MultiMetaVerse Holdings Limited Receives Nasdaq Notification Regarding Minimum Market Value Deficiency

SHANGHAI, Aug. 3, 2023 /PRNewswire/ -- MultiMetaVerse Holdings Limited (the "Company"), an animation and entertainment company for young consumers in China, announced today that it has received a written notification (the "Notification Letter") from the Nasdaq Stock Market LLC ("Nasdaq") dated July 26, 2023, notifying the Company that it is not in compliance with the minimum market value of publicly held shares ("MVPHS") requirement set forth in Nasdaq Listing Rules for continued listing on the Nasdaq Global Market. Nasdaq Listing Rule 5550(b)(2) requires companies to maintain a minimum MVPHS of US$15 million and Nasdaq Listing Rule 5810(c)(3)(D) provides that the failure to meet the minimum MVPHS requirement exists if the deficiency continues for a period of 30 consecutive business days. Based on the MVPHS of the Company from June 12 to July 25, 2023, the Company did not meet the minimum MVPHS requirement.

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