NANPING, China, May 16, 2022
/PRNewswire/ -- Happiness Development Group Limited ("HAPP" or the
"Company"), (NASDAQ: HAPP) an emerging and diversified company
engaging in the business of production and sale of nutraceutical
and dietary supplements, of e-commerce and providing marketing
solutions, and of the sales of automobile, today
announced that on May 11,
2022, the Company received a written notification from the
Nasdaq's Listing Qualifications Department, granting the Company
another 180 calendar days extension, or until November 7, 2022, to regain compliance with
Nasdaq's minimum bid price requirement.
The Company can cure this deficiency if the closing bid price of
its Class A ordinary shares is $1.00
per share or higher for at least 10 consecutive business days
during this second compliance period. The Company intends to regain
compliance with the minimum bid price requirement on or before
November 7, 2022 and is considering
all available options, including a reverse stock split if
necessary. During this time, the Company's Class A ordinary shares
will continue to be listed and traded on the Nasdaq Capital Market,
and this notice will have no effect on the operations of the
Company's business.
About Happiness Development Group Limited
Headquartered in Nanping, China, Happiness Development Group Limited
currently has three business lines: nutraceutical and dietary
supplements, e-commerce and marketing solutions, 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.
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 B2B business model and is committed to
optimizing the automobile supply chain by offering standardized
vehicle sources on our automobile online sales platform and
providing secure transaction environment, automobile
procurement and financial services for automobile manufacturers.
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 occurrence of any event, change or other
circumstances that could give rise to the terms of the Agreement
not hereafter being memorialized in a definitive agreement; the
outcome of any legal proceedings that have been, or will be,
instituted against the Company or other parties to the Agreement
following announcement of the Agreement and transactions
contemplated therein; the inability to complete the transactions
contemplated by the Agreement due to unsatisfied closing
conditions; risks that the proposed transaction disrupts current
plans and operations as a result of the announcement of the
Agreement and consummation of the transaction described therein;
costs related to the proposed transactions contemplated by the
Agreement; changes in applicable laws or regulations; and other
risks and uncertainties described herein, as well as those risks
and uncertainties 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 Development Group Limited