JE Cleantech Holdings announces receipt of NASDAQ determination letter

JE Cleantech Holdings announced that on June 17 it received a letter from the Listing Qualifications Department of The Nasdaq Stock Market. The Determination Letter indicated that, as previously notified by Nasdaq on December 14 the bid price of the Company’s listed security had closed at less than $1 per share over the previous 30 consecutive business days and, as a result, did not comply with Listing Rule 5550a2 .In accordance with the Rule, the Company was provided 180 calendar days, or until June 11 to regain compliance with the RuleThe Determination Letter stated:”The Company has not regained compliance with the Rule and is not eligible for a second 180-day period. Specifically, Staff does not believe the Company will cure the deficiency and sustain compliance. In that regard, since September 22 the Company’s closing bid price has been above $1 only twenty-two days.” The Staff determined that the Company’s Ordinary Shares would be scheduled for delisting from The Nasdaq Capital Market and would be suspended at the open of business on June 26. Further, a Form 25-NSE would be filed with the Securities and Exchange Commission which would remove the Company’s securities from listing and registration on The Nasdaq Stock Market…