JE Cleantech Holdings Limited Announces Receipt of NASDAQ Notification Regarding Minimum Bid Price Deficiency
19 Dicembre 2023 - 10:15PM
JE Cleantech Holdings Limited (Nasdaq: JCSE), a manufacturer of a
broad range of cleaning systems, announced that on December 14,
2023, it received a written notification from the Listing
Qualifications Department of The Nasdaq Stock Market LLC (the
“Nasdaq Notification”). The Notification stated that the Company’s
ordinary shares failed to maintain a minimum bid price of $1.00
over the last 30 consecutive business days as required by Nasdaq
Listing Rule 5550(a)(2) (the “Minimum Bid Price Requirement”).
Receipt of the Nasdaq Notification does not result in the immediate
delisting of the Company’s ordinary shares and has no immediate
effect on the listing or the trading of the Company’s ordinary
shares on the Nasdaq Capital Market under the symbol “JCSE”.
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A),
the Company has a compliance period of 180 calendar days from the
date of the Nasdaq Notification, or until June 11, 2024, to regain
compliance with the Minimum Bid Requirement. If at any time before
June 11, 2024, the closing bid of the Company’s ordinary shares is
at least $1.00 for a minimum of 10 consecutive business days, the
Company will be deemed to have regained compliance with the Minimum
Bid Requirement following which Nasdaq will provide a written
confirmation of compliance and the matter will be closed.
In the event that the Company does not regain
compliance by June 11, 2024, the Company may be eligible for
additional time to qualify. To qualify for additional time, the
Company will be required to meet the continued listing requirement
for market value of publicly held shares and all other initial
listing standards for The Nasdaq Capital Market with the exception
of the bid price requirement.
In the event that the Company does not regain
compliance with the Minimum Bid Price Requirement by June 11, 2024,
and is ineligible for an additional grace period, Nasdaq will
provide further written notice that the Company’s ordinary shares
are subject to delisting from The Nasdaq Capital Market. In that
event, the Company may appeal the determination to a Nasdaq
hearings panel or consider transferring the listing and trading of
its ordinary shares to the OTCQX of the OTC Markets.
The Company intends to monitor the closing bid
price of its ordinary shares. Receipt of the Nasdaq Notification
has no effect on the Company’s business operations.
“We are cognizant of the value to our
shareholders of the listing of our shares on Nasdaq given the
liquidity and pricing efficiency that the exchange provides. We
pledge our best efforts towards improved performance which we
believe will allow us to meet the continued listing standards,”
stated Ms. Bee Yin Hong, CEO and Founder of JE Cleantech.
About JE Cleantech Holdings
LimitedJE Cleantech Holdings Limited is based in Singapore
and is principally engaged in (i) the sale of cleaning systems and
other equipment; and (ii) the provision of centralized dishwashing
and ancillary services. Through its subsidiary, JCS-Echigo Pte Ltd,
the company designs, develops, manufactures, and sells cleaning
systems for various industrial end-use applications primarily to
customers in Singapore and Malaysia. Its cleaning systems are
mainly designed for precision cleaning, with features such as
particle filtration, ultrasonic or megasonic rinses with a wide
range of frequencies, high pressure drying technology, high flow
rate spray, and deionized water rinses, which are designed for
effective removal of contaminants and to minimize particle
generation and entrapment. The Company also has provided
centralized dishwashing services, through its subsidiary, Hygieia
Warewashing Pte Ltd, since 2013 and general cleaning services since
2015, both mainly for food and beverage establishments in
Singapore. For more information about JE Cleantech, please visit
our website: www.jecleantech.sg.
Forward-Looking
StatementsCertain statements in this announcement are
forward-looking statements. These forward-looking statements
involve known and unknown risks and uncertainties and are based on
the Company’s current expectations and projections about future
events that the Company believes may affect its financial
condition, results of operations, business strategy and financial
needs. Investors can find many (but not all) of these statements by
the use of words such as “may,” “will,” “should,” “believe,”
“expect,” “could,” “intend,” “plan,” “anticipate,” “estimate,”
“continue,” “predict,” “project,” “potential,” “target,” “goal,” or
other similar expressions in this announcement. These
forward-looking statements include, without limitation, the
Company’s expectations with respect to future performance and
anticipated potential financial impacts. The Company undertakes no
obligation to update or revise publicly any forward-looking
statements to reflect subsequent occurring events or circumstances,
or changes in its expectations, except as may be required by law.
Although the Company believes that the expectations expressed in
these forward-looking statements are reasonable, it cannot assure
you that such expectations will turn out to be correct, and the
Company cautions investors that actual results may differ
materially from the anticipated results and encourages investors to
review other factors that may affect its future results in the
Company’s Form 20-F, and other filings with the United States
Securities and Exchange Commission.
Contact:
Jason LongEmail
address: enquiry@jecleantech.sgPhone number:
+65 63684198Other number: +65 66029468
Grafico Azioni JE Cleantech (NASDAQ:JCSE)
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Grafico Azioni JE Cleantech (NASDAQ:JCSE)
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