FangDD Regains NASDAQ Compliance and Seeks $12M Cash Raise from Share Sales

The Chinese portal operator FangDD has regained NASDAQ compliance that requires shares to stay above USD 1.00 per share at close for 10 consecutive business days.

FangDD was notified on December 13, 2023, that it was non-compliant with the Minimum Bid Price Requirement as its shares had consistently traded at less than the $1.00 minimum.

FangDD has now confirmed that its shares have regained compliance after its shares held the minimum value or greater for ten consecutive business days from September 26 through October 9, 2024.

FangDD is now on firm ground and the matter is considered close.

Meanwhile, the portal operator will seek to raise $12 million in cash on a 'best efforts' basis, meaning FangDD wants to sell as many of these shares as possible—by MM Global Securities, which has been brought in to distribute the shares to investors.

FangDD had initially announced a $2.5 million registered direct offering of Class A ordinary shares on the 1st of October, followed by a further $5 million on the 4th of October, and another $4.5 million on the 10th.

FangDD recorded stagnant financial results in H1 2024 as its chairman Xi Zeng cited bad economic conditions behind flat performance compared to 2023.