Fangdd Network receives non-compliance notification from Nasdaq

Fangdd Network (DUO) Group has received a written notification from The Nasdaq Stock Market dated December 24, 2024, indicating that the Company is currently not in compliance with the minimum bid price requirement set forth under Nasdaq Listing Rule 5550(a)(2) as the bid price of the Company’s Class A ordinary shares had closed below $1 per share for the last 30 consecutive business days from November 11 through December 23, 2024. Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has been granted a compliance period of 180 calendar days until June 23, 2025 to regain compliance. The Company will regain compliance if, at any time during this 180-day period, the closing bid price of the Company’s Class A ordinary shares is at least $1 for a minimum of ten consecutive business days. In the event the Company does not regain compliance with the Rule within 180 calendar days, the Company may be eligible for an additional compliance period of 180 calendar days. To qualify, the Company needs to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the bid price requirement, and to provide written notice to Nasdaq of its intention to cure the deficiency during the second compliance period. The notification letter has no current effect on the listing or trading of the Company’s Class A ordinary shares on Nasdaq. The Company intends to monitor the closing bid price of its Class A ordinary shares and is considering its options to cure the deficiency and regain compliance with the Rule.