Jiuzi Holdings Received Nasdaq Notification Letter Regarding Bid Price Deficiency
November 17 2023 - 10:30AM
Jiuzi Holdings Inc. (NASDAQ: JZXN; the "Company" or “JZXN”), an
emerging new energy vehicle (NEV) dealership group operating under
the brand name "Jiuzi" in China, announced today that on November
8, 2023, the Company received a notification letter from the Nasdaq
Listing Qualifications Staff of The NASDAQ Stock Market LLC
(“Nasdaq”) 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 ordinary shares on Nasdaq.
Under the Nasdaq Listing Rules, the Company has until May 6, 2024
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 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.
Specifically, forward-looking statements may include statements
related to the following matters of the Company:
- Ability to implement its business plan;
- Changes in the Company’s product and service market; and
- Expansion plans and opportunities.
These forward-looking statements are based on
information available as of the date of this press release and our
management's current expectations, forecasts and assumptions, and
involve a number of judgments, risks and uncertainties that may
cause actual results or performance to be materially different from
those expressed or implied by these forward-looking statements. 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. Accordingly,
forward-looking statements should not be relied upon as
representing our views as of any subsequent date, and you should
not place undue reliance on these forward-looking statements in
deciding whether to invest in our securities. We do not undertake
any obligation to update forward-looking statements to reflect
events or circumstances after the date they were made, whether as a
result of new information, future events or otherwise, except as
may be required under applicable securities laws.
For more information, please contact:
sherry.f@jzxn.com
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