BEIJING, June 13,
2024 /PRNewswire/ -- NaaS Technology Inc. (Nasdaq:
NaaS) ("NaaS" or the Company"), the first U.S. listed EV
charging service company in China, today announces that
the previously announced change of the ratio (the "ADS Ratio") of
its American depositary shares (the "ADSs") to its Class A
ordinary shares has taken effect at the open of business on
June 13, 2024 (U.S. Eastern
Time).
The change in the ADS Ratio, from one ADS to ten Class A
ordinary shares to one ADS to 200 Class A ordinary shares, had the
same effect as a one-for-twenty reverse ADS split. The exchange of
one new ADS for every 20 previously-held ADSs occurred
automatically upon effectiveness, with the previously-held ADSs
cancelled and the new ADSs issued by JPMorgan Chase Bank, N.A., the
depositary bank for the Company's ADS program.
The Company also announces that it has received a letter from
the staff of the Listing
Qualifications Department of The Nasdaq Stock Market LLC
("Nasdaq") dated June 13, 2024,
indicating that for the last 30 consecutive business days, the
closing bid price for the ADSs was below the minimum bid price of
US$1.00 per share requirement set
forth in Nasdaq Listing Rule 5450(a)(1). As a result of the
change in the ADS Ratio, the ADS trading price is expected to
increase proportionally and the Company expects to regain
compliance with the minimum bid price requirement within the
180-calendar-day compliance period prescribed under Nasdaq Listing
Rule 5810(c)(3)(A), although the Company can give no assurance in
this regard.
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 provides one-stop solutions to energy asset owners
comprising charging services, energy solutions and new initiatives,
supporting every stage of energy asset's lifecycle and facilitating
energy transition.
For investor and media inquiries, please contact:
Investor Relations
NaaS Technology Inc.
E-mail: ir@enaas.com
Media inquiries:
E-mail: pr@enaas.com
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SOURCE NaaS Technology Inc.