China Jo-Jo Drugstores Granted A Second Extension to Meet Nasdaq Minimum Bid Price Requirement

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

[email protected]

Investor Relations Contact:

Tina Xiao

Ascent Investor Relations LLC

+1- 646-932-7242

[email protected]

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SOURCE China Jo-Jo Drugstores, Inc.