MultiMetaVerse Holdings Limited Receives Nasdaq Notification Regarding Minimum Bid Price and Minimum Market Value of Listed Securities (2024)

MultiMetaVerse Holdings Limited Receives Nasdaq Notification Regarding Minimum Bid Price and Minimum Market Value of Listed Securities

SHANGHAI, April 23,2024 /PRNewswire/ -- MultiMetaVerse Holdings Limited(the "Company"), an animation and entertainment company for youngconsumers in China,announced today that it has receivedwritten notifications (the "Notification Letters") from the NasdaqStock Market LLC ("Nasdaq") dated April 17,2024, notifying the Company that Nasdaq ListingRule5550(a)(2)requires companies to maintain aminimum bid price of $1.00 pershare and Nasdaq Listing Rule5550(b)(2)requirescompanies to maintain a minimum market value of listed securitiesof $35 million. Nasdaq ListingRule5810(c)(3)(A)provides that a failure to meet theMinimum Bid Price Requirement exists if the deficiency continuesfor a period of 30 consecutive business days and Nasdaq ListingRule5810(c)(3)(C) provides that a failure to meet the MinimumMarket Value of Listed Securities Requirement exists if thedeficiency continues for a period of 30 consecutive business days.Based on the bid price and market value of listed securities of theCompany from March 5 to April 17,2024, the Company did not meet the Minimum Bid PriceRequirement and Minimum Market Value of Listed SecuritiesRequirement.

The Notification Letter does not impact the Company's listing onThe Nasdaq Capital Market at this time. In accordance with NasdaqListing Rule5810(c)(3)(A) and 5810(c)(3)(C), the Company hasbeen provided 180 calendar days, or until October 14, 2024, toregain compliance with Nasdaq Listing Rule5550(a)(2) and5550(b)(2). In the event the Company does not regain compliance byOctober 14, 2024, the Company may be eligible for additional timeto regain compliance, or may face delisting.

The Company intends to monitor its bid price and market value oflisted securities between now and October14, 2024 and intends to cure the deficiency within theprescribed grace period. During this time, the Company expect thatClass A ordinary shares of the Company will continue to be listedand trade on the Nasdaq Capital Market. The Company's management islooking into various options available to regain compliance andmaintain its continued listing.

The Company's business operations are not affected by thereceipt of the Notification Letter.

About MultiMetaVerse Holdings Limited

MultiMetaVerse Holdings Limited (NASDAQ:MMV) is ananimation and entertainment company dedicated to providing ahigh-quality, immersive entertainment experience through original,user-generated, and professional user-generated content.MMVcommenced animation production in 2015 under its signature AotuWorld brand, which has attracted a broad following with itsinspiring storyline and unique graphic style, particularly amongyounger audiences in China.By leveraging the company'sestablished user base, MMV has built a diverse product portfolio,including animated content,comic books, short videos,collectibles, stationery, consumer products, and mobilegamesacross the Aotu World brand. It has also developed andaugmented new brands, stories, and characters, such as NekoAlbum.

For more information, please visithttps://www.multi-metaverse.com/.

For investor and media inquiries, please contact:

In China:
MultiMetaVerse Holdings Limited
Investor Relations
E-mail: ir@multi-metaverse.com

Safe Harbor Statement

This press release contains forward-looking statements. Thesestatements are made under the "safe harbor" provisions of the U.S.Private Securities Litigation Reform Act of 1995. Theseforward-looking statements generally are identified by the words"believe," "project," "expect," "anticipate," "estimate," "intend,""strategy," "future," "opportunity," "plan," "may," "should,""will," "would," "will be," "will continue," "will likely result,"and similar expressions. Without limiting the generality of theforegoing, the forward-looking statements in this press releaseinclude descriptions of the Company's future commercial operations.Forward-looking statements are predictions, projections and otherstatements about future events that are based on currentexpectations and assumptions and, as a result, are subject to risksand uncertainties. Many factors could cause actual future events todiffer materially from the forward-looking statements in this pressrelease, such as the Company's inability to implement its businessplans, identify and realize additional opportunities, or meet orexceed its financial projections and changes in the regulatory orcompetitive environment in which the Company operates. You shouldcarefully consider the foregoing factors and the other risks anduncertainties described in the Company's registration statement onForm F-4, as amended, which was declared effective by the U.S.Securities and Exchange Commission (the "SEC") on July 20, 2022 and other documents to be filed bythe Company with the SEC from time to time, which could causeactual events and results to differ materially from those containedin the forward-looking statements. All information provided hereinis as of the date of this press release, and the Company undertakesno obligation to update any forward-looking statement, except asrequired under applicable law.

MultiMetaVerse Holdings Limited Receives Nasdaq Notification Regarding Minimum Bid Price and Minimum Market Value of Listed Securities (1)View originalcontent:https://www.prnewswire.com/news-releases/multimetaverse-holdings-limited-receives-nasdaq-notification-regarding-minimum-bid-price-and-minimum-market-value-of-listed-securities-302124669.html

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MultiMetaVerse Holdings Limited Receives Nasdaq Notification Regarding Minimum Bid Price and Minimum Market Value of Listed Securities (2)

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\/PRNewswire\/...","link":"https:\/\/ih.advfn.com\/stock-market\/NASDAQ\/multimetaverse-MMV\/stock-news\/92888822\/multimetaverse-announces-release-of-restricted-clo","source":"PR Newswire (US)","source_logo":"\/common\/images\/news-sources\/prnus.png","tags":[],"timestamp":1703595600,"date":"Tue Dec 26, 2023 ","time":"8:00 AM (5 months ago)","full_date":"December 26, 2023 8:00 AM","post_time":"December 26 2023","article_id":92888822,"source_id":"prnus","media_url":null,"press_release":true},{"headline":"MultiMetaVerse Holdings Limited Announces 2023 Unaudited Half Year Financial Results","short_text":" MultiMetaVerse Holdings Limited Announces 2023 Unaudited Half Year Financial Results\nPR Newswire\nNEW YORK and SHANGHAI, Dec. 19, 2023 NEW YORK and SHANGHAI, Dec. 19, 2023 \/PRNewswire\/...","one_line_short_text":" MultiMetaVerse Holdings Limited Announces 2023 Unaudited Half Year Financial Results\nPR Newswire\nNEW YORK and SHANGHAI, Dec. 19, 2023 NEW YORK...","link":"https:\/\/ih.advfn.com\/stock-market\/NASDAQ\/multimetaverse-MMV\/stock-news\/92851665\/multimetaverse-holdings-limited-announces-2023-una","source":"PR Newswire (US)","source_logo":"\/common\/images\/news-sources\/prnus.png","tags":[],"timestamp":1703023200,"date":"Tue Dec 19, 2023 ","time":"5:00 PM (5 months ago)","full_date":"December 19, 2023 5:00 PM","post_time":"December 19 2023","article_id":92851665,"source_id":"prnus","media_url":null,"press_release":true},{"headline":"MultiMetaVerse Announces Updates of the Taomee Acqusition and Termination of Prior Acquisition Agreement","short_text":" MultiMetaVerse Announces Updates of the Taomee Acqusition and Termination of Prior Acquisition Agreement\nPR Newswire\nNEW YORK and SHANGHAI, Nov. 29, 2023 NEW YORK and SHANGHAI, Nov. 29, 2023...","one_line_short_text":" MultiMetaVerse Announces Updates of the Taomee Acqusition and Termination of Prior Acquisition Agreement\nPR Newswire\nNEW YORK and SHANGHAI, Nov...","link":"https:\/\/ih.advfn.com\/stock-market\/NASDAQ\/multimetaverse-MMV\/stock-news\/92678902\/multimetaverse-announces-updates-of-the-taomee-acq","source":"PR Newswire (US)","source_logo":"\/common\/images\/news-sources\/prnus.png","tags":[],"timestamp":1701266400,"date":"Wed Nov 29, 2023 ","time":"9:00 AM (6 months ago)","full_date":"November 29, 2023 9:00 AM","post_time":"November 29 2023","article_id":92678902,"source_id":"prnus","media_url":null,"press_release":true},{"headline":"MultiMetaVerse Announces Listing Transfer to Nasdaq Capital Market","short_text":" MultiMetaVerse Announces Listing Transfer to Nasdaq Capital Market\nPR Newswire\nSHANGHAI, Oct. 16, 2023 SHANGHAI, Oct. 16, 2023 \/PRNewswire\/ --\u00a0MultiMetaVerse Holdings Limited (\"MMV\" or the...","one_line_short_text":" MultiMetaVerse Announces Listing Transfer to Nasdaq Capital Market\nPR Newswire\nSHANGHAI, Oct. 16, 2023 SHANGHAI, Oct. 16, 2023 \/PRNewswire\/...","link":"https:\/\/ih.advfn.com\/stock-market\/NASDAQ\/multimetaverse-MMV\/stock-news\/92281344\/multimetaverse-announces-listing-transfer-to-nasda","source":"PR Newswire (US)","source_logo":"\/common\/images\/news-sources\/prnus.png","tags":[],"timestamp":1697460600,"date":"Mon Oct 16, 2023 ","time":"8:50 AM (7 months ago)","full_date":"October 16, 2023 8:50 AM","post_time":"October 16 2023","article_id":92281344,"source_id":"prnus","media_url":null,"press_release":true},{"headline":"MultiMetaVerse Holdings Limited (Nasdaq: MMV) Enters Into Agreement To Acquire Taomee","short_text":" MultiMetaVerse Holdings Limited (Nasdaq: MMV) Enters Into Agreement To Acquire Taomee\nPR Newswire\nNEW YORK and SHANGHAI, Sept. 15, 2023 NEW YORK and SHANGHAI, Sept. 15, 2023 \/PRNewswire\/...","one_line_short_text":" MultiMetaVerse Holdings Limited (Nasdaq: MMV) Enters Into Agreement To Acquire Taomee\nPR Newswire\nNEW YORK and SHANGHAI, Sept. 15, 2023 NEW YORK...","link":"https:\/\/ih.advfn.com\/stock-market\/NASDAQ\/multimetaverse-MMV\/stock-news\/92052684\/multimetaverse-holdings-limited-nasdaq-mmv-enters","source":"PR Newswire (US)","source_logo":"\/common\/images\/news-sources\/prnus.png","tags":[],"timestamp":1694783820,"date":"Fri Sep 15, 2023 ","time":"9:17 AM (8 months ago)","full_date":"September 15, 2023 9:17 AM","post_time":"September 15 2023","article_id":92052684,"source_id":"prnus","media_url":null,"press_release":true},{"headline":"MultiMetaVerse Holdings Limited (Nasdaq: MMV) Enters Into Debt Conversion Agreement with Gaea, and Term Sheets With PIPE Investors","short_text":" MultiMetaVerse Holdings Limited (Nasdaq: MMV) Enters Into Debt Conversion Agreement with Gaea, and Term Sheets With PIPE Investors\nPR Newswire\nNEW YORK and SHANGHAI, Sept. 12, 2023 NEW YORK and...","one_line_short_text":" MultiMetaVerse Holdings Limited (Nasdaq: MMV) Enters Into Debt Conversion Agreement with Gaea, and Term Sheets With PIPE Investors\nPR...","link":"https:\/\/ih.advfn.com\/stock-market\/NASDAQ\/multimetaverse-MMV\/stock-news\/92021011\/multimetaverse-holdings-limited-nasdaq-mmv-enters","source":"PR Newswire (US)","source_logo":"\/common\/images\/news-sources\/prnus.png","tags":[],"timestamp":1694523540,"date":"Tue Sep 12, 2023 ","time":"8:59 AM (8 months ago)","full_date":"September 12, 2023 8:59 AM","post_time":"September 12 2023","article_id":92021011,"source_id":"prnus","media_url":null,"press_release":true},{"headline":"MultiMetaVerse Holdings Limited Receives Nasdaq Notification Regarding Minimum Market Value Deficiency","short_text":" MultiMetaVerse Holdings Limited Receives Nasdaq Notification Regarding Minimum Market Value Deficiency\nPR Newswire\nSHANGHAI, Aug. 3, 2023 SHANGHAI, Aug. 3, 2023 \/PRNewswire\/ -- MultiMetaVerse...","one_line_short_text":" MultiMetaVerse Holdings Limited Receives Nasdaq Notification Regarding Minimum Market Value Deficiency\nPR Newswire\nSHANGHAI, Aug. 3, 2023...","link":"https:\/\/ih.advfn.com\/stock-market\/NASDAQ\/multimetaverse-MMV\/stock-news\/91725854\/multimetaverse-holdings-limited-receives-nasdaq-no","source":"PR Newswire (US)","source_logo":"\/common\/images\/news-sources\/prnus.png","tags":[],"timestamp":1691065800,"date":"Thu Aug 03, 2023 ","time":"8:30 AM (10 months ago)","full_date":"August 3, 2023 8:30 AM","post_time":"August 03 2023","article_id":91725854,"source_id":"prnus","media_url":null,"press_release":true},{"headline":"MultiMetaVerse Announces Term Sheet Signed to Acquire Equity Stake in Taomee","short_text":" MultiMetaVerse Announces Term Sheet Signed to Acquire Equity Stake in Taomee\nPR Newswire\nSHANGHAI, June 2, 2023 SHANGHAI, June 2, 2023 \/PRNewswire\/ -- MultiMetaVerse Holdings Limited (\"MMV\" or...","one_line_short_text":" MultiMetaVerse Announces Term Sheet Signed to Acquire Equity Stake in Taomee\nPR Newswire\nSHANGHAI, June 2, 2023 SHANGHAI, June 2, 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