China Jo-Jo Drugstores Regains Compliance With Nasdaq Minimum Bid Price Requirement
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 it received a letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") on March 15, 2024, notifying the Company that it has regained compliance with the Nasdaq Capital Market's minimum bid price requirement and the matter is closed.
On June 15, 2023, the Company was first notified by Nasdaq 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) and 5810(c)(3)(A), and was given its first 180-day extension, or until December 12, 2023 to regain compliance. On December 13, 2023, the Company received a second 180-day extension from Nasdaq or until June 10, 2024 to regain compliance. Effective March 1, 2024, the Company effected a 1-for-20 reverse stock split.
The letter dated March 15, 2024 the Company received from Nasdaq noted that as of March 14, 2024, the Company evidenced a closing bid price of its ordinary shares at or greater than the $1.00 per share minimum requirement for the last 10 consecutive business days, from March 1, 2024 through March 14, 2024. Nasdaq stated that accordingly, Jo-Jo Drugstores has regained compliance with Nasdaq Marketplace Rule 5550(a)(2) and the matter is closed.