Nano labs announces receipt of deficiency letters from nasdaq

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.
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