Wang & Lee Group faces potential Nasdaq delisting due to non-compliance with minimum bid price requirements and has filed an appeal.
Quiver AI Summary
WANG & LEE GROUP, Inc., a Hong Kong-based construction contractor, announced that it received notification from Nasdaq regarding non-compliance with the minimum bid price requirement for its ordinary shares, which had been below $1.00 for the last 30 days. The company's securities also closed at $0.10 or less for ten consecutive trading days, leading to a potential delisting. Additionally, concerns regarding the Company's recent issuance of convertible notes prompted Nasdaq to issue a determination to delist the securities. WANG & LEE has filed an appeal and requested a hearing to contest this decision, with the appeal process temporarily preventing delisting while the company explores options to comply with listing rules. However, there are no guarantees that compliance will be achieved or that the appeal will be successful.
Potential Positives
- The Company has filed an appeal and requested a hearing before a Nasdaq Listing Qualifications Panel, which allows them to continue trading while the appeal is considered.
- The stock remains listed pending the outcome of the appeal, providing a temporary reprieve from delisting.
- The Company is exploring available options to regain compliance with Nasdaq Listing Rules, which demonstrates an proactive approach to their situation.
- WANG & LEE GROUP, Inc. maintains a diverse client base that includes both small startups and large companies, highlighting its market relevance and potential for future contracts.
Potential Negatives
- The company is at risk of delisting from Nasdaq due to non-compliance with the minimum bid price requirement, with its shares closing at $0.10 or less for the last ten consecutive trading days.
- The Nasdaq Listing Qualifications Staff has determined to delist the company's securities based on public interest concerns related to its issuance of convertible notes.
- There are no assurances that the company will successfully appeal the delisting decision or regain compliance with Nasdaq's listing rules.
FAQ
What is the main compliance issue faced by Wang & Lee Group?
The company is not in compliance with Nasdaq's minimum bid price requirement of $1.00 per share.
When did Wang & Lee Group receive the Notification Letter from Nasdaq?
The company received the Notification Letter on May 6, 2025.
What actions is Wang & Lee Group taking regarding the delisting?
The company has filed a notice of appeal and requested a hearing before a Nasdaq Listing Qualifications Panel.
What caused Nasdaq to consider delisting Wang & Lee Group’s securities?
The determination was based on public interest concerns related to the issuance of convertible notes.
Can Wang & Lee Group regain compliance with Nasdaq listing rules?
The company will evaluate options to regain compliance, but there are no assurances of success.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$WLGS Hedge Fund Activity
We have seen 6 institutional investors add shares of $WLGS stock to their portfolio, and 4 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- SABBY MANAGEMENT, LLC added 1,074,214 shares (+inf%) to their portfolio in Q1 2025, for an estimated $290,037
- CITADEL ADVISORS LLC removed 57,398 shares (-100.0%) from their portfolio in Q1 2025, for an estimated $15,497
- TWO SIGMA SECURITIES, LLC added 21,513 shares (+inf%) to their portfolio in Q1 2025, for an estimated $5,808
- XTX TOPCO LTD added 20,645 shares (+107.3%) to their portfolio in Q1 2025, for an estimated $5,574
- GROUND SWELL CAPITAL, LLC removed 17,906 shares (-100.0%) from their portfolio in Q1 2025, for an estimated $4,834
- RENAISSANCE TECHNOLOGIES LLC removed 13,159 shares (-21.6%) from their portfolio in Q1 2025, for an estimated $3,552
- UBS GROUP AG removed 1,147 shares (-100.0%) from their portfolio in Q4 2024, for an estimated $2,024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
HONG KONG, June 30, 2025 (GLOBE NEWSWIRE) -- WANG & LEE GROUP, Inc. (NASDAQ: WLGS) ("Wang & Lee" or the "Company"), a Hong Kong-based construction prime and subcontractor engaging in the installation of Electrical & Mechanical Systems, today announced that as previously announced on May 7, 2025, the Company received a letter (the “Notification Letter”) from the Listing Qualifications Staff (the “Staff”) of The Nasdaq Stock Market, LLC (“Nasdaq”) on May 6, 2025, notifying the Company that, based upon the closing bid price of the Company’s ordinary shares for the last 30 consecutive business days, the Company is not currently in compliance with the requirement to maintain a minimum bid price of $1.00 per share for continued listing on Nasdaq, as set forth in Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Requirement”), which matter serves as a basis for delisting the Company’s securities from Nasdaq. Additionally, the Company’s securities had a closing bid of $0.10 or less for the last ten consecutive trading days, and accordingly, is subject to the provisions under Listing Rule 5810(c)(3)(A)(iii). This serves as an additional basis for delisting.
On June 25, 2025, the Company received an additional Notification Letter notifying the Company that the Staff has determined to delist the Company’s securities pursuant to their discretionary authority under Listing Rule 5101. The Staff’s determination was based on public interest concerns primarily in relation to the Company’s June 9, 2025 issuance of convertible notes.
The Company has filed a notice of appeal and requested a hearing before a Nasdaq Listing Qualifications Panel to review the Staff’s determination. The appeal will stay delisting of the Company’s securities pending the Panel’s decision.
The Company will evaluate available options to regain compliance with the aforementioned Listing Rules. However, there are no assurances that the Company will be able to regain or maintain compliance or that any such appeal to the Panel will be successful, as applicable.
About WANG & LEE GROUP, Inc.
WANG & LEE GROUP, Inc. is a Hong Kong-based construction prime and subcontractor engaging in the installation of Electrical & Mechanical Systems, which includes low voltage (220v/phase 1 or 380v/phase 3) electrical system, mechanical ventilation and air-conditioning system, fire service system, water supply and sewage disposal system installation and fitting out for the public and private sectors. It is also able to provide design and contracting services to all trades in the construction industry. Their clients range from small startups to large companies.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that are subject to various risks and uncertainties. Such statements include statements regarding the Company's ability to grow its business and other statements that are not historical facts, including statements which may be accompanied by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. Actual results could differ materially from those described in these forward-looking statements due to certain factors, including without limitation, the Company's ability to achieve profitable operations, customer acceptance of new products, and future measures taken by authorities in the countries wherein the Company has supply chain partners, the demand for the Company's products and the Company's customers' economic condition, the impact of competitive products and pricing, successfully managing and, general economic conditions and other risk factors detailed in the Company's filings with the United States Securities and Exchange Commission. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake any responsibility to update the forward-looking statements in this release, except in accordance with applicable law.
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WANG & LEE GROUP, Inc.: https://www.wangnleegroup.com/
Email: [email protected]