Chinese pharmaceutical and healthcare products provider China Jo-Jo Drugstores Inc. was notified last week that it may soon be delisted.
Nasdaq notified the company of its failure to maintain a minimum closing bid price of USD1.00 over the then preceding 30 consecutive trading days for its common stock as required by Nasdaq Listing Rule 5550(a)(2). The company has until November 5, 2013, to regain compliance.
The company says it intends to actively monitor the bid price for its common stock between now and November 5, 2013, and will consider available options to resolve the deficiency and regain compliance with the minimum bid price requirement.
As of March 31, 2013, the company says it has 52 retail pharmacies throughout Zhejiang province and Shanghai.