SHANGHAI - MultiMetaVerse Holdings Limited (NASDAQ:MMV), a China-based animation and entertainment company, announced today that it has received notifications from the Nasdaq Stock Market concerning non-compliance with certain listing requirements.
According to Nasdaq's notification dated April 17, 2024, MultiMetaVerse has not met the minimum bid price of $1.00 per share and the minimum market value of listed securities of $35 million over a 30-day period ending April 17, 2024.
The company's current listing on the Nasdaq Capital Market remains unaffected, and it has been granted a 180-day period, until October 14, 2024, to regain compliance with the Nasdaq's minimum bid price and market value requirements. If compliance is not achieved by this deadline, MultiMetaVerse may be eligible for an extension or may face delisting from the exchange.
MultiMetaVerse's management is exploring various options to address the deficiencies and maintain its listing status. The company has stated that its business operations continue normally despite the receipt of the Nasdaq notification.
Established in 2015, MultiMetaVerse Holdings Limited is known for its Aotu World brand, which has gained popularity among young audiences in China with its animated content, comic books, and mobile games. The company has expanded its portfolio to include a range of consumer products and has developed new brands and characters.
This news is based on a press release statement and reflects only the factual content provided therein.
InvestingPro Insights
As MultiMetaVerse Holdings Limited (NASDAQ:MMV) navigates through its current challenges with Nasdaq listing requirements, real-time data from InvestingPro provides a snapshot of the company's financial health. The market capitalization, adjusted for recent market activity, stands at $22.56 million USD, which is below the Nasdaq's minimum market value requirement. The company's revenue for the last twelve months as of Q2 2023 was reported at $9.79 million USD, but it is important to note a significant decline in revenue growth during this period, with a -31.14% change.
The price metrics reveal a troubling picture, with the stock's price only at 17.06% of its 52-week high, and a previous close at $0.68 USD. This is a key factor in the company's non-compliance with the minimum bid price requirement. The InvestingPro Fair Value estimate for MultiMetaVerse is currently at $0.78 USD, which suggests a potential undervaluation based on the available data.
InvestingPro Tips highlight the importance of monitoring the company's next earnings date, scheduled for May 14, 2024, as it may provide critical insights into the company's ability to address its financial challenges and operational strategies. Additionally, with a significant negative return on assets of -395.81% for the last twelve months as of Q2 2023, investors may want to consider the company's efficiency in utilizing its assets to generate earnings.
For readers looking to delve deeper into the financials and future of MultiMetaVerse, InvestingPro offers a comprehensive suite of tools and additional tips to aid in making informed decisions. There are currently more tips available on InvestingPro, and interested users can take advantage of a special offer using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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