The publicly listed Chinese real estate marketplace operator FangDD has withdrawn a patent purchase agreement worth $35 million after failing to close the necessary transactions within the required time limits.
FangDD disclosed its intention to purchase patents to acquire patents related to cloud computing technology in China in June 2024 with a deadline of September 21, 2024. However, FangDD signed a termination agreement to cancel the patent purchase on January 17, 2025.
FangDD is currently embroiled in a race against time to regain compliance according to Nasdaq, the New York stock exchange that requires shares to retain a minimum value of $1.00 per share to remain listed. FangDD share prices continue to struggle and the firm now has until June to improve its share price from today's trading price of circa $0.61.
It is unknown whether FangDD's decision to cancel its patent purchase is related to its current financial difficulties but share prices were largely unaffected by the patent purchase withdrawal, with a negligible uptick to $0.66 on the date of the announcement.
FangDD did achieve a 52-week high was $4.38, achieved in October 2024, but share prices have tumbled and settled since.
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