China Jo-Jo Drugstores, a significant player in the pharmaceutical retail and distribution sector in China, has received a 180-calendar day extension from Nasdaq‘s Listing Qualifications Department to fulfil the Minimum Bid Price Rules.
The extension, granted on 13 December 2023, allows China Jo-Jo Drugstores, until 10 June 2024, to regain compliance with Nasdaq’s Minimum Bid Price Rules.
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The primary requirement is to maintain a minimum bid price per share of $1.00 for at least ten consecutive trading days.
China Jo-Jo Drugstores aims to rectify the bid price deficiency during the second compliance period by implementing a reverse stock split, if necessary.
The decision is outlined in the company’s written notice of intention to cure the deficiency, demonstrating its commitment to meeting Nasdaq’s requirements.
Background: initial notice issued on 15 June 2023
This extension follows Nasdaq’s initial notification to China Jo-Jo Drugstores on 15 June 2023 regarding its failure to maintain a minimum bid price of $1.00 per share for 30 consecutive trading days.
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By GlobalDataThe initial notification gave the company until 12 December 2023 to regain compliance, which ultimately led to the granted extension until 10 June 2024.
The determination for the extension is based on the company meeting the continued listing requirement for the market value of publicly held shares and other criteria for initial listing on the Capital Market, except for the bid price requirement.
