China Jo-Jo Drugstores meets Nasdaq's minimum bid price requirement

This follows the company's failure to maintain a $1.00 minimum bid price for 30 consecutive trading days.

China Jo-Jo Drugstores Inc. has regained compliance with The Nasdaq Stock Market LLC’s minimum bid price requirement, as confirmed in a letter received on 15 March 2024.

This follows a series of notifications from Nasdaq regarding the company’s failure to maintain a minimum bid price of $1.00 per share for 30 consecutive trading days under Nasdaq Listing Rules 5550(a)(2) and 5810(c)(3)(A), the group said in a statement.

Initially notified on 15 June 2023, the company was granted extensions to regain compliance, with the first extension allowed until 12 December 2023, and the second extension until 10 June 2024. Additionally, on 1 March 2024, the company executed a 1-for-20 reverse stock split.

The letter also confirmed that the company met the minimum bid price requirement of $1.00 per share for the last 10 consecutive business days from 1 March to 14.

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