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Jiuzi Holdings Received Nasdaq Notification Letters
JZXNJiuzi Holdings(JZXN) globenewswire.com·2024-05-22 21:30

Core Viewpoint - Jiuzi Holdings Inc. has received a notification from Nasdaq regarding non-compliance with minimum bid price requirements for its Class A ordinary shares, which have been below 1.00for30consecutivebusinessdays[1][2].Group1:NasdaqComplianceNotification−ThenotificationdoesnothaveanimmediateeffectonthelistingoftheCompany′ssharesonNasdaq[2].−TheCompanyhasuntilNovember12,2024,toregaincompliancebyachievingaclosingbidpriceofatleast1.00 for 30 consecutive business days [1][2]. Group 1: Nasdaq Compliance Notification - The notification does not have an immediate effect on the listing of the Company's shares on Nasdaq [2]. - The Company has until November 12, 2024, to regain compliance by achieving a closing bid price of at least 1 for a minimum of 10 consecutive business days [2]. - If compliance is not regained within the 180-day period, the Company may be eligible for an additional 180 days, provided it meets other listing requirements [2]. Group 2: Previous Compliance Issues - On March 29, 2024, the Company received another notification from Nasdaq for not timely filing its annual report on Form 20-F for the year ended October 31, 2023 [3]. - Nasdaq confirmed compliance with periodic filing requirements after the Company filed its 2023 Annual Report on May 17, 2024 [3]. Group 3: Company Overview - Jiuzi Holdings, Inc. is headquartered in Hangzhou, China, and was established in 2017, focusing on the sale of New Energy Vehicles (NEVs) in third and fourth-tier cities [4]. - The Company operates 51 franchise stores and one company-owned store, primarily selling battery-operated electric vehicles sourced from over twenty NEV manufacturers [4].