SHANGHAI, April 23,
2024 /PRNewswire/ -- MultiMetaVerse Holdings Limited
(the "Company"), an animation and entertainment company for young
consumers in China, announced today that it has received
written notifications (the "Notification Letters") from the Nasdaq
Stock Market LLC ("Nasdaq") dated April 17,
2024, notifying the Company that Nasdaq Listing
Rule 5550(a)(2) requires companies to maintain a
minimum bid price of $1.00 per
share and Nasdaq Listing Rule 5550(b)(2) requires
companies to maintain a minimum market value of listed securities
of $35 million. Nasdaq Listing
Rule 5810(c)(3)(A) provides that a failure to meet the
Minimum Bid Price Requirement exists if the deficiency continues
for a period of 30 consecutive business days and Nasdaq Listing
Rule 5810(c)(3)(C) provides that a failure to meet the Minimum
Market Value of Listed Securities Requirement exists if the
deficiency continues for a period of 30 consecutive business days.
Based on the bid price and market value of listed securities of the
Company from March 5 to April 17,
2024, the Company did not meet the Minimum Bid Price
Requirement and Minimum Market Value of Listed Securities
Requirement.
The Notification Letter does not impact the Company's listing on
The Nasdaq Capital Market at this time. In accordance with Nasdaq
Listing Rule 5810(c)(3)(A) and 5810(c)(3)(C), the Company has
been provided 180 calendar days, or until October 14, 2024, to
regain compliance with Nasdaq Listing Rule 5550(a)(2) and
5550(b)(2). In the event the Company does not regain compliance by
October 14, 2024, the Company may be eligible for additional time
to regain compliance, or may face delisting.
The Company intends to monitor its bid price and market value of
listed securities between now and October
14, 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 Capital 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
receipt of 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:
In China:
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 July 20, 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