Core Viewpoint - Wang & Lee Group, Inc. is facing potential delisting from Nasdaq due to non-compliance with minimum bid price requirements and public interest concerns related to its recent issuance of convertible notes [1][2]. Group 1: Compliance Issues - The company received a Notification Letter from Nasdaq indicating it is not in compliance with the minimum bid price requirement of $1.00 per share, as its shares closed at $0.10 or less for the last ten consecutive trading days [1]. - An additional Notification Letter was issued, stating that Nasdaq has determined to delist the company's securities based on public interest concerns [2]. Group 2: Appeal Process - The company has filed a notice of appeal and requested a hearing before a Nasdaq Listing Qualifications Panel, which will stay the delisting process pending the Panel's decision [3]. - The company is evaluating options to regain compliance with Nasdaq Listing Rules, although there are no guarantees of success in the appeal or compliance efforts [3]. Group 3: Company Overview - Wang & Lee Group, Inc. is a Hong Kong-based construction prime and subcontractor specializing in the installation of Electrical & Mechanical Systems, including low voltage electrical systems, mechanical ventilation, air-conditioning systems, fire service systems, and water supply and sewage disposal systems [4]. - The company provides design and contracting services across all trades in the construction industry, serving clients from small startups to large corporations [4].
WANG & LEE GROUP, Inc. Announces Receipt of Nasdaq Delisting Notifications