Singapore-based Primech Holdings Limited (Nasdaq: PMEC), a leading technology-focused facility services provider for both public and private sectors, announced a Nasdaq Stock Market LLC extension. The extension grants the company an additional 180 days, until May 12, 2025, to meet the minimum $1 bid price per share requirement.

Initially notified on May 14, 2024, of its failure to maintain the minimum bid price for 30 consecutive trading days (Nasdaq Listing Rule 5550(a)(2)), Primech Holdings had until November 11, 2024, to regain compliance. Following its inability to meet this requirement, the company requested, and received, the 180-day extension to rectify the deficiency.

Nasdaq’s approval hinges on Primech Holdings meeting all other continued listing requirements, including market value of publicly held shares, except for the bid price. The company’s commitment to remedy the situation within the extended timeframe, and if necessary through a reverse share split, was also a factor.

Compliance with Nasdaq Listing Rules will be achieved if the ordinary share bid price closes at or above $1 per share for at least 10 consecutive trading days before May 12, 2025. However, Nasdaq retains discretion to extend this period to a maximum of 20 consecutive business days to ensure sustained compliance.

This Nasdaq notification does not immediately impact the listing or trading of Primech Holdings’ ordinary shares on the Nasdaq Capital Market.

About Primech Holdings Limited

Primech Holdings Limited, headquartered in Singapore, is a prominent provider of advanced, technology-driven facility services to the public and private sectors within Singapore. The company offers a wide array of services, including general facility maintenance, specialized cleaning (marble polishing, facade cleaning), stewarding, and targeted office and home cleaning. Primech Holdings is committed to sustainable practices and incorporates smart technology to optimize operations and client satisfaction, setting a high standard within the industry.

Forward-Looking Statements

This announcement contains forward-looking statements regarding potential future events and company performance, subject to inherent risks and uncertainties. These statements are based on current expectations and projections, and the use of words like “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” and “likely to” often indicates these statements. Primech Holdings is not obligated to update these forward-looking statements unless legally required. Actual results may significantly differ from predictions; investors should carefully review the company’s filings with the SEC for further information.

Company Contact:

Email:

Investor Relations Contact:

Matthew Abenante, IRC
President
Strategic Investor Relations, LLC
Tel: 347-947-2093
Email: 

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