SINGAPORE, June 05, 2025 (GLOBE NEWSWIRE) -- Premium Catering (Holdings) Limited (“PC” or the “Company”) (Nasdaq: PC), a food caterer supplying prepared meals to foreign workers in Singapore and providing buffet catering services, today announced its operating results for the six-month period ended December 31, 2024, with revenue of S$2,232,003 and a net loss of S$1,404,862. The following table shows our statement of loss data for the six-month period ended December 31, 2023 and 2024. For further informatio ...

SINGAPORE, Dec. 16, 2024 (GLOBE NEWSWIRE) -- Premium Catering (Holdings) Limited (NASDAQ: PC) disclosed that it had received a notice (the “MLVS Notice”) from the Nasdaq Stock Market LLC (“Nasdaq”) that the Company is currently not in compliance with the minimum market value of listing securities (the “MVLS”) of $35,000,000 for continued listing of the Company’s ordinary shares (the “Ordinary Shares”) on the Nasdaq Capital Market, as set forth in Nasdaq Listing Rule 5550(b)(2) (the “MLVS Requirement”). Nasd ...

Financial Performance and Losses - Company reported a net loss of S$1,466,690 for the year ended June 30, 2024, with a working capital deficit of S$3,686,485[11] - Borrowing costs for the Group increased by S$2,843 and S$1,100 for the fiscal years ended June 30, 2023, and June 30, 2024, respectively, due to interest rate hikes[21] - The company does not expect to pay dividends in the foreseeable future, retaining all available funds for business development and growth[25] Revenue and Market Risks - All revenue for the fiscal year ended June 30, 2024 was derived from Singapore, exposing the company to risks related to Singapore's social, economic, political, and legal developments[10] - Intense competition in the food service industry could lead to loss of market share, decreased revenue, and lower profitability[17] Operational Risks and Dependencies - Company faces significant risks from food safety issues, which could lead to liability claims, reputational damage, and operational disruptions[12] - Operations are highly dependent on foreign workers in construction, marine, and manufacturing industries, with potential declines in hiring affecting business performance[13] - Disruptions at the Central Kitchen could lead to operational suspensions, reduced revenue, and increased costs[15] - Compliance with changing food safety regulations in Singapore may result in additional costs and operational challenges[16] Cost and Inflation Risks - Food and labor costs are key variables, with inflation and staffing challenges posing risks to financial performance[14] Growth and Funding Challenges - Future business strategies and expansion plans may face challenges due to market conditions, funding availability, and competition[18] - Additional capital may be required for growth, but financing may not be available on favorable terms, potentially diluting shareholder value[19] Financial Facilities and Borrowing - Premium Catering has five bank facilities totaling approximately S$1.0 million, with four fixed-rate loans of S$0.9 million and one variable-rate loan of S$0.1 million[21] - The company has S$3.5 million in bank facilities available, with S$3.0 million drawn down as of June 30, 2024, bearing fixed interest rates ranging from 2.5% to 3.25% and a variable rate of 6.2%[164] - The company's borrowing costs are influenced by the Singapore Overnight Rate Average (SORA) and the Singapore Interbank Offered Rate (SIBOR), which move in tandem with U.S. Federal Reserve interest rates[21] Share Issuance and Ownership - The company completed an offering of 1,650,000 Ordinary Shares at US$4.75 per share, generating net proceeds of approximately $6.994 million[22] - As of the date of the Annual Report, the company has 16,000,000 Ordinary Shares issued and outstanding[24] - Hero Global Enterprises Limited owns 10,547,250 Ordinary Shares, representing approximately 65.92% of the total issued and outstanding shares[27] - The company's controlling shareholder, Hero Global Enterprises Limited, holds 65.92% of the total voting power[27] Regulatory and Compliance Risks - The company may be classified as a Passive Foreign Investment Company (PFIC), which could result in adverse U.S. federal income tax consequences for U.S. taxpayers holding its securities[26] - The company is exempt from certain Nasdaq regulations due to its status as a foreign private issuer, including requirements for independent directors and shareholder approval for equity compensation plans[28] - The company is required to file an annual report on Form 20-F within four months of the fiscal year end and publishes financial results semi-annually, but with less extensive and timely information compared to U.S. domestic issuers[29] - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to take advantage of reduced reporting requirements and delayed adoption of certain accounting standards[32] - The company may lose its foreign private issuer status in the future, which would result in significant additional costs and compliance requirements[33] - The company has incurred increased costs and management time due to its Nasdaq listing, including compliance with SEC and Nasdaq rules[34] Legal and Investor Protection Risks - Shareholders may face difficulties in protecting their interests due to the company's incorporation under Cayman Islands law, which provides less investor protection compared to U.S. laws[30] - Certain judgments obtained against the company by shareholders may not be enforceable, particularly against directors and executive officers located outside the U.S.[31] - The company is incorporated in the Cayman Islands, with all operations and assets located outside the United States, primarily in Singapore, and faces challenges in enforcing U.S. civil liabilities[36] Auditing and Financial Reporting - The company's auditor, Onestop Assurance PAC, headquartered in Singapore, was last inspected by the PCAOB on July 13, 2023, and is not currently subject to PCAOB determinations[35] - The company is evaluating the impact of ASU 2020-05, which introduces the expected credit losses methodology for financial instruments, with a new effective date for fiscal years beginning after December 15, 2022[167] - The company is assessing the impact of ASU 2021-08, which clarifies Codification improvements for receivables, effective for annual and interim reporting periods beginning July 1, 2021[167] - The company does not expect ASU 2021-10, which clarifies Codification improvements, to have a material impact on its consolidated financial statements[167] - The company adopted ASU 2023-07, which improves segment reporting disclosures, effective for fiscal years beginning after December 15, 2023, with no material impact on financial position[167] Liquidity and Credit Risk Management - The company is exposed to liquidity risk and manages it through financial position analysis and monitoring procedures, with potential short-term funding from financial institutions and related parties[166] - The company has no significant exposure to credit risk beyond the carrying amounts of trade and other receivables, and cash, as it does not hold collateral[165] - The company's reporting currency is the Singapore dollar, with almost all revenues and expenses denominated in SGD, minimizing foreign exchange risk[166] Market Listing and Trading - The company's Ordinary Shares began trading on Nasdaq under the symbol "PC" on September 25, 2024[22]