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JE Cleantech Announces Voting Results Of Its Extraordinary General Meeting
SINGAPORE, Sept 5, 2023 - (ACN Newswire) - - JE Cleantech Holdings Limited (NASDAQ: JCSE) today announced the results of the Company's Extraordinary General
About this update from Je Cleantech Holdings Limited
[{"type":"text","content":"SINGAPORE, Sept 5, 2023 - (ACN Newswire) - - JE Cleantech Holdings Limited (NASDAQ: JCSE) today announced the results of the Company's Extraordinary General Meeting of Members (the \"Extraordinary Meeting\") held on August 29, 2023, at the Company's offices located at 3 Woodlands Sector 1, Singapore. At the Extraordinary Meeting, the members approved and authorized a consolidation of the Company's Ordinary Shares (\"Reverse Stock Split\") of the Company's issued Ordinary Shares in a range from 1 for 1.5 to 1 for 10 Ordinary Shares (the \"Range\"). The Board of Directors may elect to either: (i) effect the Reverse Stock Split; or (ii) not effect the Reverse Stock Split; within the Range at any time during the next 12 months.The Company may effect the Reverse Stock Split within the Range in order to regain full compliance with the Nasdaq Stock Market LLC's (\"Nasdaq\") share price listing rule (\"Rule\"). The Rule requires that the bid price for the Company's Ordinary Shares must close at $1.00 per share or more for a minimum of 10 consecutive business days during the compliance period ending October 28, 2023. A Reverse Stock Split would reduce the total number of JCSE's issued and outstanding Ordinary Shares, which is expected to result in an increase in the trading price per share. The objective of the Reverse Stock Split, if effected, will be to ensure that the Company regains full compliance with the Rule and maintains its listing on Nasdaq.About JE Cleantech Holdings LimitedJE 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 subsidi...