Founder Group Limited Receives NASDAQ Notification Regarding Minimum Publicly Held Shares Deficiency
Founder Group Limited faces a Nasdaq compliance deadline after falling below the required 500,000 publicly held shares threshold.
Rhea-AI Summary
Founder Group Limited (FGL) received a Nasdaq notice on September 16, 2026, that it no longer meets the minimum 500,000 publicly held shares requirement under Listing Rule 5550(a)(4) for the Nasdaq Capital Market.
The company is therefore not in compliance with Nasdaq’s continued listing rules, but the notification has no immediate effect on the listing or trading of its Class A ordinary shares. FGL has until November 2, 2026, to submit to Nasdaq staff a specific plan to achieve and sustain compliance with all Nasdaq Capital Market listing requirements, including an expected timeframe for completing the plan. The company intends to provide such a plan within the required deadline.
Positive
- Nasdaq notice has no immediate effect on listing or trading
- Company intends to submit a compliance plan by November 2, 2026
Negative
- Company is non-compliant with Nasdaq’s 500,000 publicly held shares requirement
- Failure to regain compliance could affect continued Nasdaq Capital Market listing
Details
Market reaction after listing compliance notice: FGL -8.70%
Following this news, FGL has declined 8.70%, reflecting a notable negative market reaction. Our momentum scanner has triggered 5 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $4.20.
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Key Figures
- Publicly held shares requirement
- 500,000 shares
- Nasdaq Capital Market continued-listing requirement
- Compliance plan deadline
- November 2, 2026
- Deadline to submit a specific plan to Nasdaq staff
Historical Context
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Announced 100-for-1 share combination linked to Nasdaq Marketplace Rule 5550(a)(2).
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
AI-generated analysis. How Rhea-AI works. Not financial advice.
SELANGOR, Malaysia, Sept. 21, 2026 (GLOBE NEWSWIRE) -- Founder Group Limited (Nasdaq: FGL) (“FGL” or the “Company”), announced today that on September 16, 2026, the Company received a letter from the Listing Qualifications Department of Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that since it no longer meets the minimum 500,000 publicly held shares requirement under Nasdaq Listing Rule 5550(a)(4) for the Nasdaq Capital Market, it no longer complies with the Listing Rules for continued listing.
The notification has no immediate effect on the listing or trading of the Company’s Class A ordinary shares. The Company has until November 2, 2026, to provide Nasdaq’s staff with a specific plan to achieve and sustain compliance with all The Nasdaq Capital Market listing requirements, including the time frame for completion of such plan. The Company intends to submit such plan within the required timeframe.
About Founder Group Limited
Founder Group Limited is a pure-play, end-to-end EPCC solutions provider for solar PV facilities in Malaysia. The company’s primary focus is on two key segments: large-scale solar projects and commercial and industrial (C&I) solar projects. The company’s mission is to provide customers with innovative solar installation services, promote eco-friendly resources and achieve carbon neutrality.
For more information on the Company, please visit https://www.founderenergy.com.my/.
Safe Harbor Statement
This press release contains forward-looking statements that reflect our current expectations and views of future events. Known and unknown risks, uncertainties and other factors, including those listed under “Risk Factors” in the Company’s filings with the U.S. Securities and Exchange Commission, may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. You can identify some of these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements involve various risks and uncertainties. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. We qualify all of our forward-looking statements by these cautionary statements.
Contact Information
For media queries, please contact:
Founder Group Limited
info@founderenergy.com.my
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What specific Nasdaq rule is Founder Group Limited currently not satisfying?
Founder Group Limited is not meeting the minimum 500,000 publicly held shares requirement under Nasdaq Listing Rule 5550(a)(4) for companies listed on the Nasdaq Capital Market.
What deadline has Nasdaq set for Founder Group Limited to respond?
The company has until November 2, 2026, to provide Nasdaq staff with a specific plan to achieve and sustain compliance with all Nasdaq Capital Market listing requirements, including a timeframe for completing that plan.
How does Founder Group Limited plan to address the Nasdaq deficiency notice?
The company intends to submit a detailed compliance plan to Nasdaq within the required timeframe, describing how it will achieve and maintain compliance with all applicable Nasdaq Capital Market listing requirements.