On May 1, 2025, Rani Therapeutics Holdings, Inc. ("Company") received a letter ("Notice") from the Nasdaq Stock Exchange LLC ("Nasdaq"), addressing a compliance deficiency under the Nasdaq Listing Rules. The letter notified of the deficiency with regard to Rule 5450(b)(2)(A), which requires a company whose securities are listed on The Nasdaq Global Market under the "Market Value Standard" to maintain a minimum Market Value of Listed Securities (an "MVLS") of $50,000,000. The deficiency was caused by the Company's MVLS having been below the minimum level for the prior 30 consecutive business days.