Nano Labs Ltd Stock Price, News & Analysis

Nano Labs (Nasdaq: NA) announced the results of its Annual General Meeting held on October 23, 2024. Shareholders approved three key resolutions: (1) A share consolidation of 10:1, changing share par value from $0.0002 to $0.002, resulting in an authorized capital of $50,000 divided into 25 million ordinary shares; (2) Adoption of new memorandum and articles of association reflecting the share consolidation; and (3) Appointment of MaloneBailey, LLP as independent auditor for FY2024. The share consolidation will take effect on October 29, 2024.

Nano Labs (Nasdaq: NA), a leading fabless integrated circuit design company in China, has regained compliance with Nasdaq's minimum market value of publicly held shares (MVPHS) requirement. The company received a notice from Nasdaq on October 10, 2024, confirming its compliance with Listing Rule 5450(b)(2)(C).

Previously, on July 11, 2024, Nano Labs was notified of non-compliance for failing to maintain a MVPHS of $15,000,000 over 30 consecutive trading days. To regain compliance, the company needed to maintain this minimum MVPHS for at least 10 consecutive trading days. Nasdaq determined that Nano Labs met this requirement on October 9, 2024, resolving the deficiency.

Nano Labs (Nasdaq: NA), a leading fabless integrated circuit design company in China, announced that its Chairman and CEO, Mr. Jianping Kong, has increased his stake in the company. In September 2024, Mr. Kong purchased 1,107,935 Class A ordinary shares in open-market transactions using personal funds. This marks the second time in 2024 that Mr. Kong has increased his shareholding in Nano Labs.

The company stated that these transactions complied with internal trading policies and relevant regulations. Mr. Kong expressed optimism about Nano Labs' long-term prospects and indicated he might continue to increase his shareholding in the future.

Nano Labs (Nasdaq: NA) has announced its 2024 Annual General Meeting of Shareholders, scheduled for October 23, 2024, at 10 A.M. Beijing time. The meeting will address three key points:

1. A share consolidation, merging every ten shares into one, changing the par value from US$0.0002 to US$0.002.

2. Amending the company's memorandum and articles of association to reflect this consolidation.

3. Appointing MaloneBailey, LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024.

The record date for shareholder voting eligibility is set for September 27, 2024. If approved, the share consolidation will take effect on October 29, 2024, with trading on the Nasdaq Capital Market expected to begin on a post-consolidation basis the following business day.

Nano Labs (Nasdaq: NA), a leading fabless integrated circuit design company in China, has announced the conversion of US$8.5 million in interest-free loans into Class A ordinary shares. The loans were provided by the company's chairman and CEO, Mr. Jianping Kong, and vice chairman, Mr. Qifeng Sun, along with their affiliates.

The conversion, which closed on September 23, 2024, resulted in the issuance of 27,914,614 Class A ordinary shares at a price of US$0.3045 per share. This price was based on the average closing price over the 10 trading days prior to September 19, 2024. As a result of this conversion, Nano Labs has been released from any future liabilities or obligations related to these loans.

Nano Labs (Nasdaq: NA) announced its unaudited financial results for the first half of 2024. Net revenue decreased to RMB24.7 million (US$3.5 million) from RMB52.3 million in the same period of 2023. The company reported a gross profit of RMB30.1 thousand, compared to a gross loss of RMB62.9 million in H1 2023. Net loss narrowed to RMB59.1 million (US$8.3 million) from RMB134.3 million year-over-year. The company highlighted the successful mass production of the Cuckoo 3.0 chip and ongoing development of AI and ZK computing chips. To address working capital needs, Nano Labs secured interest-free loans totaling US$8.5 million from shareholders in August and September 2024.

Nano Labs (Nasdaq: NA), a leading fabless integrated circuit design company in China, has announced it will report its unaudited financial results for the first half of fiscal year 2024 (six months ended June 30, 2024) on September 18, 2024, before the U.S. market opens. The company will host an earnings conference call at 8:30 am U.S. Eastern Time (8:30 pm Beijing Time) on the same day.

Participants can join the call by registering through the provided link. A live and archived webcast will be available on the company's investor relations website. A telephone replay will be accessible until September 25, 2024, with dial-in numbers provided for US/Canada, Hong Kong, and China.

Nano Labs announced it received a deficiency letter from Nasdaq on July 11, 2024, stating it is no longer in compliance with Nasdaq Listing Rule 5450(b)(2)(C). The company’s Market Value of Publicly Held Shares (MVPHS) has fallen below the required $15 million. Although this does not result in immediate delisting, Nano Labs has 180 days, until January 7, 2025, to regain compliance by maintaining an MVPHS of at least $15 million for 10 consecutive business days. The management is exploring options to meet the requirements and retain its Nasdaq listing. The announcement complies with Nasdaq Listing Rule 5810(b) mandating prompt disclosure of such notifications.

Nano Labs (Nasdaq: NA), a fabless integrated circuit design company, announced on May 24, 2024, that it received two deficiency letters from Nasdaq indicating non-compliance with listing rules. The issues include failing to maintain a minimum market value of $50 million and a minimum bid price of $1 per share. The company also does not meet alternatives for total assets and revenue. These letters do not immediately delist the shares but give Nano Labs 180 days until November 19, 2024, to regain compliance. Management is exploring options to address these deficiencies and plans to submit a compliance plan promptly.