Jiuzi Holdings Confronts Nasdaq Notification of Non-Compliance Due to Bid Price

HANGZHOU, China, Nov. 17, 2023 (GLOBE NEWSWIRE) -- An emerging player in the new energy vehicle (NEV) market, Jiuzi Holdings Inc. JZXN, which operates its dealership network under the brand name 'Jiuzi' in China, disclosed receipt of a notification from Nasdaq on November 8, 2023. The notification indicated that JZXN has not been in compliance with the minimum bid price requirement set forth by Nasdaq's Listing Rules. This requisite mandates that the listed security must maintain a minimum average closing bid price of $1.00 per share over a consecutive 30 trading-day period.

Understanding the Bid Price Requirement

In the realm of stock exchanges like Nasdaq, maintaining a certain stock price is crucial for companies to retain their listing status. For JZXN, the recent deficiency notification from Nasdaq serves as a warning that its share price has fallen below the stringent $1.00 threshold. According to exchange rules, JZXN now has a compliance period within which to rectify this deficiency and elevate its share bid price above the minimum level for at least ten consecutive business days.

Jiuzi Holdings’ Response to the Notification

Upon receiving the notification, Jiuzi Holdings Inc. reassured its stakeholders that it is taking steps to address the situation. The company has a 180-day period to regain compliance, according to Nasdaq guidelines. During this timeframe, JZXN will have the opportunity to explore various strategic and financial options to boost its stock performance and satisfy the exchange’s requirements.

About Jiuzi Holdings

With its headquarters in Hangzhou, China, Jiuzi Holdings, Inc. specializes in the sale of new energy vehicles, along with related components and parts, through its franchises and retail locations branded as Jiuzi. As part of China's burgeoning NEV market, JZXN aims to facilitate the transition to more sustainable and environmentally friendly transportation options.

Jiuzi, Nasdaq, Compliance