HANGZHOU, China, Nov. 12, 2013 /PRNewswire/ -- China Jo-Jo Drugstores, Inc. (NASDAQ: CJJD) (the "Company"), a retail and wholesale distributor of pharmaceutical and other healthcare products in China, today announced that on November 6, 2013, it received notification from NASDAQ granting the Company an additional 180-day period, or until May 5, 2014, to remain listed on the NASDAQ Capital Market and to regain compliance with NASDAQ's minimum $1.00 bid price per share rule.
Under NASDAQ Listing Rules, the Company was granted this extension because it met the continued listing requirement for market value of publicly held shares and all other applicable NASDAQ listing requirements, except the bid price requirement. The Company provided written notice to NASDAQ of its intention to cure the bid price deficiency during the second compliance period by affecting a reverse stock split, if necessary.
The Company will regain compliance with the minimum bid requirement if at any time prior to May 5, 2014, the bid price for the Company's common stock closes at $1.00 per share or above for a minimum of 10 consecutive business days.
If the Company does not regain compliance by the end of this extension period, it will receive notification from NASDAQ that its shares are subject to delisting. At that point, the Company may then appeal the delisting determination to a NASDAQ Hearings Panel.
About China Jo-Jo Drugstores, Inc.
China Jo-Jo Drugstores, Inc., through its subsidiaries and contractually controlled affiliates, is a retailer and wholesale distributor of pharmaceutical and other healthcare products in the People's Republic of China. As of September 30, 2013, the Company had 51 retail pharmacies throughout
SOURCE China Jo-Jo Drugstores, Inc.
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