Singapore, Nov. 05, 2024 (GLOBE NEWSWIRE) -- SIMPPLE Ltd. (NASDAQ: SPPL) (“SIMPPLE” or “the Company”), a leading technology provider and innovator in the facilities management sector, today announced details of its plan to regain compliance on the Nasdaq.

On October 25, 2024, SIMPPLE announced it had, on the previous day, received written notice from the Listing Qualifications Staff of Nasdaq stating that the Company had not regained compliance with Nasdaq Listing Rules 5550(a)(2) (“the Rule”) to maintain a minimum bid price of $1 per share for the 180-day period culminating on October 23, 2024, and was thus not eligible for a second 180-day period.

In that same announcement of October 25, SIMPPLE also said it intended to request a hearing before the Nasdaq Hearings Panel, during which the Company would present its plan to regain compliance with the above-listed Rule and ask for additional time within which to regain this compliance.

On October 31, SIMPPLE filed this request, which allows the Company’s ordinary shares to remain listed on the Nasdaq Capital Market until such time as Nasdaq renders a decision, and offers any extension, in connection with this hearing.

The Company plans to regain compliance includes effecting a reverse stock split aimed at increasing the Company’s share price to meet Nasdaq’s listing standards. In the meantime, however, SIMPPLE remains fully operational, with day-to-day business activities proceeding as usual.

During the past three months, SIMPPLE has been able to secure several contracts and partnership agreements to further demonstrate commercial success in the market. While these announcements, and other such announcements that the Company may make in the near future cannot guarantee a specific upwards movement in the price of its common shares, SIMPPLE is confident such achievements underscore the strength of its business and market position, and the scope of the Company’s future business opportunities.

“We are committed to maintaining our Nasdaq listing and are actively pursuing the necessary steps to regain compliance with Nasdaq’s minimum bid price requirement,” said SIMPPLE chief executive Norman Schroeder. “We look forward to providing further updates on this compliance process, and on the numerous business opportunities we believe will have a positive impact on our long-term growth and financial health.”

About SIMPPLE LTD.

Headquartered in Singapore, SIMPPLE LTD. is an advanced technology solution provider in the emerging PropTech space, focused on helping facilities owners and managers manage facilities autonomously. Founded in 2016, the Company has a strong foothold in the Singapore facilities management market, serving over 60 clients in both the public and private sectors and extending out of Singapore into Australia and the Middle East. The Company has developed its proprietary SIMPPLE Ecosystem, to create an automated workforce management tool for building maintenance, surveillance and cleaning comprised of a mix of software and hardware solutions such as robotics (both cleaning and security) and Internet-of-Things (“IoT”) devices.