The Jiuzi Holdings Inc (NASDAQ: JZXN) stock price soared 83.45% despite the lack of news releases from the company. Therefore, we attribute the latest rally to renewed investor interest in the firm.
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Over 11.70 million shares had changed hands at the time of publishing as retail investors bought the stock in large numbers making it the biggest gainer during premarket trading. We look elsewhere for clues whenever a stock moves higher without a fundamental trigger.
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For example, looking at the company’s previous news releases, we can see its last significant announcement was in October when it launched its first electric Multi-Purpose Vehicle (MPV) customised by Dongfeng Fengon, a sub-brand of Dongfeng Sokon Motor Co., Ltd.
At the time, Jiuzi noted that the new MPV would be a customised version of Dongfeng Fengon’s MPV model, “Fengon 380”, and would target customers buying vehicles for household uses and those looking for vehicles to use for business purposes.
In addition, the customised model would have more space since all the passenger seats can be folded flat. The company further said it would upgrade the MPV in 2023 by installing swappable BYD’s state-of-the-art blade battery, which has significant advantages in its high safety, enduring longevity, long-range, high power, and ultra strength compared to traditional lithium iron phosphate batteries and ternary lithium batteries.
Investors cheered the announcement at the time. Furthermore, the company had just launched a new corporate website outlining its vision and mission as a franchise operator of multiple stores across China that sell new energy vehicles.
Jiuzi Holdings received a notice of non-compliance with the Nasdaq’s listing rules in August since it had failed to maintain a minimum bid price of at least $1.00 for ten consecutive days during the 30 days from June 10, 2022, to July 25, 2022.
The company has until January 23, 2023, to regularise its stock price or risk being delisted from the exchange.
*This is not investment advice.
Jiuzi Holdings (JZXN) stock price.
The Jiuzi Holdings (JZXN) stock price rallied 83.45% to trade at $0.27, rising from Monday’s closing price of $0.148.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.