JE Cleantech Holdings Limited Announces Grant Of Temporary Exception To Remain Listed On Nasdaq; Says "On Or Before November 14, 2024, The Company Shall Obtain Shareholders Approval For A Reverse Stock Split At A Ratio That Satisfies The Minimum Requirement In The Bid Price Rule"
JE Cleantech Holdings Limited (NASDAQ:JCSE), a precision cleaning and cleantech equipment manufacturer, announced that on July 15, 2024, it received a letter (the "Exception Letter") from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq"). The Exception Letter gave the Company a temporary exception to regain compliance with The Nasdaq Stock Market LLC's ("Nasdaq" or the "Exchange") Listing Rule 5550(a)(2) (the "Bid Price Rule").
The Exception Letter stated:
Accordingly, the Company is granted an exception until December 6, 2024, to effect the reverse stock split and thereafter regain compliance with the Bid Price Rule, subject to the milestones outlined below. In the event the Company fails to regain compliance with the Bid Price Rule by that date, its securities will be delisted.
- On or before November 14, 2024, the Company shall obtain shareholders approval for a reverse stock split at a ratio that satisfies the minimum requirement in the Bid Price Rule;
- On or before November 21, 2024, the Company shall effect a reverse stock split and, thereafter, maintain a $1 closing bid price for a minimum of ten consecutive business days;
- On or before December 6, 2024, the Company shall have demonstrated compliance with the Bid Price Rule, by evidencing a closing bid price of $1 or more per share for a minimum of ten consecutive trading sessions.