stock Market LLC (“Nasdaq”) dated December 24, 2024, indicating that the Company is currently not in compliance with the minimum bid price requirement set forth under Nasdaq Listing Rule 5550(a)(2) (the “Rule”) as the bid price of the Company’s Class A ordinary shares had closed below US$1 per share for the last 30 consecutive business days from November 11 through December 23, 2024.
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has been granted a compliance period of 180 calendar days until June 23, 2025 to regain compliance. The Company will regain compliance if, at any time during this 180-day period, the closing bid price of the Company’s Class A ordinary shares is at least US$1 for a minimum of ten consecutive business days. In the event the Company does not regain compliance with the Rule within 180 calendar days, the Company may be eligible for an additional compliance period of 180 calendar days. To qualify, the Company needs to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the bid price requirement, and to provide written notice to Nasdaq of its intention to cure the deficiency during the second compliance period.
The notification letter has no current effect on the listing or trading of the Company’s Class A ordinary shares on Nasdaq. The Company intends to monitor the closing bid price of its Class A ordinary shares and is considering its options to cure the deficiency and regain compliance with the Rule.
This announcement is made in compliance with Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification.
About FangDD
Fangdd Network Group Ltd. (Nasdaq: DUO) is a 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.
Investor Relations Contact
Ms. Linda Li
Director, Capital Markets Department
Phone: +86-0755-2699-8968
E-mail: ir@fangdd.com
This article was originally published on Quiver News, read the full story.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
