NaaS Technology (NAAS) Faces Nasdaq MVLS Noncompliance Notice, 180-Day Cure Window

EV charging operator faces Nasdaq compliance notice

NaaS Technology Inc., the first U.S.-listed electric vehicle charging service company operating in China, says it receives a written notice from Nasdaq that it does not meet the exchange’s minimum market value of listed securities (MVLS) requirement. The company announces the notice on Feb. 20, 2026 and confirms the Nasdaq notification is dated Feb. 17, 2026. NaaS stresses that the notice does not affect the immediate trading status of its Class A ordinary shares, which continue to trade under the symbol NAAS.

Nasdaq notice triggers compliance timetable and options

Nasdaq informs NaaS that it is not currently in compliance with Listing Rule 5550(b)(2), which sets an MVLS threshold of at least US$35 million. The exchange derives MVLS by multiplying the most recent total shares outstanding by the closing bid price. NaaS has 180 days, until Aug. 17, 2026, to demonstrate compliance by achieving an MVLS of at least US$35 million for a minimum of ten consecutive business days, at which point Nasdaq will issue written confirmation and close the matter.

Company outlines potential cures and strategic moves

Management says it will monitor the market value of publicly held shares and intends to cure the deficiency within the prescribed grace period. It signals that remedies under consideration include capital raises and strategic alternatives. The company tells investors it will provide updates as soon as possible and notes that if it fails to regain compliance by the deadline it will receive further written notification that its securities are subject to delisting and may seek additional time or appeal the determination to a Nasdaq hearings panel.

Regulatory footnote shows other listing metric gaps

The Nasdaq notice includes a footnote indicating NaaS also currently does not meet the Listing Rule 5550(b)(1) and 5550(b)(3) equity and net income standards — specifically maintaining stockholders’ equity of at least US$2.5 million and reporting net income from continuing operations of at least US$500,000 in the most recently completed fiscal year or in two of the three most recently completed fiscal years. The company does not report immediate remedial steps tied specifically to those metrics in the filing.

Company reiterates continuity and investor communications

NaaS reiterates that the MVLS notice does not change its trading status and that Nasdaq’s action does not effect immediate delisting or suspension. Management says it will pursue available options to restore compliance and keep investors informed, while the company continues to operate in the Chinese EV charging services market.