WANG & LEE GROUP, Inc. - WLGS STOCK NEWS

Wang & Lee Group (WLGS) has announced a strategic partnership with City University of Hong Kong to develop innovative kinetic technology that converts footstep energy into renewable power through energized panels. The collaboration aims to revolutionize sustainable energy solutions by harnessing human kinetic energy for off-grid electricity generation.

The company is currently implementing the technology by installing energized panels at Hangseng Bank's headquarters in Central, Hong Kong, specifically on a high-traffic pedestrian footbridge. To support project expansion, WLGS is considering issuing an ESG bond in Luxembourg.

The initiative focuses on both technological advancement and educational outreach, promoting Environmental, Social, and Governance (ESG) principles while demonstrating practical applications of renewable energy generation.

Wang & Lee Group (WLGS) has announced a strategic partnership with Jinshan Hi-Tech Group through a Memorandum of Understanding (MOU) to develop innovative waste treatment solutions in Hong Kong. The collaboration aims to introduce the third generation of overall solutions for harmless domestic waste treatment, combining Wang & Lee's expertise in green energy and ESG solutions with Jinshan Hi-Tech Group's innovative technologies.

The partnership focuses on establishing new benchmarks in sustainability and efficiency for waste management practices. Mr. Ho, CEO of Wang & Lee, emphasized their commitment to minimizing environmental impact and creating a cleaner future for Hong Kong. Mr. Yang, Chairman of Jinshan Hi-Tech Group, expressed excitement about the collaboration's potential to create sustainable solutions.

Additionally, Wang & Lee is considering issuing an ESG bond in Luxembourg to fund this innovative project, demonstrating their commitment to environmental sustainability and technological advancement in waste management.

WANG & LEE GROUP, Inc. reported strong financial results for Fiscal Year 2023, with revenue increasing by 63.7% to $6.83 million, gross profit increasing by 210.6% to $2.44 million, and total shareholders' equity increasing by 449.0% to $5.98 million. The Company's CEO highlighted product diversification and sales growth of over 63% in FY 2023. Adjusted EBITDA margin was 25.32% for 2023, showcasing operational efficiency. However, general and administrative expenses increased by 102.6% to $2.89 million, impacting net profit. Interest expenses and other income also saw significant changes, contributing to a net loss of $0.33 million for FY 2023.

WANG & LEE GROUP, Inc. (Nasdaq: WLGS) announced its unaudited operating results for the six months ended June 30, 2023, reporting a 15.2% increase in revenue to $1.44 million. However, the cost of revenues also increased by 35.6%, resulting in a gross profit of $0.25 million, down from $0.38 million in the same period of 2022. General and administrative expenses rose by 204.8% to $1.89 million, leading to a net loss of $1.62 million, significantly higher than the $0.24 million loss in 2022.

WANG & LEE GROUP, Inc. has received notification from Nasdaq that it no longer complies with the minimum bid price requirement for continued listing. The company has 180 calendar days to regain compliance.

Wang & Lee Group, Inc. (NASDAQ: WLGS) announced the closing of its initial public offering, selling 1,600,000 ordinary shares at $5.00 per share, resulting in gross proceeds of $8,000,000 before deductions. The offering was underwritten by Boustead Securities, LLC and was facilitated by a registration statement filed with the SEC, effective as of March 31, 2023. The company specializes in the installation of Electrical & Mechanical Systems in the construction industry, catering to both public and private sectors. The Offering's prospectus will be filed with the SEC and can be accessed through their website.

WANG & LEE GROUP has begun trading on The Nasdaq Capital Market under the ticker symbol WLGS as of April 20, 2023. The company has priced a public offering of 1,600,000 ordinary shares at $5.00 per share, aiming for gross proceeds of $8,000,000 before expenses. Boustead Securities, LLC is the underwriter for this offering. A registration statement was filed and declared effective by the SEC on March 31, 2023, with details available through official channels. The company specializes in Electrical and Mechanical Systems installation for public and private sectors and provides design and contracting services across the construction industry. They cater to a diverse clientele, from startups to large enterprises.

WANG & LEE GROUP, Inc. (NASDAQ: WLGS) announced the pricing of its initial public offering (IPO) of 1,600,000 shares at $5.00 per share, generating total gross proceeds of $8,000,000. The shares will commence trading on The Nasdaq Capital Market on April 20, 2023, with the offering scheduled to close on April 24, 2023, pending customary conditions. Boustead Securities, LLC serves as the underwriter for this offering. The Company operates in the construction sector, focusing on the installation of Electrical & Mechanical Systems for various clients, ranging from startups to large corporations. This financing aims to bolster W&L’s business operations and expansion plans.