SIMPPLE Ltd. Receives Nasdaq Notifications Regarding Minimum Stockholders’ Equity Deficiency and Annual Meeting Deficiency
Singapore, Jan. 17, 2025 (GLOBE NEWSWIRE) -- SIMPPLE Ltd. (NASDAQ: SPPL) (“SIMPPLE” or “the Company”), an advanced technology solution provider in the emerging property-technology (“PropTech”) space, today announced that it has received letters from the Listing Qualification staff of The Nasdaq Stock Market (“Nasdaq”) notifying the Company that the Company does not meet the minimum stockholders’ equity requirement and annual meeting requirement.
As reported in the Company’s Form 6-K dated December 30, 2024, the Company’s stockholders’ equity of $950,980 for the period ended June 30, 2024, was below the minimum stockholders’ equity of $2,500,000. The minimum stockholders’ equity of $2,500,000 is required for continued listing on Nasdaq as set forth in Nasdaq Listing Rules 5550(b)(1).
The Company also did not hold an annual meeting of shareholders within twelve (12) months of the end of the Company’s fiscal year end, which does not comply with the Listing Rules for continued listing, in particular, Listing Rules 5620(a) and 5810(c)(2)(G), as well as IM-5629.
The Company has been provided with 45 calendar days, or until March 3, 2025, to submit a plan to regain compliance with the minimum stockholders’ equity standard and annual meeting requirement. If the Company’s plan to regain compliance is accepted, Nasdaq may grant an extension of up to 180 calendar days from the date of the notification letters to evidence compliance.
The Company is developing a plan with options to increase stockholders’ equity and regain compliance, with the goal of filing the plan with Nasdaq by the stated deadline. The Company will provide further updates on this matter as required.
About SIMPPLE LTD.
Headquartered in Singapore, SIMPPLE LTD. is an advanced technology solution provider in the emerging PropTech space, focused on helping facilities owners and managers manage facilities autonomously. Founded in 2016, the Company has a strong foothold in the Singapore facilities management market, serving over 60 clients in both the public and private sectors and extending out of Singapore into Australia and the Middle East. The Company has developed its proprietary SIMPPLE Ecosystem, to create an automated workforce management tool for building maintenance, surveillance and cleaning comprised of a mix of software and hardware solutions such as robotics (both cleaning and security) and Internet-of-Things ("IoT") devices.
For more information on SIMPPLE, please visit:
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For investor and media queries, please contact:
SIMPPLE LTD.
Investor Relations Department
Email:
Visit the Investor Relation Website:
Skyline Corporate Communications Group, LLC
Scott Powell, President
1177 Avenue of the Americas, 5th Floor
New York, NY 10036
Tel: (646) 893-5835
Email:
For investor and media queries, please contact: SIMPPLE LTD. Investor Relations Department Email: SKYLINE CORPORATE COMMUNICATIONS GROUP, LLC Scott Powell President Email:
