Nano Labs Announces Receipt of Deficiency Letters from Nasdaq

HANGZHOU, China, May 24, 2024 /PRNewswire/ — Nano Labs Ltd (Nasdaq: NA) (“we”, the “Company” or “Nanolaboratories“), a leading fabless integrated circuit design company and product solution provider in China, today announced that it has received two notice 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 Nasdaq’s continued listing criteria, including ( 1) Nasdaq Listing Rule 5450. (b)(2)(A) due to its inability to maintain a minimum of $50 million in market value of listed securities; (2) Nasdaq Listing Rule 5450(a)(1) due to its inability to maintain a minimum bid price of US$1 per share. Nasdaq also determined that the company did not meet the alternatives in terms of total assets and total revenue for continued listing.

Deficiency letters do not result in immediate delisting of the Company’s Class A common stock from the Nasdaq Global Market. The Company has 180 calendar days from the date of the Letters of Deficiency, or until November 19, 2024, to restore compliance with Nasdaq’s minimum bid price requirement and submit a plan (the “Compliance Plan”) to Nasdaq to restore compliance with the market value standard for listed securities. If the compliance plan is accepted by Nasdaq, the company may be granted a compliance period of up to 180 calendar days from the date of the deficiency letter to demonstrate compliance.

The Company’s management is exploring various options available to restore compliance and maintain its continued listing on the Nasdaq Global Market. The Company intends to submit the compliance plan as soon as possible. This announcement is made pursuant to Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a notice of deficiency.

About Nano Labs Ltd

Nano Labs Ltd is a leading fabless IC and product solution provider in China. Nano Labs engages in the development of high-speed computing (“HTC”) chips, high-performance computing (“HPC”) chips, distributed computing and storage solutions, intelligent network interface cards (“ NIC”), vision computing chips and distributed rendering. Nano Labs has built a complete Stream Processing Unit (“FPU”) architecture that provides a solution integrating HTC and HPC functionality. For more information, please visit the Company’s website at: ir.nano.cn.

Forward-looking statements

This report contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to , the Company’s forward-looking statements. plan to appeal the staff decision, which may be identified by terminologies such as “may”, “will”, “expect”, “anticipate”, “aim”, “estimate”, “has the intends,” “plans,” “believes,” “potential,” “continue,” “is/are likely to” or other similar expressions. These statements are based on management’s current expectations and conditions current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the control of the Company, which may cause cause the Company’s actual results, performance or achievements to differ materially from those indicated in the forward-looking statements. Risks and uncertainties that could cause such differences include, among others: the satisfaction of customary closing conditions relating to the offering and the sale of securities and The Nano laboratory ability to complete the offer. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required by law.

For investor and media inquiries, please contact:
Nano Labs Ltd
E-mail: (email protected)

Ascent Investor Relations LLC
Tina Xiao
Telephone: +1-646-932-7242
E-mail: (email protected)

SOURCE Nano Labs Ltd.