HANGZHOU, China, Dec. 14,
2023 /PRNewswire/ -- China Jo-Jo Drugstores,
Inc. (NASDAQ: CJJD) (the "Company"), a leading online and
offline retailer and wholesale distributor of pharmaceutical and
other healthcare products and healthcare provider in China, today announced that on December 13, 2023, the Company received another
180 calendar day extension from Nasdaq's Listing Qualifications
Department ("Nasdaq") to meet Nasdaq's continuing listing
requirements by maintaining a minimum bid price per share of
$1.00 for a minimum of 10 consecutive
trading days (the "Minimum Bid Price Rules"). The Company
now has until June 10, 2024 to regain
compliance with the Minimum Bid Price Rules.
Such determination is based on the Company meeting the continued
listing requirement for market value of publicly held shares and
all other applicable requirements for initial listing on the
Capital Market with the exception of the bid price requirement, and
the Company's written notice of its intention to cure the
deficiency during the second compliance period by effecting a
reverse stock split, if necessary.
As previously reported, the Company was first notified by Nasdaq
of its failure to maintain a minimum bid price of $1.00 per share for 30 consecutive trading days
under Nasdaq Listing Rules 5550(a)(2) on June 15, 2023, and was given until December 12, 2023 to regain compliance pursuant
to Nasdaq Listing Rules 5810(c)(3)(A).
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- 646-932-7242
investors@ascent-ir.com
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SOURCE China Jo-Jo Drugstores,
Inc.
