Simpple provides compliance update with Nasdaq continued listing rules

SIMPPLE (SPPL) believes it has regained compliance with the minimum shareholders’ equity requirement under Nasdaq Listing Rule 5550(b)(1) due to strong financial performance and closing of a financing round, as well as the requirement to hold an annual meeting of shareholders under Nasdaq Listing Rule 5620(a). As of the date of this report, the Company believes its shareholders’ equity is above the Nasdaq $2.5M requirement. This increase is partially attributable to the closing of a private investment in public equity offering for total gross proceeds of $2,000,001.00. The objective of this fund raise is to accelerate product development and to increase market share, especially in the Australia and New Zealand markets. In addition, the Company expects to continue strengthening its financial position for the full year, supported by robust operating performance for the first half of 2025. Based on these trends and internal forecasts, the Company projects that it will continue to meet and exceed shareholders’ equity requirement by year-end. Separately, the Company confirms that it has successfully concluded its Annual General Meeting of Shareholders, which was held at 9:00am Eastern Time, on June 30. The convening of this AGM satisfies the requirement under Nasdaq Listing Rule 5620(a) to hold an annual meeting of shareholders within the required timeframe. It is, however, also noted that the Company has announced earlier this year that it will rely on Cayman Islands home country exemption with regards to AGM requirements in the future.