Welcome to our dedicated page for JE CLEANTECH HOLDINGS news (Ticker: JCSE), a resource for investors and traders seeking the latest updates and insights on JE CLEANTECH HOLDINGS stock.
JE Cleantech Holdings Limited (symbol: JCSE) specializes in the manufacturing and selling of a variety of cleaning systems and equipment. The company’s products are divided into four main categories: aqueous washing systems, plating and cleaning systems, train cleaning systems, and other specialized equipment such as filtration units. These cleaning systems are designed to serve various industrial applications, with product lifespans ranging from two to ten years.
JE Cleantech Holdings Ltd leverages its R&D and engineering capabilities to design, develop, and manufacture advanced cleaning systems tailored to meet the specific needs of industrial clients. The company derives a majority of its revenue from its operations in Singapore, solidifying its position as a key player in the Asian industrial cleaning solutions market.
Recently, the company’s stockholders approved a reverse stock split, granting the board of directors the authority to finalize the split ratio. As of the Effective Time, a 1-for-3 reverse stock split was implemented, reducing the number of authorized Ordinary Shares from 15,020,000 to 5,006,666. This move aims to improve the price, marketability, liquidity, and investor appeal of the company's shares.
JE Cleantech Holdings Ltd is committed to maintaining its listing on Nasdaq and enhancing shareholder value. The company’s transfer agent, VStock Transfer, LLC, facilitates the exchange process for stockholders, ensuring a smooth transition to the post-split shares. The exercise prices of outstanding stock options, warrants, and equity awards have also been proportionately adjusted to reflect the reverse stock split.
For more detailed and up-to-date information, please visit the company’s official website or the SEC’s website at www.sec.gov.
JE Cleantech Holdings (NASDAQ: JCSE) announced that its subsidiary JCS-Echigo Pte has entered into an option agreement to sell its industrial property in Singapore for SGD7.39 million (USD5.48 million). The transaction is expected to complete by June 30, 2025, with a 5% initial deposit of SGD369,650 already collected. The sale is projected to generate a net gain of SGD3.7 million (USD2.7 million) over the net book value.
The completion is subject to obtaining consent from the property's lessor. The property, acquired 11 years ago for centralized dishwashing operations, has 19 years of remaining lease. Management plans to consolidate manufacturing, dishwashing, and management operations in one facility for cost savings and operational benefits.
JE Cleantech Holdings (Nasdaq: JCSE), a precision cleaning and cleantech equipment manufacturer, has announced a cash dividend of US$0.09 per ordinary share. The dividend will be paid to shareholders of record as of December 10, 2024, with the payment expected around December 20, 2024.
JE Cleantech (NASDAQ: JCSE) reported strong financial results for H1 2024, with revenue increasing 21.9% to S$10.7 million (US$7.9 million) compared to H1 2023. The growth was driven by a 28.7% increase in sales of cleaning systems and equipment, and an 11.0% increase in centralized dishwashing services. Net income showed significant improvement, rising 114.3% to S$0.6 million (US$0.4 million) from S$0.3 million in H1 2023. The company attributes this performance to its solid customer base in precision cleaning systems and strategic expansion in centralized dishwashing business.
JE Cleantech Holdings (Nasdaq: JCSE), a Singapore-based cleantech company, announced the results of its Annual General Meeting (AGM) held on September 20, 2024. At the AGM, shareholders approved and ratified the appointment of five members to the Board of Directors: Hong Bee Yin, Long Jia Kwang, Singh Karmjit, Tay Jingyan, Gerald, and Khoo Su Nee, Joanne. These directors will serve for the ensuing year.
Additionally, the shareholders approved a resolution to ratify the appointment of WWC, P.C. as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024. The AGM took place at the Company's offices in Singapore.
JE Cleantech Holdings (Nasdaq: JCSE) has successfully regained compliance with Nasdaq's bid price requirement, as confirmed by a Compliance Letter received on August 27, 2024. This development ensures the company's continued listing on The Nasdaq Capital Market, following a decision by the Hearing Panel on July 15, 2024. HONG Bee Yin, CEO and Founder of JE Cleantech, expressed satisfaction with the outcome, emphasizing the importance of maintaining Nasdaq listing for shareholder value. The company, which specializes in precision cleaning and cleantech equipment manufacturing, is committed to meeting the Bid Price Requirement moving forward.
JE Cleantech Holdings (NASDAQ: JCSE) has announced the continuation of its $1,000,000 stock repurchase program. As of July 19, 2024, the company had repurchased 38,406 shares at an average price of $1.02, totaling approximately $39,175. The remaining authorized amount for repurchase is $960,825. CEO Elise Hong stated that this continuation reflects the Board's and management's confidence in future growth prospects and long-term value. The program allows JCSE to repurchase shares in open market transactions or by other means compliant with Rule 10b-18. The timing, number, and value of repurchased shares will be determined by management, considering factors such as market price, economic conditions, and legal requirements.
JE Cleantech Holdings (Nasdaq: JCSE) has received a temporary exception from Nasdaq to remain listed, despite non-compliance with the Bid Price Rule. The company has until December 6, 2024, to regain compliance by effecting a reverse stock split and maintaining a $1 closing bid price for at least ten consecutive business days. Key milestones include:
- Obtaining shareholder approval for the reverse stock split by November 14, 2024
- Implementing the reverse stock split by November 21, 2024
- Demonstrating compliance with the Bid Price Rule by December 6, 2024
Failure to meet these requirements could result in delisting. CEO HONG Bee Yin expressed the company's intention to meet the milestones and maintain Nasdaq listing.
On June 17, 2024, JE Cleantech Holdings (Nasdaq: JCSE) received a Determination Letter from the Nasdaq Listing Qualifications Department indicating the company's non-compliance with Listing Rule 5550(a)(2). The bid price of JCSE's shares had remained under $1 for 30 consecutive business days, and despite a 180-day compliance period ending on June 11, 2024, the company did not meet the required bid price. Consequently, Nasdaq plans to delist JCSE's shares, effective at the open of business on June 26, 2024, with a Form 25-NSE being filed to remove the company's securities from listing and registration. JCSE has appealed the decision and requested an oral hearing, paying a $20,000 hearing fee. Until a final determination, JCSE's shares will continue to trade on Nasdaq.
JE Cleantech Holdings , a NASDAQ-listed precision cleaning specialist, reported a profitable performance in 2023 with revenue of S$18.0 million and net income of S$0.5 million. The company secured new orders worth over S$4.7 million for precision cleaning systems in Singapore, developed autonomous cleaning robots, and invested in reducing its carbon footprint. The positive performance was attributed to higher margin in dishware washing, although demand for cleaning equipment softened. The CEO expressed optimism for future industry sentiments and highlighted plans for product diversification and revenue stream expansion.
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