HANGZHOU, China, March 19,
2024 /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 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.
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
frank.zhao@jojodrugstores.com
Investor Relations Contact:
Tina Xiao
Ascent Investor Relations LLC
+1-646-932-7242
investors@ascent-ir.com
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SOURCE China Jo-Jo Drugstores,
Inc.