Business
China Jo-Jo Drugstores Announced Receipt of Nasdaq Notification Regarding Minimum Bid Price Deficiency
HANGZHOU, China, June 16, 2023 /PRNewswire/ -- China Jo-Jo Drugstores, Inc. (Nasdaq: CJJD) ("Jo-Jo Drugstores" or the "Company"), a leading online and offline
About this update from Ridgetech, Inc.
[{"type":"text","content":"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.\nThe notification has no immediate effect on the listing of the Company's ordinary shares on Nasdaq.\nIn 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.\nThe 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 availa...