SINGAPORE, Dec. 16, 2024 (GLOBE NEWSWIRE) -- Premium Catering (Holdings) Limited (NASDAQ: PC) disclosed that it had received a notice (the "MLVS Notice") from the Nasdaq Stock Market LLC ("Nasdaq") that the Company is currently not in compliance with the minimum market value of listing securities (the "MVLS") of $35,000,000 for continued listing of the Company's ordinary shares (the "Ordinary Shares") on the Nasdaq Capital Market, as set forth in Nasdaq Listing Rule 5550(b)(2) (the "MLVS Requirement"). Nasdaq calculates the MVLS based upon the most recent total shares outstanding multiplied by the closing bid price. The MVLS Notice indicated that the Company has 180 days, or until June 9, 2025 (the "Compliance Deadline"), to regain compliance with the MLVS Requirement by having its MVLS close at $35,000,000 or more for a minimum of ten consecutive business days. If at any time prior to June 9, 2025, the Company's MVLS closes at $35,000,000 or more for a minimum of ten consecutive business days, Nasdaq will provide a written confirmation of compliance and the matter regarding the Company's MLVS will be closed. Receipt of the MVLS Notice does not result in the immediate delisting of the Company's ordinary shares and has no immediate effect on the listing or the trading of the Company's ordinary shares on the The Nasdaq Capital Market under the symbol "PC".
On December 11, 2024, the Company received a further notice from Nasdaq (the "Minimum Bid Price Notice") indicating that the Company's ordinary shares failed to maintain a minimum bid price of $1.00 over the last 30 consecutive business days as required by Nasdaq Listing Rule 5550(a)(2) (the "Minimum Bid Price Requirement"). Receipt of the Minimum Bid Price Notice does not result in the immediate delisting of the Company's ordinary shares and has no immediate effect on the listing or the trading of the Company's ordinary shares on the The Nasdaq Capital Market under the symbol "PC".
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has a compliance period of 180 calendar days from the date of the Minimum Bid Price Notice, or until June 9, 2025, to regain compliance with the Minimum Bid Requirement. If at any time before June 9, 2025, the closing bid of the Company's ordinary shares is at least $1.00 for a minimum of 10 consecutive business days, the Company will be deemed to have regained compliance with the Minimum Bid Requirement following which Nasdaq will provide a written confirmation of compliance and the matter will be closed. In the event the Company does not regain compliance with the Minimum Bid Price Requirement, the Company may be eligible for additional time. To qualify for the additional time, the Company will be required to meet the continued listing requirements for market value of publicly held shares and all other listing standards for The Nasdaq Capital Market, with the exception of the bid price requirement, and will need to provide written notice of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split if necessary.
The MVLS Notice, however, contained a footnote referencing that the Company currently does not meet the other listing requirements under the Listing Rule 5550(b)(1) and 5550(b)(3), and is not in compliance with the listing standards which are: (i) an equity standard that the Company maintain stockholders' equity of at least $2.5 million; and (ii) a net income standard regarding the Company's continuing operations of $500,000 in the most recently completed fiscal year or in two of the three most recently completed fiscal years.
Neither the MVLS Notice nor the Minimum Bid Price Notice will have any immediate effect on the listing of the Company's Ordinary Shares, which continue to trade on The Nasdaq Capital Market under the symbol "PC". The Company intends to monitor its MVLS and Minimum Bid Price and may, if appropriate, consider implementing available options, including a reverse stock split, to regain compliance with the MVLS and Minimum Bid Price listing standards. If the Company does not regain compliance by the Compliance Deadlines, the Company will receive further written notification from Nasdaq that its securities are subject to delisting. At that time, the Company may qualify for additional time or appeal the delisting determination to a hearings panel..
About Premium Catering (Holdings) Limited
Premium Catering (Holdings) Limited is a certified Halal food caterer specializing in Indian, Bangladesh and Chinese cuisine and has over 11 years of experience in the catering services industry in Singapore. The Group primarily supplies budget prepared meals to foreign construction workers in Singapore. In addition, the Group operates food stalls and provides buffet catering services for private functions as well as ancillary delivery services. Since 2019, the Group has introduced smart incubators where prepared meals are placed in them for collection by the customer. The smart incubators are the Company's custom-made compartmentalized, heated and insulated food vending lockers which are used to deliver budget prepared meals to customers in a secured, hygienic, contactless manner at a pre-set temperature.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "potential," "continue" or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the SEC, which are available for review at www.sec.gov.
Contact:
Sarah Loh
The Chief Financial Officer
Telephone +65-6355 9488
IR@premium-catering.com.sg
