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Jiuzi Holdings, Inc. (NASDAQ: JZXN), headquartered in Hangzhou, China, and established in 2017, is a prominent player in the new energy vehicle (NEV) market. Operating under the brand name 'Jiuzi', the company focuses on selling battery-operated electric vehicles primarily in third and fourth-tier Chinese cities. Jiuzi Holdings franchises and operates retail stores, offering a comprehensive range of NEVs sourced from over twenty manufacturers. With 51 franchise stores and one company-owned store, Jiuzi is dedicated to expanding its footprint in the rapidly growing NEV market.
The company generates most of its revenue from the NEV segment, which includes the sale of plug-in electric vehicles directly to consumers. Jiuzi Holdings also provides franchise services, supporting its franchisee network with training, marketing, and operational assistance.
In recent developments, Jiuzi Holdings announced a non-binding letter of intent (LOI) for the acquisition of Shenzhen Maigesong Electric Technology Co., Ltd. This strategic move aims to bolster Jiuzi's capabilities in the NEV sector by investing RMB 30 million to build a rechargeable lithium battery production line. The acquisition will be executed in stages, with the investment split into two equal parts by the end of April 2024 and November 2024, respectively.
However, the company faces challenges as it received a notification from Nasdaq for not meeting the minimum bid price requirement, with its Class A ordinary shares trading below $1.00 for 30 consecutive business days. This development underscores the financial hurdles Jiuzi Holdings must navigate as it pursues growth and market expansion.
Despite these challenges, Jiuzi Holdings is committed to achieving significant revenue targets, as highlighted in the LOI with Shenzhen Maigesong. The agreement includes an earnout provision, targeting revenues of RMB 119.81 million by the end of December 2025 and RMB 504.22 million by December 2026. This provision motivates both parties to work collaboratively toward sustained growth and development.
For more information, visit the Company's website at http://www.zjjzxny.cn/.
Jiuzi Holdings, a leading NEV dealership group in China, announced a 1-for-13 reverse share split of its ordinary shares, effective July 3, 2024. This move aims to meet the Nasdaq's $1.00 minimum bid price requirement. Post-split, shares will trade under the symbol 'JZXN' with a new CUSIP number, G51400136. The reverse split will reduce outstanding shares from approximately 135.3 million to 10.4 million. No fractional shares will be issued; any fractional interests will be rounded up. Shareholders approved this action on February 15, 2024. Transhare will manage the process.
Jiuzi Holdings (NASDAQ: JZXN), a new energy vehicle dealership group in China, announced it received a notification from Nasdaq on May 16, 2024, regarding non-compliance with the minimum bid price rule. The Company's stock price has been below $1 for 30 consecutive business days. JZXN has until November 12, 2024, to regain compliance by maintaining a closing bid price of at least $1 for 10 consecutive business days. If unsuccessful, JZXN may be granted an additional 180 days to comply, potentially requiring a reverse stock split. Previously, on March 29, 2024, JZXN received a Nasdaq notification for failing to timely file its 2023 Annual Report. This issue was resolved on May 20, 2024, when JZXN filed the report.
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