HANGZHOU, China, June 16,
2023 /PRNewswire/ -- China
Jo-Jo Drugstores, Inc. (Nasdaq: CJJD) ("Jo-Jo
Drugstores" or the "Company"), a leading online and
offline retailer, wholesale distributor of pharmaceutical and other
healthcare products and healthcare provider in China, today announced that on June 15, 2023, the Company has received a
notification letter from Nasdaq Listing Qualifications Department
("Nasdaq") notifying the Company that it is not in
compliance with the minimum bid price requirement from May 3, 2023 through June
14, 2023. As set forth in Nasdaq Listing Rules 5550(a)(2)
("Nasdaq Listing Rule"), it requires that the closing bid
price for the Company's ordinary shares listed on Nasdaq be
maintained at a minimum of US$1.00 and failure to meet
it for 30 consecutive trading days constitutes a compliance
deficiency.
The notification has no immediate effect on the listing of the
Company's ordinary shares on Nasdaq.
In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the
Company has a period of 180 calendar days from the date of
notification, or until December 12, 2023, to regain compliance with
the minimum bid price requirement, during which time the Company's
ordinary shares will continue to trade on the Nasdaq Capital
Market. If at any time during this 180 day period, or before
December 12, 2023, the closing bid price of the Company's ordinary
shares is at least US$1.00 per share for a minimum of 10
consecutive business days, Nasdaq will provide written notification
that the Company has achieved compliance with the minimum bid price
requirement. In the event the Company does not regain compliance by
December 12, 2023, the Company may be eligible for additional time
to regain compliance, if the Company provide written notice of its
intention to cure the deficiency during the second compliance
period and is in compliance with the continued listing requirement
for market value of publicly held shares and all other initial
listing standards for the Nasdaq Capital Market.
The Company intends to monitor the closing bid price of its
ordinary shares between now and December 12, 2023. In the
event the Company is not eligible for additional time to regain
compliance with the Nasdaq requirements towards the end of
the first compliance period, the Company's Board of Directors will
consider options that may be available to achieve compliance.
About China Jo-Jo Drugstores,
Inc.
China Jo-Jo Drugstores, Inc.
("Jo-Jo Drugstores" or the "Company"), is a leading
online and offline retailer and wholesale distributor of
pharmaceutical and other healthcare products and a provider of
healthcare services in China.
Jo-Jo Drugstores currently operates an online pharmacy and retail
drugstores with licensed doctors on site for consultation,
examination and treatment of common ailments at scheduled hours. It
is also a wholesale distributor of products similar to those
carried in its pharmacies. For more information about the Company,
please visit http://jiuzhou360.com. The Company routinely posts
important information on its website.
Forward-Looking Statements
This press release contains information about the Company's view
of its future expectations, plans and prospects that constitute
forward-looking statements. Actual results may differ materially
from historical results or those indicated by these forward-looking
statements as a result of a variety of factors including, but not
limited to, risks and uncertainties associated with its ability to
raise additional funding, its ability to maintain and grow its
business, variability of operating results, its ability to maintain
and enhance its brand, its development and introduction of new
products and services, the successful integration of acquired
companies, technologies and assets into its portfolio of products
and services, marketing and other business development initiatives,
competition in the industry, general government regulation,
economic conditions, dependence on key personnel, the ability to
attract, hire and retain personnel who possess the technical skills
and experience necessary to meet the requirements of its clients,
and its ability to protect its intellectual property. The Company's
encourages you to review other factors that may affect its future
results in the Company's annual reports and in its other filings
with the Securities and Exchange Commission.
For more information, please contact:
Company
Contact:
Frank Zhao
Chief Financial Officer
+86-571-88077108
frank.zhao@jojodrugstores.com
Investor Relations Contact:
Tina Xiao
Ascent Investor Relations
LLC
+1-917-609-0333
tina.xiao@ascent-ir.com
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SOURCE China Jo-Jo Drugstores,
Inc.
