Jiuzi Holdings announces 1-for-18 reverse share split

Jiuzi Holdings will effect a reverse share split of its outstanding ordinary shares, par value $0.001 per share, at a ratio of 1-for-18, to be effective on or around the open of trading on July 10, 2023. Ordinary Shares will begin trading on a reverse share split-adjusted basis at the opening of The Nasdaq Capital Market on or around Wednesday, July 10, 2023. Following the reverse share split, the Ordinary Shares will have a par value of $0.018 per share and will continue to trade on Nasdaq under the symbol “JZXN” with the new CUSIP number, G51400128. 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. The reverse share split will reduce the number of issued and outstanding shares of the Company’s Ordinary Shares from approximately 46.5 million to approximately 2.6 million.