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SINGAPORE - Simpple Ltd. (NASDAQ:SPPL) announced Tuesday it believes it has regained compliance with Nasdaq’s minimum shareholders’ equity requirement following the closing of a $2 million private investment in public equity (PIPE) offering and strong financial performance. The company, currently valued at $9.4 million in market capitalization, has faced challenges with its stock price declining 66.75% over the past six months.
The technology provider in the facilities management sector stated its shareholders’ equity now exceeds Nasdaq’s $2.5 million requirement under Listing Rule 5550(b)(1). The company plans to use the $2,000,001 in gross proceeds to accelerate product development and increase market share, particularly in Australia and New Zealand. According to InvestingPro data, Simpple maintains impressive gross profit margins of nearly 60% despite operating with a current ratio of 0.88, indicating some liquidity challenges.
Simpple also reported it held its Annual General Meeting of Shareholders on June 30, satisfying another Nasdaq listing requirement. The company noted it will rely on Cayman Islands home country exemption regarding AGM requirements in the future.
The Singapore-headquartered company, which provides technology solutions for facilities management including robotics and Internet-of-Things devices, expects to maintain compliance with the shareholders’ equity requirement through year-end based on its first-half 2025 performance and internal forecasts.
Founded in 2016, Simpple serves over 60 clients across Singapore, Australia and the Middle East with its proprietary ecosystem for building maintenance, surveillance and cleaning. InvestingPro analysis suggests the stock is currently fairly valued, with 10+ additional insights available to subscribers.
The information in this article is based on a company press release statement.
In other recent news, SIMPPLE Ltd. has successfully regained compliance with Nasdaq’s minimum bid price requirement, ensuring its continued listing on the exchange. The company had previously received a notice for failing to maintain a minimum bid price of $1.00 per share, as required by Nasdaq Listing Rule 5550(a)(2). However, SIMPPLE Ltd. has now maintained the required minimum bid price for 14 consecutive business days, from April 7 to April 25, 2025, thus achieving compliance. This development marks a significant milestone for SIMPPLE Ltd., as confirmed by Nasdaq, and aligns with the company’s growth objectives in Singapore and beyond. CEO Norman Schroeder expressed satisfaction with this achievement, emphasizing their commitment to expansion in the region. The company specializes in PropTech solutions for autonomous facilities management and has been expanding its reach to Australia and the Middle East. SIMPPLE Ltd. has developed an automated workforce management tool, integrating software, robotics, and Internet-of-Things (IoT) devices for building maintenance, surveillance, and cleaning. The recent compliance achievement is a crucial step for SIMPPLE Ltd.’s ongoing presence in the stock market.
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