SIMPPLE Ltd. Regains Compliance with Nasdaq’s Minimum Bid Price Requirement

Rhea-AI Summary

SIMPPLE (NASDAQ: SPPL) has announced regaining compliance with Nasdaq Capital Market's continued listing requirement for minimum bid price. The company received formal notice from Nasdaq on December 5, 2024, confirming that as of December 2, 2024, it has met the minimum bid price requirement of $1.00 per share as per Nasdaq Listing Rule 5550(a)(2).

As a result of regaining compliance, the company's scheduled hearing before the Nasdaq Hearings Panel has been cancelled. CEO Norman Schroeder described this as a key milestone in addressing past issues and positioning the company for sustained long-term growth.

Positive

• Regained Nasdaq listing compliance, avoiding potential delisting risk
• Maintained minimum $1.00 share price requirement
• Cancelled potentially problematic Nasdaq hearing

Negative

• Previous non-compliance indicates recent share price weakness
• Reference to 'issues of the past' suggests historical challenges

Insights

Financial Markets Specialist

The regained Nasdaq compliance marks a critical turning point for SIMPPLE , effectively removing a significant delisting risk that had been hanging over the company. Compliance was achieved by maintaining a closing bid price above $1.00 for the required consecutive trading days, likely through a combination of market sentiment improvement and possibly corporate actions. While this development doesn't directly impact operational performance, it substantially reduces regulatory risks and typically improves market perception. The cancelled Nasdaq hearing eliminates associated legal and administrative costs. For a company with a relatively small market cap of $24.6M, maintaining listing status is important for access to capital markets and institutional investor interest. The compliance restoration typically enhances trading liquidity and could facilitate future capital raising efforts. However, investors should note that while the immediate delisting threat is resolved, the company must sustain compliance to avoid future listing issues.

Corporate Governance Analyst

This compliance restoration represents more than just a technical achievement - it's a fundamental stabilization of SIMPPLE's market position. The successful maintenance of the minimum bid requirement suggests improved market confidence in the company's governance and future prospects. CEO Schroeder's reference to "addressing certain issues of the past" indicates previous corporate challenges that required remediation. The timing of this announcement, early in 2025, positions SIMPPLE to focus on operational execution rather than listing compliance concerns. The cancelled hearing eliminates a significant corporate governance risk event and allows management to redirect resources toward growth initiatives. This development strengthens the company's ability to maintain institutional shareholders and attract new investors who may have been restricted from holding non-compliant securities.

Singapore, Jan. 06, 2025 (GLOBE NEWSWIRE) -- SIMPPLE Ltd (Nasdaq: SPPL) (“SIMPPLE” or “the Company”), a leading technology provider and innovator in the facilities management sector, today announced that on December 5, 2024 the Company received formal notice from The Nasdaq Stock Market LLC (“Nasdaq”) that on December 2, 2024, the Company has regained compliance with Nasdaq Capital Market’s continued listing standard for the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2), which requires listed securities to maintain a minimum bid price of $1.00 per share.

Accordingly, the Company’s scheduled hearing before the Nasdaq Hearings Panel is cancelled.

“This is a key milestone in our journey to address certain issues of the past and position the Company for sustained long-term growth,” said SIMPPLE chief executive Norman Schroeder. “On behalf of our management team and Board, we express our sincere gratitude to our shareholders, partners, and employees for their continued support through this process.”

About SIMPPLE LTD.

Headquartered in Singapore, SIMPPLE LTD. is an advanced technology solution provider in the emerging PropTech space, focused on helping facilities owners and managers manage facilities autonomously. Founded in 2016, the Company has a strong foothold in the Singapore facilities management market, serving over 60 clients in both the public and private sectors and extending out of Singapore into Australia and the Middle East. The Company has developed its proprietary SIMPPLE Ecosystem, to create an automated workforce management tool for building maintenance, surveillance and cleaning comprised of a mix of software and hardware solutions such as robotics (both cleaning and security) and Internet-of-Things ("IoT") devices.

For more information on SIMPPLE, please visit: https://www.simpple.ai/  

Safe Harbour Statement

This press release contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement.

Forward-looking statements are only predictions. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this press release and other statements made from time to time by us or our representatives might not occur.

For investor and media inquiries, please contact:

SIMPPLE LTD.
Investor Relations Department
Email: ir@simpple.ai

Skyline Corporate Communications Group, LLC

Scott Powell, President
1177 Avenue of the Americas, 5th Floor
New York, NY 10036
Tel: (646) 893-5835
Email: info@skylineccg.com

FAQ

When did SPPL regain Nasdaq compliance?

SIMPPLE (SPPL) regained compliance with Nasdaq's minimum bid price requirement on December 2, 2024, with formal notice received on December 5, 2024.

What is the minimum share price requirement for SPPL to maintain Nasdaq listing?

SPPL must maintain a minimum bid price of $1.00 per share to comply with Nasdaq Capital Market's listing requirements under Rule 5550(a)(2).

What was the outcome of SPPL's scheduled Nasdaq Hearings Panel?

The scheduled Nasdaq Hearings Panel was cancelled as SPPL regained compliance with the minimum bid price requirement.

How does SPPL's Nasdaq compliance impact shareholders?

Regaining compliance removes the risk of delisting from Nasdaq, which helps maintain market accessibility and potentially reduces investment risk for shareholders.