HANGZHOU - China Jo-Jo Drugstores, Inc. (NASDAQ:CJJD), a prominent retailer and distributor of healthcare products and services in China, has successfully regained compliance with the Nasdaq Capital Market's minimum bid price requirement. The company was notified by the Nasdaq Listing Qualifications Department on March 15, 2024, that the issue regarding its bid price has been resolved.
Previously, on June 15, 2023, Nasdaq had informed the company of its non-compliance due to the stock's failure to maintain the minimum bid price of $1.00 per share for 30 consecutive trading days, as per Nasdaq Listing Rules. Jo-Jo Drugstores was initially given a 180-day period until December 12, 2023, to meet the requirements, which was later extended for another 180 days until June 10, 2024.
To address the issue, Jo-Jo Drugstores executed a 1-for-20 reverse stock split effective March 1, 2024. Consequently, from March 1 through March 14, 2024, the company's closing bid price of its ordinary shares met or exceeded the $1.00 minimum requirement for 10 consecutive business days.
This achievement enabled Jo-Jo Drugstores to comply with the Nasdaq Marketplace Rule 5550(a)(2), as confirmed by the recent letter from Nasdaq.
The company operates both an online pharmacy and physical drugstores, providing a range of healthcare products and services, including consultations and treatments by licensed doctors. Additionally, it functions as a wholesale distributor of products akin to those offered in its pharmacies.
This announcement is based on a press release statement from China Jo-Jo Drugstores, Inc. and serves to inform shareholders and the investing public of the company's current status with Nasdaq. It reflects no forward-looking statements or implications beyond the facts presented.
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