SHANGHAI, Aug. 3, 2023
/PRNewswire/ -- MultiMetaVerse Holdings Limited (the "Company"), an
animation and entertainment company for young consumers in
China, announced today that it has received a written
notification (the "Notification Letter") from the Nasdaq Stock
Market LLC ("Nasdaq") dated July 26,
2023, notifying the Company that it is not in compliance
with the minimum market value of publicly held shares
("MVPHS") requirement set forth in Nasdaq Listing
Rules for continued listing on the Nasdaq Global Market.
Nasdaq Listing Rule 5550(b)(2) requires companies to
maintain a minimum MVPHS of US$15
million and Nasdaq Listing
Rule 5810(c)(3)(D) provides that the failure to meet the
minimum MVPHS requirement exists if the deficiency continues for a
period of 30 consecutive business days. Based on the MVPHS of the
Company from June 12 to July 25,
2023, the Company did not meet the minimum MVPHS
requirement.
The Notification Letter does not impact the Company's listing on
the Nasdaq Global Market at this time. In accordance with Nasdaq
Listing Rule 5810(c)(3)(D), the Company is provided 180
calendar days, or until January 22, 2024, to regain compliance with
Nasdaq Listing Rule 5550(b)(2). To regain compliance, the
Company's MVPHS must exceed US$15 million for a minimum of 10
consecutive business days. In the event the Company does not regain
compliance by January 22, 2024, the Company may be eligible for
additional time to regain compliance, or may face delisting.
The Company intends to monitor its MVPHS between now and
January 22, 2024 and intends to cure
the deficiency within the prescribed grace period. During this
time, the Company expect that Class A ordinary shares of the
Company will continue to be listed and trade on the Nasdaq Global
Market. The Company's management is looking into various options
available to regain compliance and maintain its continued
listing.
The Company's business operations are not affected by the
Notification Letter.
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
Safe Harbor Statement
This press release contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements generally are identified by the words
"believe," "project," "expect," "anticipate," "estimate," "intend,"
"strategy," "future," "opportunity," "plan," "may," "should,"
"will," "would," "will be," "will continue," "will likely result,"
and similar expressions. Without limiting the generality of the
foregoing, the forward-looking statements in this press release
include descriptions of the Company's future commercial operations.
Forward-looking statements are predictions, projections and other
statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks
and uncertainties. Many factors could cause actual future events to
differ materially from the forward-looking statements in this press
release, such as the Company's inability to implement its business
plans, identify and realize additional opportunities, or meet or
exceed its financial projections and changes in the regulatory or
competitive environment in which the Company operates. You should
carefully consider the foregoing factors and the other risks and
uncertainties described in the Company's registration statement on
Form F-4, as amended, which was declared effective by the U.S.
Securities and Exchange Commission (the "SEC") on December 6, 2022 and other documents to be filed
by the Company with the SEC from time to time, which could cause
actual events and results to differ materially from those contained
in the forward-looking statements. All information provided herein
is as of the date of this press release, and the Company undertakes
no obligation to update any forward-looking statement, except as
required under applicable law.
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SOURCE MultiMetaVerse Holdings Limited