MultiMetaVerse Holdings Limited Receives Nasdaq Notification Regarding Minimum Bid Price and Minimum Market Value of Listed Securities

Rhea-AI Summary

MultiMetaVerse Holdings has received a notification from Nasdaq regarding non-compliance with two listing requirements: the minimum bid price of $1.00 per share and the minimum market value of listed securities of $35 million. The company failed to regain compliance during the extension period ending October 14, 2024. MultiMetaVerse now has until October 22, 2024 to request a hearing before the Nasdaq Hearings Panel, which it intends to do.

If no hearing is requested, trading of the company's Class A ordinary shares and warrants will be suspended on October 24, 2024, and a Form 25-NSE will be filed with the SEC to remove the securities from Nasdaq listing. In the event of delisting, the company's securities are expected to trade over-the-counter.

Positive

• None.

Negative

• Failed to meet Nasdaq's minimum bid price requirement of $1.00 per share
• Failed to meet Nasdaq's minimum market value of listed securities requirement of $35 million
• Facing potential delisting from Nasdaq
• Risk of trading suspension for Class A ordinary shares and warrants on October 24, 2024
• Possibility of being relegated to over-the-counter trading

SHANGHAI, Oct. 18, 2024 (GLOBE NEWSWIRE) -- MultiMetaVerse Holdings Limited (the “Company”) received a letter from The Nasdaq Stock Market LLC (“Nasdaq”) stating that the Company was not in compliance with the minimum bid price of $1.00 per share requirement under Nasdaq Listing Rule 5550(a)(2) (the “Bid Price Rule”) and the minimum market value of listed securities of $35 million requirement under Nasdaq Listing Rule 5550(b)(2) (the “MVLS Rule”), and had failed to regain compliance with the Bid Price Rule and the MVLS Rule during the extension period which ended on October 14, 2024. The Company has until October 22, 2024 to request a hearing before the Nasdaq Hearings Panel (the “Panel”),which it currently intends to do. If the Company does not request a hearing before the Panel by that date, trading in its Class A ordinary shares and warrants will be suspended at the opening of business on October 24, 2024 and a Form 25-NSE will be filed with the Securities and Exchange Commission (“SEC”) removing the securities from listing and registration on Nasdaq. In the event the Company’s securities are delisted from Nasdaq, its securities are expected to trade over-the-counter.

About MultiMetaVerse Holdings Limited

MultiMetaVerse Holdings Limited (NASDAQ: MMV) is an animation and entertainment company dedicated to providing a high-quality, immersive entertainment experience through original, user-generated, and professional user-generated content. MMV commenced animation production in 2015 under its signature Aotu World brand, which has attracted a broad following with its inspiring storyline and unique graphic style, particularly among younger audiences in China. By leveraging the company’s established user base, MMV has built a diverse product portfolio, including animated content, comic books, short videos, collectibles, stationery, consumer products, and mobile games across the Aotu World brand. It has also developed and augmented new brands, stories, and characters, such as Neko Album.

For more information, please visit https://www.multi-metaverse.com/.

For investor and media inquiries, please contact:

MultiMetaVerse Holdings Limited
Investor Relations
E-mail: ir@multi-metaverse.com 

FAQ

What Nasdaq requirements did MultiMetaVerse Holdings (MMV) fail to meet?

MultiMetaVerse Holdings failed to meet two Nasdaq requirements: the minimum bid price of $1.00 per share and the minimum market value of listed securities of $35 million.

When is the deadline for MultiMetaVerse Holdings (MMV) to request a hearing with Nasdaq?

The deadline for MultiMetaVerse Holdings to request a hearing with the Nasdaq Hearings Panel is October 22, 2024.

What will happen if MultiMetaVerse Holdings (MMV) doesn't request a Nasdaq hearing by the deadline?

If MultiMetaVerse Holdings doesn't request a hearing by October 22, 2024, trading of its Class A ordinary shares and warrants will be suspended on October 24, 2024, and a Form 25-NSE will be filed to remove the securities from Nasdaq listing.

Where might MultiMetaVerse Holdings (MMV) securities trade if delisted from Nasdaq?

If delisted from Nasdaq, MultiMetaVerse Holdings 's securities are expected to trade over-the-counter.