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SINGAPORE - SIMPPLE Ltd. (NASDAQ:SPPL), a technology provider in the facilities management sector with a market capitalization of $15.86 million, announced Thursday it has regained compliance with Nasdaq’s minimum stockholders’ equity requirement following a recent capital raise.
The company received official notification from Nasdaq on July 22 that it now meets the $2.5 million minimum stockholders’ equity threshold required under Nasdaq Listing Rule 5550(b)(1).
SIMPPLE had previously fallen below the requirement, as disclosed in a January 21 filing. The company addressed the compliance issue by executing a private investment in public equity (PIPE) transaction that closed on June 30, raising $2 million through the sale of 1,333,334 shares.
"We are pleased to have successfully regained compliance with Nasdaq’s continued listing requirements," said Norman Schroeder, SIMPPLE’s chief executive, in the press release statement.
The Singapore-based company indicated it plans to use proceeds from the capital raise to advance its technology development and support global expansion efforts. SIMPPLE provides technology solutions for facilities management, including workforce management tools and robotics for building maintenance.
Nasdaq will continue monitoring SIMPPLE’s compliance with the stockholders’ equity requirement in future periodic reports. If the company fails to maintain compliance, it could face potential delisting proceedings, though it would have the opportunity to appeal such a determination.
Founded in 2016, SIMPPLE operates primarily in Singapore with additional presence in Australia and the Middle East, serving over 60 clients across public and private sectors, according to the company’s press release.
In other recent news, Simpple Ltd. has announced that it believes it has regained compliance with Nasdaq’s minimum shareholders’ equity requirement. This follows the closing of a $2 million private investment in public equity (PIPE) offering. The company stated that its shareholders’ equity now exceeds Nasdaq’s $2.5 million requirement, allowing it to focus on accelerating product development and increasing market share in Australia and New Zealand. Additionally, Simpple Ltd. has fulfilled Nasdaq’s minimum bid price requirement for continued listing. After previously receiving a warning for not meeting the $1.00 per share threshold, the company’s stock maintained the required minimum bid price for 14 consecutive business days. This compliance was confirmed by Nasdaq, ensuring Simpple Ltd.’s continued presence on the Nasdaq Capital Market. These developments mark significant steps for the company in maintaining its listing status.
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