NaaS Technology Inc. adjusts ADS ratio for compliance

NaaS Technology Inc. (Nasdaq: NaaS), a leading EV charging service company in China, recently made changes to its American depositary shares (ADSs) ratio to its Class A ordinary shares. The new ratio now stands at one ADS to 200 Class A ordinary shares, equivalent to a one-for-twenty reverse ADS split.

Effective June 13, 2024, this adjustment was automatically applied, with existing ADSs being replaced by new ones issued by JPMorgan Chase Bank, N.A., the depositary bank for the Company's ADS program.

Following a notice from Nasdaq about the ADS trading price falling below the minimum bid price requirement of US$1.00 per share for the past 30 consecutive business days, NaaS Technology Inc. aims to increase the ADS trading price with the revised ratio to regain compliance within the 180-calendar-day period set by Nasdaq.

NaaS Technology Inc., a subsidiary of Newlinks Technology Limited, a prominent energy digitalization group in China, provides energy asset owners with comprehensive solutions including charging services, energy solutions, and innovative initiatives. These services support various stages of an energy asset's lifecycle, contributing to the ongoing energy transition.

For Investor Relations inquiries, please contact NaaS Technology Inc. via email at ir@enaas.com.

NaaS Technology Inc.'s strategic move to adjust the ADS ratio demonstrates its commitment to meeting regulatory requirements and enhancing shareholder value. With a focus on energy digitalization and innovative solutions, the company continues to play a significant role in driving the energy transition forward.