Business Context and Reporting Period
This Form 6-K filing by JE Cleantech Holdings Ltd (Nasdaq: JCSE) is dated June 17, 2024. The registrant, incorporated in the Cayman Islands with principal offices in Singapore, reports a material event regarding its listing status on The Nasdaq Capital Market.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on regulatory compliance regarding share price.
Material Changes and Listing Status
- Delisting Determination: Nasdaq notified the Company that its ordinary shares failed to comply with Listing Rule 5550(a)(2) because the bid price closed below $1.00 for 30 consecutive business days.
- Compliance History: The Company was granted an initial 180-day compliance period ending June 11, 2024, which it failed to meet. Nasdaq staff determined the Company is not eligible for a second 180-day period, noting that since September 22, 2022, the closing bid price has exceeded $1.00 only 22 days.
- Suspension Schedule: Trading was scheduled to be suspended at the open of business on June 26, 2024, pending the filing of a Form 25-NSE to remove the securities from listing.
Management Commentary and Outlook
- Appeal Filed: The Company submitted a request for an oral hearing to a Hearings Panel and paid a $20,000 hearing fee by the June 24, 2024 deadline to stay the suspension.
- Trading Status: Shares will continue to trade on The Nasdaq Capital Market until a final determination is made by Nasdaq.
- Management Statement: CEO Bee Yin Hong stated the Company is cognizant of the value of the Nasdaq listing for liquidity and pricing efficiency and pledged best efforts toward improved performance to meet continued listing standards.
Investor Verification Checklist
- Verify the outcome of the Nasdaq Hearings Panel regarding the appeal filed on June 24, 2024.
- Monitor the trading status of JCSE shares to confirm if the suspension on June 26, 2024, was stayed or executed.
- Review the attached Press Release (Exhibit 99.1) for any additional details on the Company's plan to regain compliance.
- Check for subsequent filings regarding the filing of Form 25-NSE if the appeal is unsuccessful.