NANPING, China, Oct. 27,
2022 /PRNewswire/ -- Happiness Development Group
Limited ("HAPP" or the "Company"), (NASDAQ:
HAPP) announced today that on October
25, 2022, the Company received a notification letter from
the Nasdaq Listing Qualifications Staff of The NASDAQ Stock Market
LLC ("Nasdaq") notifying the Company that it has regained
compliance with the Nasdaq's minimum bid price requirement and the
matter is closed.
On November 11, 2021, the Company
was first notified by Nasdaq its failure to maintain a minimum bid
price of $1.00 per share for 30
consecutive business days under Nasdaq Listing Rules 5550(a)(2) and
5810(c)(3)(A), and was given its first 180-day extension, or until
May 10, 2022 to regain compliance. 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 letter from Nasdaq dated October 25,
2022 noted that as of October 24,
2022, the Company evidenced a closing bid price of its Class
A ordinary shares at or greater than the $1.00 per share minimum requirement for the last
10 consecutive business days, from October
11, 2022 through October 24,
2022. Nasdaq stated that accordingly, the Company has
regained compliance with Nasdaq Listing Rule 5550(a)(2).
About Happiness Biotech Group Limited
Headquartered in Nanping, China, Happiness Biotech Group Limited
currently has three business lines: nutraceutical and dietary
supplements, e-commerce 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. Over the past
17 years, we have established a product portfolio consisting of 23
PRC National Medical Products Administration registered "Blue-Cap"
SKUs of nutraceutical and dietary supplements products. 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 the B2B business model and is committed to
optimizing the auto supply chain by connecting car dealers on our
online automobile sales platform and offering the overall services
for purchasing automobiles. 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 Company's goals and strategies; the
Company's future business development; product and service demand
and acceptance; changes in technology; economic conditions;
reputation and brand; the impact of competition and pricing;
government regulations; fluctuations in general economic and
business conditions in China, the
COVID-19 outbreak and its impact on our operations and assumptions
underlying or related to any of the foregoing and other risks
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.
View original
content:https://www.prnewswire.com/news-releases/happiness-development-group-limited-regains-compliance-with-nasdaq-minimum-bid-price-requirement-301660002.html
SOURCE Happiness Development Group Limited
