NaaS Technology receives Nasdaq compliance notice for market value

BEIJING - NaaS Technology Inc. (NASDAQ:NAAS), a Chinese EV charging service company with a market capitalization of just $6.4 million, announced Friday it has received notification from Nasdaq that it fails to meet the minimum market value requirement for continued listing. The stock has lost over 95% of its value in the past year, according to InvestingPro data.

The notification, dated June 13, 2025, indicates NaaS does not comply with the $35 million minimum market value of listing securities requirement for the Nasdaq Capital Market. The company has until December 10, 2025, to regain compliance by maintaining a market value of at least $35 million for a minimum of ten consecutive business days. InvestingPro analysis reveals concerning financial metrics, including a current ratio of 0.66 and total debt of $159 million, suggesting significant liquidity challenges.

Nasdaq calculates market value based on total shares outstanding multiplied by closing bid price. The notice also referenced that NaaS currently fails to meet other listing requirements, including maintaining stockholders’ equity of at least $2.5 million and meeting net income standards.

Despite the notification, NaaS shares will continue trading on the Nasdaq Capital Market under the symbol "NAAS" during the compliance period. If the company fails to meet requirements by the deadline, it will receive further notification that its securities are subject to delisting, though it may qualify for additional time or appeal the determination.

NaaS Technology, the first U.S.-listed EV charging service company from China, provides new energy asset operation services that match charging supply with demand. The company stated it intends to monitor its market value and work to cure the deficiency within the prescribed grace period. For deeper insights into NaaS’s financial health and future prospects, InvestingPro subscribers can access the comprehensive Pro Research Report, which includes detailed analysis of the company’s challenges and opportunities among 1,400+ top stocks.

This information is based on a press release statement from the company.

In other recent news, NaaS Technology Inc. has received a Notice of Non-Compliance from the Nasdaq Stock Market due to a delay in filing its annual report for the fiscal year ending December 31, 2024. The company must submit a plan to regain compliance within 60 days to avoid potential delisting, with a possible extension until November 11, 2025, if Nasdaq accepts the plan. In another development, NaaS Technology has announced a change in the ratio of its American Depositary Shares (ADSs) to Class A ordinary shares, effective April 28, 2025. This adjustment will change from one ADS representing 200 Class A ordinary shares to one ADS for 800 Class A ordinary shares, similar to a one-for-four reverse ADS split. JPMorgan Chase Bank, N.A. will manage the exchange process for shareholders. The company has stated that this change aims to proportionally increase the trading price of the ADSs, although it cannot guarantee the exact post-adjustment price. These developments come as NaaS Technology continues to focus on enhancing the EV charging experience through advanced technology.

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