Happiness Development Granted Extension to Meet Nasdaq Minimum Bid Price Requirement
On May 11, 2022, Happiness Development Group Limited (HAPP) received a 180-day extension from Nasdaq to comply with the minimum bid price requirement. The company must achieve a closing bid price of at least $1.00 per share for 10 consecutive business days by November 7, 2022. The company is considering all options, including a potential reverse stock split, to regain compliance. Despite this challenge, HAPP's shares will continue to be traded on the Nasdaq Capital Market during this period, with no immediate impact on its business operations.
- Received a 180-day extension to meet Nasdaq's minimum bid price.
- Shares will continue to be traded on Nasdaq during the compliance period.
- Must achieve a share price of at least $1.00 for compliance by November 7, 2022.
- Potential for a reverse stock split if compliance is not met.
NANPING, China, May 16, 2022 /PRNewswire/ -- Happiness Development Group Limited ("HAPP" or the "Company"), (NASDAQ: HAPP) an emerging and diversified company engaging in the business of production and sale of nutraceutical and dietary supplements, of e-commerce and providing marketing solutions, and of the sales of automobile, today announced that on May 11, 2022, the Company received a written notification from the Nasdaq's Listing Qualifications Department, granting the Company another 180 calendar days extension, or until November 7, 2022, to regain compliance with Nasdaq's minimum bid price requirement.
The Company can cure this deficiency if the closing bid price of its Class A ordinary shares is
About Happiness Development Group Limited
Headquartered in Nanping, China, Happiness Development Group Limited currently has three business lines: nutraceutical and dietary supplements, e-commerce and marketing solutions, and automobile sales. The nutrition and dietary supplements business is focusing on the research, development, manufacture and marketing of various products made from Chinese herbal extracts and other ingredients. Our e-commerce business focuses on offering e-commerce solutions, including advertising and information technology services to small and medium-sized enterprises in China. We also run our online stores which carries our products of dietary supplements and other selected products sourced from the small and medium-sized enterprises in China. Our mission for the e-commerce business is to enable small and medium-sized enterprises to fully leverage the power of e-commerce to grow rapidly. Our automobile sales adopts B2B business model and is committed to optimizing the automobile supply chain by offering standardized vehicle sources on our automobile online sales platform and providing secure transaction environment, automobile procurement and financial services for automobile manufacturers. For more information, please visit: www.happ.org.cn
Forward-Looking Statements
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may, "will, "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the occurrence of any event, change or other circumstances that could give rise to the terms of the Agreement not hereafter being memorialized in a definitive agreement; the outcome of any legal proceedings that have been, or will be, instituted against the Company or other parties to the Agreement following announcement of the Agreement and transactions contemplated therein; the inability to complete the transactions contemplated by the Agreement due to unsatisfied closing conditions; risks that the proposed transaction disrupts current plans and operations as a result of the announcement of the Agreement and consummation of the transaction described therein; costs related to the proposed transactions contemplated by the Agreement; changes in applicable laws or regulations; and other risks and uncertainties described herein, as well as those risks and uncertainties contained in reports filed by the Company with the Securities and Exchange Commission. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
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SOURCE Happiness Development Group Limited
FAQ
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