Jiuzi Announces 1-For-13 Reverse Share Split, To Be Effective On Or Around The Open Of Trading On July 3, 2024

Jiuzi Holdings, Inc. (NASDAQ: JZXN; the "Company"), a leading new energy vehicle (NEV) dealership group under the brand name "Jiuzi" in China, today announced that it will effect a reverse share split of its outstanding ordinary shares, par value $0.00015 per share (the "Ordinary Shares"), at a ratio of 1-for-13, to be effective on or around the open of trading on July 3, 2024.

Our Ordinary Shares will begin trading on a reverse share split-adjusted basis at the opening of The Nasdaq Capital Market ("Nasdaq") on or around Tuesday, July 3, 2024. Following the reverse share split, the Ordinary Shares will have a par value of $0.00195 per share and will continue to trade on Nasdaq under the symbol "JZXN" with the new CUSIP number, G51400136. The reverse share split is intended for the Company to regain compliance with the minimum bid price requirement of $1.00 per ordinary share for continued listing on Nasdaq.