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NaaS Technology (Nasdaq: NAAS) faces Nasdaq minimum market value deficiency notice

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
6-K

Rhea-AI Filing Summary

NaaS Technology Inc. reported that Nasdaq notified the company it is not in compliance with the minimum market value of listed securities requirement of US$35 million for its Class A ordinary shares. Nasdaq uses the most recent total shares outstanding multiplied by the closing bid price to calculate this value.

NaaS has until August 17, 2026 to regain compliance by having its market value close at or above US$35 million for at least ten consecutive business days. The notice also indicates the company does not meet two additional listing standards: stockholders’ equity of at least US$2.5 million and net income from continuing operations of US$500,000 in the most recent year or in two of the last three years.

The company’s shares continue to trade on the Nasdaq Capital Market under the symbol “NAAS,” and NaaS states it intends to monitor its market value and cure the deficiency within the grace period. If it fails to do so by the deadline, its securities may become subject to delisting, though the company could seek additional time or appeal.

Positive

  • None.

Negative

  • NaaS fails multiple Nasdaq continued-listing standards, including the minimum market value of listed securities of US$35 million, stockholders’ equity of US$2.5 million, and net income of US$500,000, creating a clear risk its shares could ultimately face delisting if compliance is not restored.

Insights

Nasdaq cites multiple listing deficiencies, raising clear delisting risk.

NaaS Technology Inc. has been notified it no longer meets Nasdaq’s minimum market value of listed securities requirement of US$35 million. The company has until August 17, 2026 to achieve at least ten consecutive business days with market value at or above this level.

The notice also highlights that NaaS does not meet two alternative standards: stockholders’ equity of at least US$2.5 million and net income from continuing operations of US$500,000 in the most recent fiscal year or in two of the last three years. This means the company currently fails all three key continued-listing tests under the cited rules.

NaaS states it intends to monitor its market value and cure the deficiency while its shares remain on the Nasdaq Capital Market. If it has not regained compliance by August 17, 2026, Nasdaq may move toward delisting, after which the company’s options would include seeking additional time or appealing to a hearings panel.

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 6-K

 

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of February 2026

 

Commission File Number: 001-38235

 

 

 

NaaS Technology Inc.

(Registrant’s Name)

 

 

 

Newlink Center, Area G, Building 7, Huitong Times Square,

No.1 Yaojiayuan South Road, Chaoyang District, Beijing, China

(Address of Principal Executive Offices)

 

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

 

Form 20-F ☒  Form 40-F ☐

 

 

 

 

 

 

Exhibit Index

 

Exhibit No.   Description
99.1   Press Release – NaaS Technology Inc. Received Nasdaq Notification Regarding Minimum Market Value Deficiency

 

1

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  NaaS Technology Inc.
       
  By : /s/ Steven Sim
  Name : Steven Sim
  Title : Chief Financial Officer

 

Date: February 20, 2026

 

 

2

 

 

 

Exhibit 99.1

 

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

 

BEIJING, February 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

FAQ

What Nasdaq listing requirement did NaaS Technology Inc. (NAAS) fail to meet?

NaaS failed to meet Nasdaq’s minimum market value of listed securities requirement of US$35 million. Nasdaq calculates this by multiplying the most recent total shares outstanding by the closing bid price, and NaaS’s value fell below this threshold for continued listing.

How long does NaaS Technology Inc. (NAAS) have to regain Nasdaq compliance?

NaaS has until August 17, 2026 to regain compliance. It must have its market value of listed securities close at US$35 million or more for at least ten consecutive business days within this 180-day grace period.

Are NaaS Technology Inc. (NAAS) shares being delisted from Nasdaq now?

No, there is no immediate delisting. The Nasdaq notification does not currently affect the listing or trading of NaaS’s Class A ordinary shares, which continue to trade on the Nasdaq Capital Market under the symbol “NAAS” during the compliance period.

What other Nasdaq standards does NaaS Technology Inc. (NAAS) currently not meet?

Nasdaq’s notice references two additional deficiencies. NaaS does not meet the stockholders’ equity standard of at least US$2.5 million and the net income standard of US$500,000 from continuing operations in the most recent year or two of the last three years.

What happens if NaaS Technology Inc. (NAAS) does not regain compliance by August 17, 2026?

If NaaS has not regained compliance by August 17, 2026, Nasdaq may issue another written notification stating that its securities are subject to delisting. At that stage, NaaS could potentially qualify for more time or appeal the delisting decision to a hearings panel.

How does NaaS Technology Inc. (NAAS) plan to address the Nasdaq deficiency notice?

NaaS states that it intends to monitor its market value of publicly held shares through August 17, 2026 and intends to cure the deficiency within the prescribed grace period, while expecting its Class A ordinary shares to remain listed and traded on the Nasdaq Capital Market.

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