HANGZHOU, China, June 28, 2024 (GLOBE NEWSWIRE) -- Jiuzi Holdings, Inc. (NASDAQ: JZXN; the "Company"), a leading new energy vehicle (NEV) dealership group under the brand name "Jiuzi" in China, today announced that it will effect a reverse share split of its outstanding ordinary shares, par value $0.00015 per share (the “Ordinary Shares”), at a ratio of 1-for-13, to be effective on or around the open of trading on July 3, 2024.

Our Ordinary Shares will begin trading on a reverse share split-adjusted basis at the opening of The Nasdaq Capital Market (“Nasdaq”) on or around Tuesday, July 3, 2024. Following the reverse share split, the Ordinary Shares will have a par value of $0.00195 per share and will continue to trade on Nasdaq under the symbol “JZXN” with the new CUSIP number, G51400136. The reverse share split is intended for the Company to regain compliance with the minimum bid price requirement of $1.00 per ordinary share for continued listing on Nasdaq.

No fractional shares will be issued in connection with the reverse share split and all such fractional interests will be rounded up to the nearest whole number of Ordinary Shares. In addition, the reverse share split will apply to the Ordinary Shares issuable upon the exercise of the Company’s outstanding derivative securities, with proportionate adjustments to be made to the exercise prices and number of derivates thereof and under the Company’s equity incentive plans.

The reverse share split will reduce the number of issued and outstanding shares of the Company’s Ordinary Shares from approximately 135.3 million to approximately 10.4 million.

On February 15, 2024, the shareholders of the Company approved the Fourth Amended and Restated Memorandum and Articles of Association of the Company to effect a reverse share split of the Ordinary Shares, at a ratio of 1-for-13.

Transhare Corporation is acting as the exchange agent and paying agent for the reverse share split. Shareholders holding their shares in book-entry form or in brokerage accounts need not take any action in connection with the reverse share split.

Transhare Corporation will provide instructions to any shareholders with certificates regarding the process in connection with the exchange of pre-reverse share split share certificates for ownership in book-entry form or share certificates on a post-reverse share split basis. Shareholders are encouraged to contact their bank, broker or custodian with any procedural questions.

About Jiuzi Holdings, Inc.

Jiuzi Holdings, Inc., headquartered in Hangzhou, China, and established in 2017, franchises and operates retail stores under the brand name "Jiuzi" to sell New Energy Vehicles ("NEVs") in third and fourth-tier cities in China. The Company mainly sells battery-operated electric vehicles and sources NEVs through more than twenty NEV manufacturers. It has 51 operating franchise stores and one company-owned store. For more information, visit the Company's website at https://www.zjjzxny.cn/.