NANPING, China, Nov. 16, 2021 /PRNewswire/ -- Happiness
Development Group Limited ("HAPP" or the "Company"),
(NASDAQ: HAPP) announced today that the Company
received a notification letter from the Nasdaq Listing
Qualifications Staff of The NASDAQ Stock Market LLC ("Nasdaq") on
November 11, 2021, notifying the
Company that the minimum bid price per share for its Class A
ordinary shares has been below $1.00
for a period of 30 consecutive business days and the Company
therefore no longer meets the minimum bid price requirements set
forth in Nasdaq Listing Rule 5550(a)(2).
The notification received has no immediate effect on the listing
of the Company's Class A ordinary shares on Nasdaq. Under the
Nasdaq Listing Rules, the Company has until May 10, 2022 to regain compliance. If at any time
during such 180-day period the closing bid price of the Company's
Class A ordinary shares is at least $1 for a minimum of 10 consecutive business days,
Nasdaq will provide the Company written confirmation of
compliance.
If the Company does not regain compliance during such 180-day
period, the Company may be eligible for an additional 180 calendar
days, provided that the Company meets the continued listing
requirement for market value of publicly held shares and all other
initial listing standards for Nasdaq except for Nasdaq Listing Rule
5550(a)(2), and provide a written notice of its intention to cure
this deficiency during the second compliance period, by effecting a
reverse stock split, if necessary.
About Happiness Biotech Group Limited
Headquartered in Nanping, China, Happiness Biotech Group Limited
currently has three business lines: nutraceutical and dietary
supplements, e-commerce and automobile sales. The nutrition and
dietary supplements business is focusing on the research,
development, manufacture and marketing of various products made
from Chinese herbal extracts and other ingredients. Over the past
17 years, we have established a product portfolio consisting of 23
PRC National Medical Products Administration registered "Blue-Cap"
SKUs of nutraceutical and dietary supplements products. Our
e-commerce business focuses on offering e-commerce solutions,
including advertising and information technology services to small
and medium-sized enterprises in China. We also run our online stores which
carries our products of dietary supplements and other selected
products sourced from the small and medium-sized enterprises in
China. Our mission for the
e-commerce business is to enable small and medium-sized enterprises
to fully leverage the power of e-commerce to grow rapidly. Our
automobile sales adopts the B2B business model and is committed to
optimizing the auto supply chain by connecting car dealers on our
online automobile sales platform and offering the overall services
for purchasing automobiles. For more information, please
visit: www.happ.org.cn
Forward-Looking Statements
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. When the Company uses words such as
"may, "will, "intend," "should," "believe," "expect," "anticipate,"
"project," "estimate" or similar expressions that do not relate
solely to historical matters, it is making forward-looking
statements. Forward-looking statements are not guarantees of future
performance and involve risks and uncertainties that may cause the
actual results to differ materially from the Company's expectations
discussed in the forward-looking statements. These statements are
subject to uncertainties and risks including, but not limited to,
the following: the Company's goals and strategies; the
Company's future business development; product and service demand
and acceptance; changes in technology; economic conditions;
reputation and brand; the impact of competition and pricing;
government regulations; fluctuations in general economic and
business conditions in China, the
COVID-19 outbreak and its impact on our operations and assumptions
underlying or related to any of the foregoing and other risks
contained in reports filed by the Company with the Securities and
Exchange Commission. For these reasons, among others,
investors are cautioned not to place undue reliance upon any
forward-looking statements in this press release. Additional
factors are discussed in the Company's filings with the U.S.
Securities and Exchange Commission, which are available for review
at www.sec.gov. The Company undertakes no obligation to publicly
revise these forward-looking statements to reflect events or
circumstances that arise after the date hereof.
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SOURCE Happiness Biotech Group Limited