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SINGAPORE, Nov 1, 2023 – (ACN Newswire) – JE Cleantech Holdings Limited (NASDAQ: JCSE) (“JE Cleantech” or the “Company”), a Singapore-headquartered cleantech company, announced today that it has received formal notice from The Nasdaq Stock Market LLC (“Nasdaq”) that the Company has regained compliance with the minimum bid price requirement under the Nasdaq Listing Rule 5550 (a)(2) for continued listing on The Nasdaq Capital market. The Nasdaq Listing Rule 5550(a)(2) requires listed securities to maintain a minimum closing bid price of $1.00 per share for at least 10 consecutive business days.
To regain compliance, the Company initiated a 1-for-3 Share Consolidation so that each outstanding ordinary share became 1 share (“Reverse Stock Split”), and the total number of authorized Ordinary Shares was reduced from 15,020,000 to 5,006,666 and the par value per share increased from $0.001 to S$0.003.
Following the Reverse Stock Split, the daily closing bid price of the Company’s ordinary shares remained above $1.00 per share for ten consecutive business days from October 16, 2023 to October 27, 2023. Consequently, the Company is now in compliance with all applicable Nasdaq listing standards and the prior bid price deficiency matter is now closed.
About JE Cleantech Holdings Limited
JE Cleantech Holdings Limited is based in Singapore and is principally engaged in (i) the sale of cleaning systems and other equipment; and (ii) the provision of centralized dishwashing and ancillary services. Through its subsidiary, JCS-Echigo Pte Ltd, the Company designs, develops, manufactures, and sells cleaning systems for various industrial end-use applications, primarily to customers in Singapore and Malaysia. Its cleaning systems are mainly designed for precision cleaning, with features such as particle filtration, ultrasonic or megasonic rinses with a wide range of frequencies, high-pressure drying technology, high flow rate spray, and deionized water rinses, which are designed for effective removal of contaminants and to minimize particle generation and entrapment. The Company also has provided centralized dishwashing services through its subsidiary, Hygieia Warewashing Pte Ltd, since 2013 and general cleaning services since 2015, both mainly for food and beverage establishments in Singapore. For more information about JE Cleantech, please visit our website: www.jecleantech.sg.
Disclaimer: Forward looking statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the future effective date and intended effects of the reverse stock split, including whether the reverse stock split will increase the price, marketability, liquidity, and investor appeal of the Company’s Ordinary Shares and the Company’s ability to maintain the listing of its Ordinary Shares on Nasdaq. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events, or results of operations, are forward-looking statements. These statements may be preceded by, followed by, or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “aim,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends” or “continue” or similar expressions.
Forward-looking statements involve risks and uncertainties that may cause actual events, results, or performance to differ materially from those indicated by such statements. These forward-looking statements are based on JCSE’s management’s current expectations and beliefs, as well as assumptions concerning future events. However, there can be no assurance that the events, results, or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and JCSE is not under any obligation and expressly disclaims any obligation to update, alter, or otherwise revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.
Readers should carefully review the statements set forth in the reports which JCSE has filed or will file from time to time with the Securities and Exchange Commission (the “SEC”).The documents filed by JCSE with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov.
Contact: Jason Long Email: enquiry@jecleantech.sg Tel: +65 63684198 Other number: +65 66029468
JE Cleantech Holdings Limited (“JE Cleantech” or “JCSE”)(NASDAQ: JCSE), a leading Singaporean cleantech and precision engineering company, today released its financial results for the six-month period ended June 30, 2023 (“H1 2023”). The Company has experienced significant growth in revenue and net income compared to the corresponding period last year (“H1 2022”), reflecting its commitment to delivering innovative and sustainable solutions in the cleaning technology sector.
In H1 2023, JCSE’s revenue experienced an increase of approximately 22.5% compared to H1 2022 to achieve approximately S$8.8 million (US$6.5 million) of sales. The growth was driven by nearly 50% increase in sales of cleaning systems and other equipment. JCSE also recorded a net income of approximately S$0.3 million (US$0.21 million) in H1 2023, demonstrating an approximately 89.8% climb from approximately S$0.15 million (US$0.1 million) in H1 2022. The Company attributes its revenue and profit growth to its solid customer base and changing demand dynamics. Leveraging its expanded customer base through strategic efforts, the Company managed to receive recurring and new orders for its precision cleaning systems.
“2023 has so far been a very promising year for the precision cleaning business”, said Elise Hong Bee Yin, Founder and CEO of JE Cleantech. “We remain committed to our pursuit of excellence, innovation, and sustainable growth. By adapting to market changes, enhancing customer relationships, and closely monitoring cost dynamics, we aim to continue our trajectory of success.”
The results follow a strong 2022 financial performance from JCSE. With the foundation laid in the first half of the year, JCSE is looking to build upon its success through strategic expansion of its business in new markets. The Company remains committed to Singapore as a priority market while monitoring opportunities overseas. In H1 2023, JCSE stepped up its green efforts by implementing sustainable initiatives in its production, such as installing solar panels in its main facility and enhancing the recycling process. The Company also partnered with a Singapore deep-tech manufacturer to develop cleaning robots in an effort to diversify its product offerings. JCSE is well-positioned to capitalize on the growing demand for sustainable solutions in the global market.
About JE Cleantech Holdings Limited
JE Cleantech Holdings Limited is based in Singapore and is principally engaged in (i) the sale of precision cleaning systems and other equipment; and (ii) the provision of centralized dishwashing and ancillary services. Through its subsidiary, JCS-Echigo Pte Ltd, the company designs, develops, manufactures, and sells cleaning systems for various industrial end-use applications primarily to customers in Singapore and Malaysia. Its cleaning systems are mainly designed for precision cleaning, with features such as particle filtration, ultrasonic or megasonic rinses with a wide range of frequencies, high pressure drying technology, high flow rate spray, and deionized water rinses, which are designed for effective removal of contaminants and to minimize particle generation and entrapment. The Company also has provided centralized dishwashing services, through its subsidiary, Hygieia Warewashing Pte Ltd, since 2013 and general cleaning services since 2015, both mainly for food and beverage establishments in Singapore. For more information about JE Cleantech, please visit our website: www.jecleantech.sg.
Disclaimer: Forward looking statements
This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. Forward-looking statements may be identified by such words or phrases as “should,” “intends,” “is subject to,” “expects,” “will,” “continue,” “anticipate,” “estimated,” “projected,” “may,” “I or we believe,” “future prospects,” “our strategy,” or similar expressions. Forward-looking statements made in this press release that relate to our future contract revenues among other things involve known and unknown risks and uncertainties that may cause the actual results to differ materially from those expected and stated in this announcement. We undertake no obligation to update “forward-looking” statements.
Media Enquiries and Investor Relations, please contact: enquiry@jecleantech.sg
JE Cleantech Holdings Limited (NASDAQ: JCSE) announced today that its Board of Directors has authorized a stock repurchase program of up to $1,000,000 of the Company’s outstanding Ordinary Shares, par value $0.001 per share. This program will commence immediately.
“This new stock repurchase program reflects the Board’s and management’s confidence in our improving operating results, future growth prospects, and business strategy to continue to create long-term value for our shareholders,” commented Elise Hong, Chairperson and Chief Executive Officer.
The Board’s authorization permits JCSE to repurchase shares from time to time in open market transactions at prevailing market prices, in privately negotiated transactions, or by other means in compliance with Rule 10b-18 under the Securities Exchange Act of 1934. The actual timing, number, and value of shares repurchased by JCSE under the program will be determined by management at its sole discretion. Repurchases will depend on a number of factors, including the market price of JCSE’s shares, general market and economic conditions, applicable legal requirements, and other cash needs. The repurchase program may be suspended, terminated, or modified at any time for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other appropriate factors.
About JE Cleantech Holdings Limited
JE Cleantech Holdings Limited is based in Singapore and is principally engaged in (i) the sale of cleaning systems and other equipment; and (ii) the provision of centralized dishwashing and ancillary services. Through its subsidiary, JCS-Echigo Pte Ltd, the Company designs, develops, manufactures, and sells cleaning systems for various industrial end-use applications, primarily to customers in Singapore and Malaysia. Its cleaning systems are mainly designed for precision cleaning, with features such as particle filtration, ultrasonic or megasonic rinses with a wide range of frequencies, high-pressure drying technology, high flow rate spray, and deionized water rinses, which are designed for effective removal of contaminants and to minimize particle generation and entrapment. The Company also has provided centralized dishwashing services through its subsidiary, Hygieia Warewashing Pte Ltd, since 2013 and general cleaning services since 2015, both mainly for food and beverage establishments in Singapore. For more information about JE Cleantech, please visit our website: www.jecleantech.sg.
Disclaimer: Forward looking statements
Certain statements contained in this press release may be deemed to be forward-looking statements under federal securities laws, and the Company intends that such forward-looking statements be subject to the safe harbor created thereby. All statements, other than statements of fact included in this release, are forward-looking statements. Such forward-looking statements include, among others, that JCSE will repurchase shares from time to time, with the details determined by JCSE’s management depending on market price, economic conditions, legal requirements, and cash needs. We caution that these statements are qualified by important risks, uncertainties, and other factors. Such factors include, among others the risk factors set forth in our Annual Report on Form 20-F for the year ended December 31, 2022. Except to the extent required by federal securities laws, the Company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events, or otherwise.
For Media Enquiries and Investor Relations, please contact: jcse@preciouscomms.com
JE Cleantech Holdings Limited (NASDAQ: JCSE) today announced the results of the Company’s Extraordinary General Meeting of Members (the “Extraordinary Meeting”) held on August 29, 2023, at the Company’s offices located at 3 Woodlands Sector 1, Singapore.
At the Extraordinary Meeting, the members approved and authorized a consolidation of the Company’s Ordinary Shares (“Reverse Stock Split”) of the Company’s issued Ordinary Shares in a range from 1 for 1.5 to 1 for 10 Ordinary Shares (the “Range”). The Board of Directors may elect to either: (i) effect the Reverse Stock Split; or (ii) not effect the Reverse Stock Split; within the Range at any time during the next 12 months.
The Company may effect the Reverse Stock Split within the Range in order to regain full compliance with the Nasdaq Stock Market LLC’s (“Nasdaq”) share price listing rule (“Rule”). The Rule requires that the bid price for the Company’s Ordinary Shares must close at $1.00 per share or more for a minimum of 10 consecutive business days during the compliance period ending October 28, 2023.
A Reverse Stock Split would reduce the total number of JCSE’s issued and outstanding Ordinary Shares, which is expected to result in an increase in the trading price per share. The objective of the Reverse Stock Split, if effected, will be to ensure that the Company regains full compliance with the Rule and maintains its listing on Nasdaq.
About JE Cleantech Holdings Limited
JE Cleantech Holdings Limited is based in Singapore and is principally engaged in (i) the sale of cleaning systems and other equipment; and (ii) the provision of centralized dishwashing and ancillary services. Through its subsidiary, JCS-Echigo Pte Ltd, the company designs, develops, manufactures, and sells cleaning systems for various industrial end-use applications, primarily to customers in Singapore and Malaysia. Its cleaning systems are mainly designed for precision cleaning, with features such as particle filtration, ultrasonic or megasonic rinses with a wide range of frequencies, high-pressure drying technology, high flow rate spray, and deionized water rinses, which are designed for effective removal of contaminants and to minimize particle generation and entrapment. The Company also has provided centralized dishwashing services through its subsidiary, Hygieia Warewashing Pte Ltd, since 2013 and general cleaning services since 2015, both mainly for food and beverage establishments in Singapore. For more information about JE Cleantech, please visit our website: www.jecleantech.sg.
Disclaimer: Forward looking statements
This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. Forward-looking statements may be identified by such words or phrases as “should,” “intends,” “is subject to,” “expects,” “will,” “continue,” “anticipate,” “estimated,” “projected,” “may,” “I or we believe,” “future prospects,” “our strategy,” or similar expressions. Forward-looking statements made in this press release that relate to our future contract revenues, among other things, involve known and unknown risks and uncertainties that may cause the actual results to differ materially from those expected and stated in this announcement. We undertake no obligation to update “forward-looking” statements.
For Media Enquiries and Investor Relations, please contact: jcse@preciouscomms.com
