Happiness Development Group Limited received notification letter from Nasdaq regarding insufficient bid price

NANPING, China, November 16, 2021 / PRNewswire / – Happiness Development Group Limited (“HAPP” or the “Company”), (NASDAQ: HAPP) announced today that the Company received a notification letter from the Nasdaq Qualifications Staff of The NASDAQ Stock Market LLC (“Nasdaq”) on November 11, 2021, informing the Company that the minimum bid price per share for its Class A ordinary shares is less than $ 1.00 for a period of 30 consecutive business days and the Company therefore no longer meets the minimum bid price requirements set out in Nasdaq Listing Rule 5550 (a) (2).

The notification received has no immediate effect on the listing of the Company’s Class A ordinary shares on the Nasdaq. Under the Nasdaq listing rules, the Company has up to May 10, 2022 to regain compliance. If at any time during such 180 day period the closing bid price of the Class A common shares of the Company is at least $ 1 for at least 10 consecutive business days, the Nasdaq will provide the Company with written confirmation of compliance.

If the Company does not restore compliance within this 180 day period, the Company may be eligible for an additional 180 calendar days, provided the Company meets the continuous listing requirement for the market value of the shares held. by the public and all other initial listing standards for the Nasdaq. except for Nasdaq Listing Rule 5550 (a) (2), and provide written notice of its intention to remedy this deficiency during the second compliance period, by effecting a reverse stock split, if necessary.

About Happiness Biotech Group Limited

Based in Nanping, China, Happiness Biotech Group Limited currently has three lines of business: nutraceutical and dietary supplements, e-commerce, and automotive sales. The activity of nutritional and dietetic supplements is focused on the research, development, manufacture and marketing of various products based on Chinese herbal extracts and other ingredients. Over the past 17 years, we have established a product portfolio consisting of 23 “Blue-Cap” SKUs registered by the PRC National Medicines Administration of Nutraceuticals and Food Supplements. Our e-commerce business is focused on providing e-commerce solutions, including advertising and information technology services to small and medium-sized businesses in China. We also operate our online stores which offer our dietary supplement products and other selected products from small and medium-sized businesses in China. Our mission for e-commerce is to enable small and medium-sized businesses to take full advantage of the power of e-commerce to grow rapidly. Our automotive sales adopt the B2B business model and are committed to optimizing the automotive supply chain by connecting car dealerships to our online car sales platform and offering the global car buying services. 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 regarding future plans, objectives, goals, strategies, events or performance, and assumptions underlying statements and other statements that are other than statements of historical fact. When the Company uses words such as “may”, “will”, “intention”, “should”, “believe”, “expect”, “anticipate”, “plan”, “estimate” or Similar phrases that do not relate only to matters, it makes forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties which may cause actual results to differ materially from the expectations of the Company discussed in the forward-looking statements. These statements are subject to uncertainties and risks, including, but not limited to, the following: the objectives and strategies of the Company; the future business development of the Company; demand and acceptance of products and services; technological changes; economic conditions; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China, the COVID-19 outbreak and its impact on our operations and assumptions underlying or related to any of the aforementioned risks and others contained in reports filed by the Company with the Securities and Exchange Commission. For these and other reasons, investors are cautioned not to place undue reliance on any forward-looking statements contained in this press release. Additional factors are discussed in documents filed by the Company with the United States Securities and Exchange Commission, which can be viewed at www.sec.gov. The Company does not undertake to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

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SOURCE Happiness Biotech Group Limited

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