China Jo-Jo Drugstores Regains Compliance with Nasdaq Minimum Bid Price Requirement

Rhea-AI Summary

On December 23, 2020, China Jo-Jo Drugstores (NASDAQ: CJJD) announced it has regained compliance with Nasdaq Listing Rule 5550(a)(2) concerning minimum bid price requirements. This follows a notification from Nasdaq on October 16, 2020, indicating that the company's stock had fallen below the minimum bid price of $1.00 for 30 consecutive business days. Nasdaq confirmed that from November 18 to December 14, 2020, the closing bid price was at least $1.00, allowing the company to meet the listing requirement.

Positive

• Regained compliance with Nasdaq Listing Rule 5550(a)(2) for minimum bid price.
• Stock closed at or above $1.00 for 20 consecutive business days.

Negative

• None.

News Market Reaction – CJJD

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-0.96% Session move

In the trading session that priced this news, CJJD declined 0.96%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

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HANGZHOU, China, Dec. 23, 2020 /PRNewswire/ -- China Jo-Jo Drugstores, Inc. (NASDAQ: CJJD) ("Jo-Jo Drugstores" or the "Company"), a leading online and offline retailer, wholesale distributor of pharmaceutical and other healthcare products and healthcare provider in China, today announced that it has received notification from the Listing Qualifications Department of The Nasdaq Stock Market ("Nasdaq") that it has regained compliance with Nasdaq Listing Rule 5550(a)(2), which concerns minimum bid price listing requirements.

As previously disclosed, on October 16, 2020, Nasdaq notified the Company that its common stock had failed to maintain a minimum bid price of $1.00 over 30 consecutive business days as required by the Nasdaq Listing Rules.

On December 17, 2020, Nasdaq provided confirmation to the Company that for the last 20 consecutive business days, from November 18 to December 14, 2020, the closing bid price of the Company's common stock had been at $1.00 per share or greater. Accordingly, the Company has regained compliance with Listing Rule 5550(a)(2).

About China Jo-Jo Drugstores, Inc.

China Jo-Jo Drugstores, Inc. ("Jo-Jo Drugstores" or the "Company"), is a leading online and offline retailer and wholesale distributor of pharmaceutical and other healthcare products and a provider of healthcare services in China. Jo-Jo Drugstores currently operates an online pharmacy and retail drugstores with licensed doctors on site for consultation, examination and treatment of common ailments at scheduled hours. It is also a wholesale distributor of products similar to those carried in its pharmacies. For more information about the Company, please visit http://jiuzhou360.com. The Company routinely posts important information on its website.

Forward-Looking Statements

This press release contains information about the Company's view of its future expectations, plans and prospects that constitute forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets into its portfolio of products and services, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property. The Company's encourages you to review other factors that may affect its future results in the Company's annual reports and in its other filings with the Securities and Exchange Commission.

For more information, please contact:

Company Contact: 

Frank Zhao
Chief Financial Officer
+86-571-88077108
frank.zhao@jojodrugstores.com

Steve Liu
Investor Relations Director
steve.liu@jojodrugstores.com

Investor Relations Contact:

Tina Xiao
Ascent Investor Relations LLC
+1-917-609-0333
tina.xiao@ascent-ir.com    

View original content:http://www.prnewswire.com/news-releases/china-jo-jo-drugstores-regains-compliance-with-nasdaq-minimum-bid-price-requirement-301198002.html

SOURCE China Jo-Jo Drugstores, Inc.

FAQ

What does it mean that CJJD regained compliance with Nasdaq minimum bid price requirements?

CJJD's compliance with Nasdaq Rule 5550(a)(2) means its stock has maintained a minimum bid price of $1.00 for the required duration, allowing it to remain listed on the Nasdaq.

When did CJJD receive notification from Nasdaq regarding its bid price?

CJJD received notification from Nasdaq on October 16, 2020, indicating that it had failed to maintain the minimum bid price requirement.

How long did CJJD's stock need to stay above $1.00 to regain compliance?

CJJD needed to keep its stock price at or above $1.00 for at least 20 consecutive business days to regain compliance.

What was the closing bid price of CJJD stock from November 18 to December 14, 2020?

During that period, CJJD's stock closed at or above $1.00 per share.

What is the significance of Nasdaq Listing Rule 5550(a)(2) for CJJD?

This rule requires companies to maintain a minimum bid price to ensure continued listing on the Nasdaq exchange.