Ten‑League International Holdings Limited (NASDAQ: TLIH) received a Staff Determination from the Nasdaq Listing Qualifications Department on March 10, 2026, stating that the company’s securities will be delisted from the Nasdaq Capital Market because its closing bid price has remained below the required $1.00 per share for 30 consecutive business days. The determination was publicly disclosed on March 16, 2026, and the company was given a 180‑day compliance window that ended on March 9, 2026. Nasdaq staff concluded that it is unlikely the deficiency can be cured within the remaining period and denied a second grace period, leaving the company to request a hearing before an independent Panel to seek an exception or to develop a plan to regain compliance.
Ten‑League is a Singapore‑based provider of turnkey project solutions, with its business divided among heavy‑equipment sales and parts, heavy‑equipment rentals, and engineering consultancy services. Financial data released for the six‑month period ending June 30, 2025 show a 15.52% year‑over‑year decline in revenue and a 40.79% decline in net income, underscoring the company’s high leverage and the challenges it faces in generating sustainable cash flow. The company had projected fiscal‑year 2025 revenue of S$75 million to S$76 million, but the actual results fell short of that guidance, reflecting weaker demand in its core segments.
The bid‑price deficiency can be traced to the company’s limited ability to maintain a $1.00 per share bid price after its initial public offering on July 8, 2025. Ten‑League’s bid price was above $1.00 for only 13 consecutive business days following the IPO, after which it fell below the threshold for the remainder of the 180‑day period. The combination of declining revenue, high leverage, and a competitive market for heavy‑equipment and engineering services contributed to the sustained low bid price, leading Nasdaq staff to determine that the company is unlikely to cure the deficiency in time.
The company has indicated that it will request a hearing before an independent Nasdaq Panel, a step that automatically stays any delisting action pending the panel’s decision. If the panel denies the request, Ten‑League may be forced to pursue a reverse stock split or face outright delisting, both of which would severely limit its liquidity and access to public capital markets. The potential loss of institutional investor participation and the difficulty of refinancing its high leverage would constrain the company’s ability to fund future growth and could prompt a strategic reassessment of its business model.
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