MultiMetaVerse receives noncompliance notification from Nasdaq

MultiMetaVerse (MMV) received a letter from Nasdaq stating that the company was not in compliance with the minimum bid price of $1.00 per share requirement under Nasdaq Listing Rule 5550(a)(2) and the minimum market value of listed securities of $35M requirement under Nasdaq Listing Rule 5550(b)(2, and had failed to regain compliance with the Bid Price Rule and the MVLS Rule during the extension period which ended on October 14. The company has until October 22 to request a hearing before the Nasdaq Hearings Panel,which it currently intends to do. If the company does not request a hearing before the panel by that date, trading in its Class A ordinary shares and warrants will be suspended at the opening of business on October 24 and a Form 25-NSE will be filed with the SEC removing the securities from listing and registration on Nasdaq. In the event the company’s securities are delisted from Nasdaq, its securities are expected to trade over-the-counter.