NaaS Technology (NAAS) Receives Nasdaq Non-compliance Notice

NaaS Technology Inc. (Nasdaq: NAAS) ("NaaS" or the "Company"), the first U.S.-listed EV charging service company in China, today announced that it has received written notification (the "MVLS Notice") from the Nasdaq Stock Market LLC ("Nasdaq") dated June 13, 2025, notifying the Company that it is currently not in compliance with the minimum market value of listing securities (the "MVLS") of US$35 million for continued listing of the Company's Class A ordinary shares on the Nasdaq Capital Market, as set forth in Nasdaq Listing Rule 5550(b)(2) (the "MLVS Requirement"). Nasdaq calculates the MVLS based upon the most recent total shares outstanding multiplied by the closing bid price. The MVLS Notice indicated that the Company has 180 days, or until December 10, 2025 (the "Compliance Deadline"), to regain compliance with the MLVS Requirement by having its MVLS close at US$35 million or more for a minimum of ten consecutive business days. If at any time prior to December 10, 2025, the Company's MVLS closes at US$35 million or more for a minimum of ten consecutive business days, Nasdaq will provide a written confirmation of compliance and the matter regarding the Company's MLVS will be closed. Receipt of the MVLS Notice does not result in the immediate delisting of the Company's Class A ordinary shares and has no immediate effect on the listing or the trading of the Company's Class A ordinary shares on the Nasdaq under the symbol "NAAS."

The MVLS Notice, however, contained a footnote referencing that the Company currently does not meet the other listing requirements under the Listing Rule 5550(b)(1) and 5550(b)(3), and is not in compliance with the listing standards which are: (i) an equity standard that the Company maintain stockholders' equity of at least US$2.5 million; and (ii) a net income standard regarding the Company's continuing operations of US$500,000 in the most recently completed fiscal year or in two of the three most recently completed fiscal years.

The MVLS Notice will not have any immediate effect on the listing of the Company's Class A ordinary shares, which continue to trade on The Nasdaq Capital Market under the symbol "NAAS". The Company intends to monitor its market value of publicly held shares between now and December 10, 2025 and intends to cure the deficiency within the prescribed grace period. During this time, the Company expects that its Class A ordinary shares will continue to be listed and traded on the Nasdaq Capital Market. If the Company does not regain compliance by the Compliance Deadline, the Company will receive further written notification from Nasdaq that its securities are subject to delisting. At that time, the Company may qualify for additional time or appeal the delisting determination to a hearings panel.

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