NaaS Technology Inc. Received Nasdaq Notification Regarding Minimum Market Value Deficiency

Rhea-AI Summary

NaaS Technology (Nasdaq: NAAS) received a Nasdaq notice dated February 17, 2026, that it currently does not meet the $35 million minimum market value for continued listing and has 180 days (until August 17, 2026) to regain compliance by meeting the threshold for ten consecutive business days.

The notice also footnoted noncompliance with Nasdaq listing rules for $2.5 million stockholders' equity and a $500,000 net income standard. The company says its shares will continue trading and it intends to monitor and cure the deficiency before the deadline.

Positive

• Class A ordinary shares will continue trading on Nasdaq during the 180-day cure period
• Company intends to monitor market value and seek to cure the deficiency before August 17, 2026

Negative

• Did not meet Nasdaq MVLS $35 million minimum market value requirement
• Also noncompliant with Nasdaq equity requirement of $2.5 million
• Also noncompliant with Nasdaq net income standard of $500,000

Key Figures

MVLS requirement: US$35 million Compliance period: 180 days Compliance deadline: August 17, 2026 +5 more

8 metrics

MVLS requirement US$35 million Minimum market value of listed securities under Nasdaq Rule 5550(b)(2)

Compliance period 180 days Grace period until August 17, 2026 to regain MVLS compliance

Compliance deadline August 17, 2026 Deadline to have MVLS at or above US$35 million

Consecutive days needed 10 business days Required duration with MVLS ≥ US$35 million to regain compliance

Equity listing standard US$2.5 million Minimum stockholders’ equity required under Nasdaq Rule 5550(b)(1)

Net income standard US$500,000 Net income from continuing operations under Rule 5550(b)(3)

Current market cap $25,840,959 Market capitalization before the MVLS deficiency announcement

52-week high discount 93.92% Price is 93.92% below 52-week high of $40.32

Market Reality Check

Price: $2.38 Vol: Volume 731 shares is well...

low vol

$2.38 Last Close

Volume Volume 731 shares is well below the 20-day average of 7,744, indicating limited pre-news trading activity. low

Technical Shares at $2.45 are trading below the 200-day MA of $3.49 and 93.92% below the 52-week high.

Peers on Argus

NAAS traded at $2.45 with a -1.61% move, while listed peers showed mixed single-...

1 Down

NAAS traded at $2.45 with a -1.61% move, while listed peers showed mixed single-day changes (e.g., NVVE momentum scanner move down), and only 1 peer appeared in momentum scans, pointing to stock-specific rather than sector-wide pressures.

Historical Context

5 past events · Latest: Jan 23 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 23	EGM results	Neutral	-1.9%	Shareholders approved par value change and updated constitutional documents.
Jan 05	EGM announcement	Neutral	-1.6%	Company scheduled extraordinary general meeting with board-backed resolutions.
Dec 31	Carbon credit deal	Positive	+0.3%	Completed 21,000-ton carbon-inclusive credit transaction with partner Kuaidian.
Dec 10	Nasdaq compliance	Positive	+2.0%	Regained compliance with Nasdaq MVLS rule after 20 days above $35M.
Oct 10	AGM results	Neutral	+6.2%	Annual meeting approved capital increase and charter amendments.

Pattern Detected

Recent corporate and regulatory announcements have generally seen modest price reactions, with positive compliance or partnership news aligning with small positive moves and governance/meeting items having limited impact.

Recent Company History

Over the last several months, NAAS has focused on governance, capital structure, and compliance. Shareholders approved structural changes at the 2025 AGM and the January 23, 2026 EGM, including reducing par value and updating constitutional documents. The company previously regained compliance with Nasdaq’s MVLS rule on Dec 9, 2025, after maintaining at least $35 million MVLS for twenty business days. A 21,000-ton carbon credit transaction on Dec 31, 2025 illustrated ongoing business activity. Today’s new MVLS deficiency notice contrasts with the earlier compliance update.

Market Pulse Summary

This announcement flags renewed noncompliance with Nasdaq’s US$35 million MVLS requirement and notes...

Analysis

This announcement flags renewed noncompliance with Nasdaq’s US$35 million MVLS requirement and notes that NAAS also falls short on equity and net income thresholds. The company has until August 17, 2026 to maintain MVLS at or above US$35 million for ten consecutive days or face potential delisting proceedings. Historically, NAAS previously regained MVLS compliance in December 2025, so investors may watch for further updates on capital structure, operating performance, and any additional Nasdaq correspondence.

Key Terms

market value of listed securities, nasdaq capital market, stockholders' equity, net income, +2 more

6 terms

market value of listed securities regulatory

"not in compliance with the minimum market value of listing securities (the "MVLS") of US$35 million"

The market value of listed securities is the total worth of stocks, bonds and other tradable instruments quoted on an exchange, measured using the prices investors are willing to pay right now. It’s calculated by multiplying each security’s current market price by the number of units outstanding and adding those amounts together, like totaling the value of every item in a store at today’s prices. Investors watch this because it shows the size, liquidity and overall health of the market or a company’s publicly traded portion, and it influences index weights, fund allocations and perceived risk.

nasdaq capital market regulatory

"for continued listing of the Company's Class A ordinary shares on the Nasdaq Capital Market"

The Nasdaq Capital Market is a platform where smaller, emerging companies can list their shares for trading by investors. It provides these companies with access to funding and visibility, helping them grow, much like a local marketplace where new vendors can introduce their products to potential customers. For investors, it offers opportunities to discover early-stage companies with growth potential.

stockholders' equity financial

"an equity standard that the Company maintain stockholders' equity of at least US$2.5 million"

Stockholders' equity is the portion of a company's assets that belongs to its owners after all debts and obligations are paid; think of it as the value left for shareholders if the company sold everything and paid off what it owes. Investors watch it because it shows the company's net worth, indicates how much of growth is funded by owners versus debt, and helps assess financial health and the potential for future dividends or stock value increases — like the equity in a house after the mortgage is settled.

net income financial

"a net income standard regarding the Company's continuing operations of US$500,000"

Net income is the amount of money a company keeps after paying all its costs, interest, taxes and one-time charges — effectively the company’s profit “left over” at the end of a reporting period. Investors use it like a report card: it shows whether the business is generating real profit, influences earnings per share and dividend potential, and helps determine valuation and long-term financial health.

listing standards regulatory

"is not in compliance with the listing standards which are: (i) an equity standard"

Rules set by a stock exchange that determine which companies can be listed and what they must keep doing to stay listed, covering things like financial health, reporting, and governance. They matter to investors because they provide a baseline of transparency and quality—like building codes or club membership rules—so buyers can trust that listed companies meet minimum standards and that market information is more reliable and comparable.

delisting regulatory

"the Company will receive further written notification from Nasdaq that its securities are subject to delisting"

Delisting occurs when a company's stock is removed from a stock exchange and is no longer available for trading there. This can happen voluntarily or because the company no longer meets the exchange's requirements. For investors, delisting means they can no longer buy or sell shares of that company on the exchange, which may make it more difficult to sell their investments or affect the stock's value.

AI-generated analysis. Not financial advice.

BEIJING, Feb. 20, 2026 /PRNewswire/ -- NaaS Technology Inc. (Nasdaq: NAAS) ("NaaS" or the "Company"), the first U.S.-listed EV charging service company in China, today announced that it has received written notification (the "MVLS Notice") from the Nasdaq Stock Market LLC ("Nasdaq") dated February 17, 2026, notifying the Company that it is currently not in compliance with the minimum market value of listing securities (the "MVLS") of US$35 million for continued listing of the Company's Class A ordinary shares on the Nasdaq Capital Market, as set forth in Nasdaq Listing Rule 5550(b)(2) (the "MLVS Requirement"). Nasdaq calculates the MVLS based upon the most recent total shares outstanding multiplied by the closing bid price. The MVLS Notice indicated that the Company has 180 days, or until August 17, 2026 (the "Compliance Deadline"), to regain compliance with the MLVS Requirement by having its MVLS close at US$35 million or more for a minimum of ten consecutive business days. If at any time prior to August 17, 2026, the Company's MVLS closes at US$35 million or more for a minimum of ten consecutive business days, Nasdaq will provide a written confirmation of compliance and the matter regarding the Company's MLVS will be closed. Receipt of the MVLS Notice does not result in the immediate delisting of the Company's Class A ordinary shares and has no immediate effect on the listing or the trading of the Company's Class A ordinary shares on the Nasdaq under the symbol "NAAS." 

The MVLS Notice, however, contained a footnote referencing that the Company currently does not meet the other listing requirements under the Listing Rule 5550(b)(1) and 5550(b)(3), and is not in compliance with the listing standards which are: (i) an equity standard that the Company maintain stockholders' equity of at least US$2.5 million; and (ii) a net income standard regarding the Company's continuing operations of US$500,000 in the most recently completed fiscal year or in two of the three most recently completed fiscal years.

The MVLS Notice will not have any immediate effect on the listing of the Company's Class A ordinary shares, which continue to trade on The Nasdaq Capital Market under the symbol "NAAS". The Company intends to monitor its market value of publicly held shares between now and August 17, 2026 and intends to cure the deficiency within the prescribed grace period. During this time, the Company expects that its Class A ordinary shares will continue to be listed and traded on the Nasdaq Capital Market. If the Company does not regain compliance by the Compliance Deadline, the Company will receive further written notification from Nasdaq that its securities are subject to delisting. At that time, the Company may qualify for additional time or appeal the delisting determination to a hearings panel.

About NaaS Technology Inc.

NaaS Technology Inc. is the first U.S. listed EV charging service company in China. The Company is a subsidiary of Newlinks Technology Limited, a leading energy digitalization group in China. The Company is one of the leading providers of new energy asset operation services. The Company utilizes advanced technology to intelligently match charging supply with demand, offering electric vehicle users a seamless, efficient, and smart charging experience. Furthermore, NaaS empowers charging stations and charging station operators to optimize their operations, driving greater efficiency and enhancing profitability.

Safe Harbor Statement

This press release contains statements of a forward-looking nature. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as "will," "expects," "believes," "anticipates," "intends," "estimates" and similar statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. All information provided in this press release is as of the date hereof, and the Company undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: NaaS' goals and strategies; its future business development, financial conditions and results of operations; its ability to continuously develop new technology, services and products and keep up with changes in the industries in which it operates; growth of China's EV charging industry and EV charging service industry and NaaS' future business development; demand for and market acceptance of NaaS' products and services; NaaS' ability to protect and enforce its intellectual property rights; NaaS' ability to attract and retain qualified executives and personnel; the COVID-19 pandemic and the effects of government and other measures that have been or will be taken in connection therewith; U.S.-China trade war and its effect on NaaS' operation, fluctuations of the RMB exchange rate, and NaaS' ability to obtain adequate financing for its planned capital expenditure requirements; NaaS' relationships with end-users, customers, suppliers and other business partners; competition in the industry; relevant government policies and regulations related to the industry; and fluctuations in general economic and business conditions in China and globally. Further information regarding these and other risks is included in NaaS' filings with the SEC.

For investor and media inquiries, please contact:

Investor Relations
NaaS Technology Inc.
E-mail: ir@enaas.com

Media inquiries:
E-mail: pr@enaas.com

View original content:https://www.prnewswire.com/news-releases/naas-technology-inc-received-nasdaq-notification-regarding-minimum-market-value-deficiency-302693719.html

SOURCE NaaS Technology Inc.

FAQ

What did NaaS (NAAS) say about the Nasdaq notice dated February 17, 2026?

The company said it received a Nasdaq notice that it currently fails the $35 million minimum market value listing standard. According to the company, shares will continue trading while it monitors market value and seeks to regain compliance by August 17, 2026.

How long does NaaS (NAAS) have to regain Nasdaq compliance and what is the deadline?

NaaS has a 180-day cure period to regain compliance, with a deadline of August 17, 2026. According to the company, compliance requires the MVLS to close at $35 million or more for ten consecutive business days.

Will NaaS (NAAS) be immediately delisted after the Nasdaq MVLS notice?

No, receipt of the MVLS notice does not cause immediate delisting and trading continues under NAAS. According to the company, delisting would only follow if compliance is not regained by the August 17, 2026 deadline.

What other Nasdaq listing deficiencies did the notice flag for NaaS (NAAS)?

The notice flagged two additional listing standards: stockholders' equity below $2.5 million and net income from continuing operations below $500,000. According to the company, these footnoted deficiencies are part of the Nasdaq communication.

What options does NaaS (NAAS) have if it fails to regain compliance by August 17, 2026?

If the company fails to regain compliance, Nasdaq will issue further written notification and the company may seek additional time or appeal to a hearings panel. According to the company, those procedural options would then become available.