NAAS News & Events

NaaS announced that it has received written notification from Nasdaq, notifying the company that it is currently not in compliance with the minimum market value of listing securities of $35M for continued listing of the company's Class A ordinary shares on the Nasdaq Capital Market, as set forth in Nasdaq Listing Rule 5550. Nasdaq calculates the MVLS based upon the most recent total shares outstanding multiplied by the closing bid price.

NaaS announced that, in collaboration with its strategic partner Kuaidian, it has successfully completed a 21,000-ton carbon-inclusive credit transaction related to electric vehicle charging scenarios in Wuhan. Yubo Zhai, GM of sustainability at NaaS, stated, "China's electric vehicle charging market is expected to generate carbon assets on the scale of hundreds of thousands of tons in the coming years. NaaS is committed to strengthening our capabilities in green transportation carbon-inclusion. We will continue to optimize our carbon accounting models and digital platforms, and expand trading scenarios and partnership channels to support broader industry participation in the standardized development and efficient management of carbon assets."

NaaS announced that that it plans to change the ratio of its American Depositary Shares to its Class A ordinary shares, par value $0.01 per share, from the current ADS Ratio of one ADS to 800 Class A ordinary shares to a new ADS Ratio of one ADS to 3,200 Class A ordinary shares. For the company's ADS holders, the change in the ADS Ratio will have the same effect as a one-for-four reverse ADS split. A post-effective amendment to the ADS Registration Statement on Form F-6 will be filed with the SEC to reflect the change in the ADS Ratio. The company anticipates that the change in the ADS Ratio will be effective on or about July 30.