NaaS Technology Inc. reports corporate and operating developments for a U.S.-listed EV charging service company in China. The company provides new energy asset operation services, uses technology to match charging supply with demand, and supports charging station operators in managing operations.
Recurring news themes include shareholder meeting notices and results, amendments to share capital and constitutional documents, ADS holder voting mechanics, Nasdaq listing-compliance notices, and carbon-inclusive credit activity tied to EV charging scenarios. Updates also reference the company’s relationship with Newlinks Technology Limited and its role in China’s charging-service market.
NaaS Technology announced that the change in the ratio of its American depositary shares (ADSs) to its Class A ordinary shares has become effective as of June 13, 2024. The ratio adjustment from one ADS to ten Class A ordinary shares to one ADS to 200 Class A ordinary shares acts as a one-for-twenty reverse ADS split. This change was implemented automatically, with new ADSs issued and old ones cancelled by JPMorgan Chase Bank. Additionally, NaaS received a notice from Nasdaq indicating that its ADS closing bid price fell below the $1.00 minimum for 30 consecutive business days. The company anticipates that the new ADS ratio will boost the trading price, helping to meet Nasdaq's compliance requirements within a 180-day period.
NaaS Technology has announced an updated effective date for the change in the ratio of its American Depositary Shares (ADSs) to Class A ordinary shares. Originally planned for June 10, 2024, the new effective date is June 13, 2024. The new ADS ratio will be 1 ADS to 200 Class A ordinary shares, compared to the current ratio of 1 ADS to 10 Class A ordinary shares. This change will have the same effect as a one-for-twenty reverse ADS split. ADS holders must exchange every 20 existing ADSs for one new ADS, with no fractional ADSs issued. The ADSs will continue to trade on Nasdaq under the symbol 'NaaS,' and the change is expected to proportionally increase the ADS trading price, although this is not guaranteed.
NaaS Technology announced a planned change in the ratio of its American Depositary Shares (ADS) to Class A ordinary shares. The ratio will shift from 1 ADS per 10 Class A shares to 1 ADS per 200 Class A shares, effectively a one-for-twenty reverse split. This change will be effective around June 10, 2024. Existing ADS holders must exchange every 20 ADSs for one new ADS. No fractional ADSs will be issued; instead, fractional entitlements will be aggregated and sold. The underlying Class A shares remain unaffected. The ADS trading price is expected to increase proportionally, but there's no guarantee it will be 20 times the previous price.
NaaS Technology Inc., a U.S.-listed EV charging service company in China, reported strong financial results for Q1 2024. Revenues increased by 166% year over year, reaching RMB96.2 million. Gross profit grew 4.0 times year over year to RMB24.3 million. The company saw significant growth in charging volume, gross transaction value, and number of orders transacted through its network. NaaS continues to focus on revenue diversification and technological advancements to enhance its market position.
NaaS Technology Inc., the first U.S. listed EV charging service company in China, has filed its annual report on Form 20-F for the fiscal year ended December 31, 2023 with the Securities and Exchange Commission. The report can be accessed on the Company's investor relations website and shareholders can request a hard copy for free.
NaaS Technology Inc. (Nasdaq: NAAS) will report its unaudited financial results for the first quarter ended March 31, 2024 on May 9, 2024. The company, a U.S. listed EV charging service company in China, will host an earnings conference call on May 10, 2024. Participants can register online to join the call and access a live webcast. A replay will be available until May 17, 2024.
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