UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
6-K
Report
of Foreign Issuer
Pursuant
to Rule 13a-16 or 15d-16 of
the
Securities Exchange Act of 1934
For
June 17, 2024
Commission
File Number: 001-41335
JE
CLEANTECH HOLDINGS LIMITED
(Exact
name of Registrant as specified in its charter)
Cayman
Islands
(Jurisdiction
of incorporation or organization)
3
Woodlands Sector 1
Singapore
738361
(Address
of principal executive offices)
Bee
Yin Hong, CEO
Tel:
+65 6368 4198
Email:
Elise.hong@jcs-echigo.com.sg
3
Woodlands Sector 1
Singapore
738361
(Name,
Telephone, email and/or fax number and address of Company Contact Person)
Indicate
by check mark whether the Registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form
20-F ☒ Form 40-F ☐
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Note:
Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report
to security holders.
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
Note:
Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that
the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated,
domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on
which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to
be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the
subject of a Form 6-K submission or other Commission filing on EDGAR.
Notice
of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
JE
Cleantech Holdings Limited (Nasdaq: JCSE) received a letter on June 17, 2024 (the “Determination Letter”) from the Listing
Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”). The Determination Letter indicated that, as previously
notified by Nasdaq on December 14, 2023, the bid price of the Company’s listed security had closed at less than $1 per share over
the previous 30 consecutive business days and, as a result, did not comply with Listing Rule 5550(a)(2) (the “Rule”). In
accordance with the Rule, the Company was provided 180 calendar days, or until June 11, 2024, to regain compliance with the Rule
The
Determination Letter stated:
“The
Company has not regained compliance with the Rule and is not eligible for a second 180-day period. Specifically, Staff does not believe
the Company will cure the deficiency and sustain compliance. In that regard, since September 22, 2022, the Company’s closing bid
price has been above $1 only twenty-two days.”
The
Staff determined that the Company’s Ordinary Shares would be scheduled for delisting from The Nasdaq Capital Market and would be
suspended at the open of business on June 26, 2024. Further, a Form 25-NSE would be filed with the Securities and Exchange Commission
(the “SEC”), which would remove the Company’s securities from listing and registration on The Nasdaq Stock Market (the
“Delisting Determination”).
The
Determination Letter further informed the Company that it had until 4:00 p.m. Eastern Time on June 24, 2024, to appeal the Staff’s
Delisting Determination to a Hearings Panel and request a hearing to stay the suspension of the Company’s Ordinary Shares from
trading and the filing of the Form 25-NSE with the SEC. The Company has submitted a hearing request for an oral hearing and paid the
hearing fee of $20,000. The Company’s Ordinary Shares will continue to trade on The Nasdaq Capital Market following the submission
of the hearing request until a final determination has been made by Nasdaq.
“We
are cognizant of the value to our shareholders of the listing of our shares on Nasdaq given the liquidity and pricing efficiency that
the exchange provides. We pledge our best efforts towards improved performance which we believe will allow us to meet the continued listing
standards,” stated Ms. HONG Bee Yin, CEO and Founder of JE Cleantech.
On
June 20, 2024, the Company issued a press release related to the Determination Letter and the information described above. (the “Press
Release”). A copy of the Press Release is furnished as Exhibit 99.1 to this Report on Form 6-K.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
| Date:
June 20, 2024 |
JE
CLEANTECH HOLDINGS LIMITED |
| |
|
|
| |
By: |
/s/
LONG Jia Kwang |
| |
|
LONG
Jia Kwang |
| |
|
Chief
Financial Officer and Director |
EXHIBIT
INDEX
Exhibit
No.
Exhibit
99.1
JE
Cleantech Holdings Limited Announces Receipt of NASDAQ Determination Letter
Singapore,
June 20, 2024 (GLOBE NEWSWIRE) — JE Cleantech Holdings Limited (Nasdaq: JCSE), a manufacturer of a broad range of cleaning systems,
announced that on June 17, 2024, it received a letter (the “Determination Letter”) from the Listing Qualifications Department
of The Nasdaq Stock Market LLC (“Nasdaq”). The Determination Letter indicated that, as previously notified by Nasdaq on December
14, 2023, the bid price of the Company’s listed security had closed at less than $1 per share over the previous 30 consecutive
business days and, as a result, did not comply with Listing Rule 5550(a)(2) (the “Rule”). In accordance with the Rule, the
Company was provided 180 calendar days, or until June 11, 2024, to regain compliance with the Rule
The
Determination Letter stated:
“The
Company has not regained compliance with the Rule and is not eligible for a second 180-day period. Specifically, Staff does not believe
the Company will cure the deficiency and sustain compliance. In that regard, since September 22, 2022, the Company’s closing bid
price has been above $1 only twenty-two days.”
The
Staff determined that the Company’s Ordinary Shares would be scheduled for delisting from The Nasdaq Capital Market and would be
suspended at the open of business on June 26, 2024. Further, a Form 25-NSE would be filed with the Securities and Exchange Commission
(the “SEC”), which would remove the Company’s securities from listing and registration on The Nasdaq Stock Market (the
“Delisting Determination”).
The
Determination Letter further informed the Company that it had until 4:00 p.m. Eastern Time on June 24, 2024, to appeal the Staff’s
Delisting Determination to a Hearings Panel and request a hearing to stay the suspension of the Company’s Ordinary Shares from
trading and the filing of the Form 25-NSE with the SEC. The Company has submitted a hearing request for an oral hearing and paid the
hearing fee of $20,000. The Company’s Ordinary Shares will continue to trade on The Nasdaq Capital Market following the submission
of the hearing request until a final determination has been made by Nasdaq.
“We
are cognizant of the value to our shareholders of the listing of our shares on Nasdaq given the liquidity and pricing efficiency that
the exchange provides. We pledge our best efforts towards improved performance which we believe will allow us to meet the continued listing
standards,” stated Ms. HONG Bee Yin, CEO and Founder of JE Cleantech.
About
JE Cleantech Holdings Limited
JE
Cleantech Holdings Limited is based in Singapore and is principally engaged in (i) the sale of cleaning systems and other equipment;
and (ii) the provision of centralized dishwashing and ancillary services. Through its subsidiary, JCS-Echigo Pte Ltd, the company designs,
develops, manufactures, and sells cleaning systems for various industrial end-use applications primarily to customers in Singapore and
Malaysia. Its cleaning systems are mainly designed for precision cleaning, with features such as particle filtration, ultrasonic or megasonic
rinses with a wide range of frequencies, high pressure drying technology, high flow rate spray, and deionized water rinses, which are
designed for effective removal of contaminants and to minimize particle generation and entrapment. The Company also has provided centralized
dishwashing services, through its subsidiary, Hygieia Warewashing Pte Ltd, since 2013 and general cleaning services since 2015, both
mainly for food and beverage establishments in Singapore. For more information about JE Cleantech, please visit our website: www.jecleantech.sg.
Forward-Looking
Statements
Certain
statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and
uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes
may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all)
of these statements by the use of words such as “may,” “will,” “should,” “believe,” “expect,”
“could,” “intend,” “plan,” “anticipate,” “estimate,” “continue,”
“predict,” “project,” “potential,” “target,” “goal,” or other similar expressions
in this announcement. These forward-looking statements include, without limitation, the Company’s expectations with respect to
future performance and anticipated potential financial impacts. The Company undertakes no obligation to update or revise publicly any
forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be
required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it
cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ
materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s
Form 20-F, and other filings with the United States Securities and Exchange Commission.
Contact:
Jason
Long
Email
address: enquiry@jecleantech.sg
Phone
number: +65 63684198
Other
number: +65 66029468
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