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Jiuzi Holdings Inc. Regains Compliance with Nasdaq Minimum Bid Price Requirements for Continued Listing

By: Jiuzi Holdings Inc. via GlobeNewswire

July 26, 2023 at 09:16 AM EDT

HANGZHOU, China, July 26, 2023 (GLOBE NEWSWIRE) -- Jiuzi Holdings Inc. (NASDAQ: JZXN; the "Company"), a leading new energy vehicle (NEV) dealership group operating under the brand name "Jiuzi" in China, is pleased to announce that on July 24, 2023, the Company received a notification letter from the Nasdaq Listing Qualifications Staff of The NASDAQ Stock Market LLC (“Nasdaq”) 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 (18-to-1) 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).

About Jiuzi Holdings, Inc.

Jiuzi Holdings, Inc., headquartered in Hangzhou, China, and established in 2017, franchises and operates retail stores under the brand name "Jiuzi" to sell New Energy Vehicles ("NEVs") in third and fourth-tier cities in China. The Company mainly sells battery-operated electric vehicles and sources NEVs through more than twenty NEV manufacturers. It has 51 operating franchise stores and one company-owned store. For more information, visit the Company's website at http://www.zjjzxny.cn/.

Forward-Looking Statements

All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. They are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs, including the expectation that the Offering will be completed. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent events, circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct. The Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review the “Risk Factor” section of the Company’s registration statement and last annual report on form 20-F and in other filings made by the Company with the U.S. Securities and Exchange Commission since the filing of such 20-F as these factors may affect its future results.

For more information, please contact:

Stephen Tong

Email: jiuzi@mana-ir.com

SOURCE Jiuzi Holdings, Inc.