MultiMetaVerse Holdings Limited Receives Nasdaq Notification Regarding Minimum Bid Price and Minimum Market Value of Listed Securities
SHANGHAI, April 23, 2024 /PRNewswire/ — MultiMetaVerse Holdings Limited (the “Company”), an animation and entertainment company for young consumers in China, announced today that it has received written notifications (the “Notification Letters”) from the Nasdaq Stock Market LLC (“Nasdaq”) dated April 17, 2024, notifying the Company that Nasdaq Listing Rule 5550(a)(2) requires companies to maintain a minimum bid price of $1.00 per share and Nasdaq Listing Rule 5550(b)(2) requires companies to maintain a minimum market value of listed securities of $35 million. Nasdaq Listing Rule 5810(c)(3)(A) provides that a failure to meet the Minimum Bid Price Requirement exists if the deficiency continues for a period of 30 consecutive business days and Nasdaq Listing Rule 5810(c)(3)(C) provides that a failure to meet the Minimum Market Value of Listed Securities Requirement exists if the deficiency continues for a period of 30 consecutive business days. Based on the bid price and market value of listed securities of the Company from March 5 to April 17, 2024, the Company did not meet the Minimum Bid Price Requirement and Minimum Market Value of Listed Securities Requirement.