NANPING, China, Oct. 27, 2022 – Happiness Development Group Limited (“HAPP” or the “Company”) (NASDAQ: HAPP) has announced that it received a notification letter from the Nasdaq Listing Qualifications Staff on October 25, 2022, confirming that the Company has regained compliance with Nasdaq’s minimum bid price requirement, effectively closing the matter.
The journey towards compliance began on November 11, 2021, when Nasdaq first notified HAPP of its failure to maintain a minimum bid price of $1.00 per share for 30 consecutive business days, as stipulated in Nasdaq Listing Rules 5550(a)(2) and 5810(c)(3)(A). The Company was granted its first 180-day extension to address this issue, which extended until May 10, 2022. Following this, on May 11, 2022, Nasdaq’s Listing Qualifications Department provided a second extension, allowing until November 7, 2022, to meet the minimum bid price requirement.

According to the letter dated October 25, 2022, HAPP’s Class A ordinary shares closed at or above the $1.00 minimum requirement for the preceding 10 consecutive business days, specifically from October 11 to October 24, 2022. As a result, Nasdaq confirmed that the Company has successfully regained compliance with the minimum bid price requirement outlined in Nasdaq Listing Rule 5550(a)(2).