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.
