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BEIJING - NaaS Technology Inc. (NASDAQ:NAAS), a leader in electric vehicle (EV) charging services in China, has received a Notice of Non-Compliance from the Nasdaq Stock Market due to a delay in filing its annual report. The notice, issued on Thursday, May 20, 2025, pertains to the company’s failure to submit its Form 20-F report for the fiscal year that ended on December 31, 2024, in a timely manner. The company’s stock, currently trading near its 52-week low of $1.18, has experienced a significant decline of about 97% over the past year, according to InvestingPro data.
According to Nasdaq Listing Rule 5250(c)(1), listed companies are required to file periodic financial reports promptly with the U.S. Securities and Exchange Commission. While the notice does not immediately impact the listing or trading of NaaS’s securities on the Nasdaq, it does mandate that NaaS submit a plan to regain compliance within 60 days from the notice date. If Nasdaq accepts the company’s compliance plan, NaaS may receive an extension of up to 180 days from the original annual report due date, or until November 11, 2025, to file the overdue document and avoid delisting.
NaaS has expressed its commitment to resolving the issue quickly and is working to complete and file its Annual Report as soon as possible. The company, a subsidiary of Newlinks Technology Limited, has been recognized for its innovative approach to digitalizing energy and operating new energy assets. Its technology-driven solutions aim to enhance EV charging experiences and improve operational efficiency for charging station operators. InvestingPro data reveals concerning financial metrics, including a significant debt burden with a current ratio of 0.66 and negative free cash flow of $93.57 million in the last twelve months.
This news is based on a press release statement from NaaS Technology Inc. and does not include any speculative content regarding the company’s future performance or industry trends. The company has not provided a specific timeline for the filing of its annual report, nor has it disclosed the reasons for the delay. Investors are advised to monitor the company’s filings and announcements for further updates on its compliance status with Nasdaq listing requirements. For a comprehensive analysis of NAAS’s financial health and future prospects, investors can access detailed metrics and 17 additional ProTips through InvestingPro’s exclusive research report.
In other recent news, NaaS Technology Inc. announced a significant adjustment to the ratio of its American Depositary Shares (ADSs) to Class A ordinary shares. Effective April 28, 2025, the ratio will change from one ADS representing 200 Class A ordinary shares to one ADS for 800 Class A ordinary shares. This adjustment functions similarly to a one-for-four reverse ADS split, requiring record holders to exchange every four existing ADSs for one new ADS. JPMorgan Chase Bank, N.A., the depositary bank for NaaS’s ADS program, will manage this exchange. The company’s ADSs will continue to be listed on the Nasdaq Stock Market. No fractional ADSs will be issued; instead, fractional entitlements will be sold, and the proceeds distributed to ADS holders. NaaS has stated that the underlying Class A ordinary shares will remain unaffected by this change. The anticipated effect of the new ADS ratio is a proportional increase in the trading price of the ADSs, although the exact post-adjustment price cannot be guaranteed.
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