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HONG KONG - Wang & Lee Group, Inc. (NASDAQ:WLGS) has received a second delisting notification from Nasdaq, the Hong Kong-based construction contractor announced Monday.
The company, which specializes in electrical and mechanical systems installation, received its first notification on May 6 regarding non-compliance with Nasdaq’s minimum bid price requirement of $1.00 per share. The company’s shares had traded below this threshold for 30 consecutive business days. InvestingPro data shows the stock currently trades at $0.05, down from its 52-week high of $9.66, with consistently high price volatility.
On June 25, Wang & Lee received an additional delisting notification based on the Staff’s discretionary authority under Listing Rule 5101, citing public interest concerns primarily related to the company’s June 9 issuance of convertible notes. Nasdaq also noted that the company’s shares had closed at $0.10 or less for ten consecutive trading days.
Wang & Lee has filed an appeal and requested a hearing before a Nasdaq Listing Qualifications Panel, which will stay the delisting process pending the panel’s decision.
The construction contractor, which provides services including low voltage electrical systems, mechanical ventilation, air-conditioning, fire service, and water supply installations for public and private sectors, stated it will evaluate options to regain compliance with Nasdaq’s listing requirements. The company’s financial health score is rated as "Weak" by InvestingPro, with revenue declining 42% in the last twelve months to $3.95 million.
The company acknowledged in its statement that there are no assurances it will be able to regain or maintain compliance, or that its appeal to the Panel will succeed.
This information is based on a press release issued by Wang & Lee Group.
In other recent news, Troops, Inc. has entered into a significant stock purchase agreement with Wang & Lee Holdings, Inc. Troops, Inc. agreed to issue and sell 14,050,000 ordinary shares to Wang & Lee Holdings for a total of $12,645,000. This agreement includes a lock-up period of ten years, during which Wang & Lee Holdings is restricted from selling or transferring the shares without prior written consent from Troops, Inc. Additionally, Troops, Inc. retains the option to repurchase the shares before the lock-up period expires. Meanwhile, Wang & Lee Group has completed its acquisition of Solar (HK) Limited, enhancing its renewable energy capabilities in Hong Kong. This acquisition allows Wang & Lee Group to integrate SolarHK’s expertise in solar photovoltaic systems with its own battery technology. The company plans to expand SolarHK’s offerings with next-generation energy storage systems and smart grid solutions. These developments are part of Wang & Lee Group’s strategy to support Hong Kong’s transition to renewable energy and align with global climate initiatives.
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