Can someone explain this to me? Not in, but NA just did an IPO 6 days ago and the Nasdaq is already considering delisting??? Does this mean all future IPOs need to have gross proceeds of 25K+ to remain listed??? I've seen hundreds of IPOs that are low floats that don't raise this much and they never get delisted.....Is this a new rule? Is it for foreign companies only?? Wondering how it will affect future IPOs.
News from this morning....
HANGZHOU, China , July 20, 2022 (GLOBE NEWSWIRE) -- Nano Labs Ltd (the “Company” or “Nano Labs”), a leading fabless integrated circuit design company and product solution provider in China , announced today that the Company received a staff determination letter (the “Letter”), on July 19, 2022 , from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company of the determination of the Nasdaq staff (the “Staff”) to delist the Company’s securities from The Nasdaq Global Market because of the Company’s failure to demonstrate compliance with the requirement that the gross offering proceeds be at least $25 million as outlined in Listing Rule 5210(k)(i).
Pursuant to the Letter, unless the Company requests an appeal of the Letter, trading of the Company’s Class A ordinary shares (as represented by ADSs) will be suspended at the open on July 28, 2022 , and a Form 25-NSE will be filed with the Securities and Exchange Commission , which will remove the Company’s securities from listing and registration on The Nasdaq Global Market.
The Company plans to appeal the Staff’s determination to a Hearings Panel (the “Panel”) in due course. A hearing request will stay the suspension of the Company’s securities and the filing of the Form 25-NSE pending the Panel’s decision.
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