JBDI Holdings regains Nasdaq compliance with filings

SINGAPORE - JBDI Holdings Limited (NASDAQ:JBDI), a Singapore-based provider of eco-friendly products and services with a market capitalization of $23.15 million, has announced its return to compliance with Nasdaq’s periodic filing requirements. The company has submitted its unaudited condensed consolidated financial statements for the semi-annual periods ending November 30, 2024, and 2023, as required under Nasdaq Listing Rule 5250(c)(1).

On Monday, Nasdaq informed JBDI Holdings that it had regained compliance with the Nasdaq Capital Market’s listing standards. The Notice came after the company filed the necessary documents with the Securities and Exchange Commission on Sunday.

JBDI’s CEO, Mr. Lim Chwee Poh, expressed satisfaction with the company’s return to compliance, emphasizing the opportunity to now concentrate on creating long-term shareholder value. He highlighted the importance of having their periodic filings up to date.

The company, with nearly 40 years of experience, is recognized in Singapore and Southeast Asia for its reconditioning and recycling services, particularly for drums and related containers. According to InvestingPro data, JBDI maintains strong liquidity with a current ratio of 4.34 and operates with a healthy gross margin of 59.38%. While currently unprofitable, the stock has shown remarkable momentum with a 78.93% return over the past six months. JBDI Holdings offers reconditioned steel and plastic drums, new containers, and ancillary services, aiming to assist customers in achieving a zero environmental impact footprint while also reducing costs and optimizing resource allocation. InvestingPro subscribers can access additional financial health metrics and 7 more exclusive ProTips to make informed investment decisions.

This update is based on a press release statement from JBDI Holdings Limited and does not include any additional information not contained in the release.

In other recent news, JBDI Holdings Limited has made significant strides in addressing compliance issues with Nasdaq. The company announced it has resolved its non-compliance with Nasdaq’s minimum bid price requirement by maintaining a closing bid price of at least $1.00 for eleven consecutive business days. Additionally, JBDI filed its overdue interim financial statements for the six months ending November 30, 2024, with the SEC, addressing another compliance issue. Alongside these developments, JBDI revealed a new share repurchase program, authorizing the buyback of up to $1 million of its ordinary shares. This initiative will be executed through various methods, depending on market conditions and regulatory compliance. The company has also made its unaudited financial results for late 2024 available, providing stakeholders with insights into its financial performance. These financial statements were incorporated into the company’s existing registration statement on Form F-1. Furthermore, JBDI’s board will periodically review the share repurchase program, allowing for potential adjustments. These recent developments highlight the company’s efforts to enhance shareholder value and maintain regulatory compliance.

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