HANGZHOU, China, Aug. 1, 2022
/PRNewswire/ -- Jiuzi Holdings, Inc. (NASDAQ: JZXN) ("Jiuzi" or the
"Company"), a leading new energy vehicle (NEV) dealership group
under the brand name "Jiuzi" in China, today
announced that the Company has received a written
notification (the "Notification Letter") from the Nasdaq Stock
Market LLC ("Nasdaq") on July 26,
2022, notifying the Company that it is not in compliance
with the minimum bid price requirement set forth in Nasdaq Rules
for continued listing on the Nasdaq.
Nasdaq Listing Rule 5550(a)(2) requires listed securities to
maintain a minimum bid price of US$1.00 per share, and Listing Rule 5810(c)(3)(A)
provides that a failure to meet the minimum bid price requirement
exists if the deficiency continues for a period of 30 consecutive
business days. Based on the closing bid price of the Company's
common shares for the 30 consecutive business days from
June 10, 2022 to July 25, 2022, the Company no longer meets the
minimum bid price requirement.
The Notification Letter does not impact the Company's listing on
the Nasdaq Capital Market at this time. In accordance with Nasdaq
Listing Rule 5810(c)(3)(A), the Company has been provided 180
calendar days, or until January 23, 2023, to regain compliance with
Nasdaq Listing Rule 5550(a)(2). To regain compliance, the Company's
common shares must have a closing bid price of at least US$1.00 for
a minimum of 10 consecutive business days. In the event the Company
does not regain compliance by January 23, 2023, the Company may be
eligible for additional time to regain compliance or may face
delisting.
The Company's business operations are not affected by the
receipt of the Notification Letter. The Company intends to monitor
the closing bid price of its common shares and may, if appropriate,
consider implementing available options, including, but not limited
to, implementing a reverse share split of its outstanding common
shares, to regain compliance with the minimum bid price requirement
under the Nasdaq Listing Rules.
About Jiuzi Holdings, Inc.
Jiuzi Holdings, Inc., headquartered in Hangzhou, China, and established in 2017,
franchises and operates retail stores under the brand name "Jiuzi"
to sell New Energy Vehicles ("NEVs") in third and fourth-tier
cities in China. The Company
mainly sells battery-operated electric vehicles and sources NEVs
through more than twenty NEV manufacturers. It has 51 operating
franchise stores and one company-owned store. For more information,
visit the Company's website at http://www.zjjzxny.cn/.
Forward-Looking Statements
All statements other than statements of historical fact in this
announcement are forward-looking statements. These forward-looking
statements involve known and unknown risks and uncertainties. They
are based on current expectations and projections about future
events and financial trends that the Company believes may affect
its financial condition, results of operations, business strategy,
and financial needs, including the expectation that the Offering
will be completed. Investors can identify these forward-looking
statements by words or phrases such as "may," "will," "expect,"
"anticipate," "aim," "estimate," "intend," "plan," "believe,"
"potential," "continue," "is/are likely to" or other similar
expressions. The Company undertakes no obligation to update
forward-looking statements to reflect subsequent events,
circumstances, or changes in its expectations, except as may be
required by law. Although the Company believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that such expectations will turn
out to be correct. The Company cautions investors that actual
results may differ materially from the anticipated results and
encourages investors to review other factors that may affect its
future results in the Company's registration statement and its
other filings with the SEC.
For more information, please contact:
Stephen Tong
Email: jiuzi@mana-ir.com
View original
content:https://www.prnewswire.com/news-releases/jiuzi-holdings-inc-receives-nasdaq-notification-regarding-minimum-bid-price-deficiency-301597397.html
SOURCE Jiuzi Holdings, Inc.