MultiMetaVerse Holdings Limited Receives Nasdaq Notification Regarding Minimum Market Value Deficiency

SHANGHAI, April 24, 2023 /PRNewswire/ -- MultiMetaVerse Holdings Limited ("MMV" or 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 April 19, 2023, notifying the Company that it is not in compliance with the minimum market value of listed securities 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 market value of US$50 million and Nasdaq Listing Rule 5810(c)(3)(C) provides that a failure to meet the minimum market value of listed securities requirement exists if the deficiency continues for a period of 30 consecutive business days. Based on the market value of listed securities of the Company from March 6 to April 17, 2023, the Company did not meet the minimum market value requirement.