Jiuzi Holdings regains compliance with Nasdaq minimum bid price rule

Jiuzi Holdings received a notification letter from the Nasdaq Listing Qualifications Staff of The NASDAQ Stock Market notifying the Company that it has regained compliance with the Nasdaq’s minimum bid price requirement and the matter is closed. On July 26, 2022, the Company was first notified by Nasdaq its failure to maintain a minimum bid price of $1.00 per share for 30 consecutive business days under Nasdaq Listing Rules 5550(a)(2) and 5810(c)(3)(A), and on January 23, 2023 the Company received a 180-day extension from Nasdaq or until July 24, 2023 to regain compliance. Effective July 10, 2023, the Company effected an eighteen-to-one reverse split of its ordinary shares, which was reflected with Nasdaq and in the marketplace at the opening of business on July 10, 2023. The letter the Company received from Nasdaq on July 24, 2023 noted that as of July 21, 2023, 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 July 10, 2023 through July 21, 2023. Nasdaq stated that accordingly, the Company has regained compliance with Nasdaq Listing Rule 5550(a)(2).