JE Cleantech Holdings Limited Faces Delisting from NASDAQ

June 20, 2024 by No Comments

SINGAPORE, June 20, 2024 — JE Cleantech Holdings Limited (Nasdaq: JCSE), a manufacturer of a wide range of cleaning systems, announced that on June 17, 2024, it received a letter (the “Determination Letter”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”). The Determination Letter stated that, as previously notified by Nasdaq on December 14, 2023, the bid price of the Company’s listed security had closed below $1 per share over the previous 30 consecutive business days, failing to comply with Listing Rule 5550(a)(2) (the “Rule”). The Company was given 180 calendar days, or until June 11, 2024, to regain compliance with the Rule, as per the Rule.

The Determination Letter further stated:

“The Company has not regained compliance with the Rule and is ineligible for an additional 180-day period. Staff does not believe the Company can rectify the deficiency and maintain compliance. Notably, since September 22, 2022, the Company’s closing bid price has been above $1 only twenty-two days.”

The Staff determined that the Company’s Ordinary Shares would be delisted from The Nasdaq Capital Market and trading would be suspended starting June 26, 2024. Furthermore, a Form 25-NSE would be filed with the Securities and Exchange Commission (the “SEC”), officially removing the Company’s securities from listing and registration on The Nasdaq Stock Market (the “Delisting Determination”).

The Determination Letter also informed the Company that it had until 4:00 p.m. Eastern Time on June 24, 2024, to appeal the Staff’s Delisting Determination to a Hearings Panel and request a hearing to suspend the suspension of the Company’s Ordinary Shares from trading and the filing of the Form 25-NSE with the SEC. The Company has submitted a hearing request for an oral hearing and paid the hearing fee of $20,000. Following the submission of the hearing request, the Company’s Ordinary Shares will continue to trade on The Nasdaq Capital Market until a final determination by Nasdaq is reached.

“We recognize the value to our shareholders of having our shares listed on Nasdaq, given the liquidity and pricing efficiency the exchange provides. We are committed to improving performance, which we believe will allow us to meet the ongoing listing standards,” stated Ms. HONG Bee Yin, CEO and Founder of JE Cleantech.

About JE Cleantech Holdings Limited

JE Cleantech Holdings Limited is based in Singapore and primarily focuses on (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 primarily designed for precision cleaning, featuring particle filtration, ultrasonic or megasonic rinses with a wide range of frequencies, high pressure drying technology, high flow rate spray, and deionized water rinses. These features are designed for effective contaminant removal and minimize particle generation and entrapment. Since 2013, the Company has also provided centralized dishwashing services through its subsidiary, Hygieia Warewashing Pte Ltd, and general cleaning services since 2015, both primarily for food and beverage establishments in Singapore. For more information about JE Cleantech, please visit their website: www.jecleantech.sg.

Forward-Looking Statements

Certain 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 Long
Email address:
Phone number: +65 63684198
Other number: +65 66029468