JE Cleantech Holdings Limited Announces Receipt of NASDAQ Determination Letter

Company Overview - JE Cleantech Holdings Limited is based in Singapore and primarily engaged in the sale of cleaning systems and equipment, as well as providing centralized dishwashing and ancillary services [2] - The company designs, develops, manufactures, and sells cleaning systems for various industrial applications, mainly targeting customers in Singapore and Malaysia [2] - Its cleaning systems feature advanced technologies such as particle filtration, ultrasonic rinses, high-pressure drying, and deionized water rinses, aimed at effective contaminant removal [2] Delisting Announcement - The company received a Determination Letter from Nasdaq indicating that its Ordinary Shares would be delisted effective June 26, 2024, due to non-compliance with Listing Rule 5550(a)(2) [8][9] - The company's bid price had closed below $1 per share for 30 consecutive business days, failing to meet the compliance requirements [8] - The company was given a 180-day period to regain compliance, which ended on June 11, 2024, but it did not meet the necessary criteria [6][8] Appeal Process - The company has submitted a request for an oral hearing to appeal the delisting decision and has paid a hearing fee of $20,000 [9] - Following the submission of the hearing request, the company's Ordinary Shares will continue to trade on Nasdaq until a final determination is made [9] Management's Response - The CEO of JE Cleantech, Ms. HONG Bee Yin, acknowledged the importance of Nasdaq listing for shareholder value and expressed commitment to improving performance to meet listing standards [4]