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 13, 2023, notifying that the Company is currently not in compliance with the minimum bid price requirement set forth under Nasdaq Listing Rule 5450(a)(1) (the “Rule”) as the bid price of the Company’s American depositary shares (“ADSs”) closed below US$1 per share for the last 30 consecutive business days from October 31, 2023 to December 12, 2023. The Company has been granted a grace period of 180 calendar days until June 10, 2024 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 ADSs 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 additional time.
The Company intends to monitor the closing bid price of its ADSs and consider available options to cure the deficiency and regain compliance with the minimum bid price requirement under the Rule. The Company’s ADSs will continue to be listed and traded on the Nasdaq Global Market during this period, unaffected by the receipt of the written notification from Nasdaq.
This announcement is made in compliance with Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification.
