Jiuzi receives Nasdaq notification letter regarding bid price deficiency

Jiuzi Holdings announced that on November 8, 2023, the company received a notification letter from the Nasdaq Listing Qualifications Staff of The NASDAQ Stock Market LLC notifying the company that the minimum bid price per share for its Class A ordinary shares has been below $1.00 for a period of 30 consecutive business days and the company therefore no longer meets the minimum bid price requirements set forth in Nasdaq Listing Rule 5550(a)(2). The notification received has no immediate effect on the listing of the company’s ordinary shares on Nasdaq. Under the Nasdaq Listing Rules, the company has until May 6, 2024 to regain compliance. If at any time during such 180-day period the closing bid price of the company’s Class A ordinary shares is at least $1 for a minimum of 10 consecutive business days, Nasdaq will provide the company written confirmation of compliance. If the company does not regain compliance during such 180-day period, the company may be eligible for an additional 180 calendar days, provided that the company meets the continued listing requirement for market value of publicly held shares and all other initial listing standards for Nasdaq except for Nasdaq Listing Rule 5550(a)(2), and provide a written notice of its intention to cure this deficiency during the second compliance period, by effecting a reverse stock split, if necessary.