JE CLEANTECH DECLARES SHARE CONSOLIDATION TO REGAIN NASDAQ COMPLIANCE

KUALA LUMPUR, Oct 16 (Bernama) -- JE Cleantech Holdings Limited announced it will effect a share consolidation (Reverse Stock Split) of its ordinary shares at a ratio of one-for-three, effective Oct 13 (the Effective Time), to regain compliance with the minimum US$1.00 bid price per share requirement of Nasdaq’s Marketplace Rule. (US$1=RM4.73)

The company’s ordinary shares are expected to begin trading on a reverse stock split adjusted basis on Nasdaq as of the open of trading on Oct 16, under the existing ticker symbol “JCSE”.

Its members (stockholders) previously approved the reverse stock split and granted its board of directors the authority to determine the final reverse stock split ratio and when to proceed with the reverse stock split at a Special Meeting of Stockholders held on Aug 29.

According to a statement, the company will file an Amendment to its Memorandum and Articles of Association to effect the share consolidation/reverse stock split at the ratio of one-for-three as of the Effective Time.

As of the Effective Time, every three shares of the company’s issued and outstanding ordinary shares will be combined into one issued and outstanding ordinary share, and the total number of authorised ordinary shares will be reduced from 15.020 million to 5.006666 million.

Furthermore, proportional adjustments will also be made to the number of ordinary shares issuable upon the exercise of any outstanding stock options and the number of shares issuable pursuant to outstanding restricted stock awards, and the number of shares authorised and reserved for issuance pursuant to the company’s 2022 Equity Incentive Plan.

The company’s transfer agent, VStock Transfer LLC, will serve as the exchange agent for the reverse stock split.

Based in Singapore, JE Cleantech is principally engaged in the sale of cleaning systems and other equipment; as well as the provision of centralised dishwashing and ancillary services.

-- BERNAMA