Magnitude International Ltd Announces Receipt of Additional Nasdaq Staff Determination Regarding Form 20-F Filing Deficiency

Nasdaq cites Magnitude International’s delayed Form 20-F as an additional basis for potential delisting, though operations and finances remain unaffected.

Rhea-AI Summary

Magnitude International (MAGH) received an additional Nasdaq staff determination on September 16, 2026, citing noncompliance with Listing Rule 5250(c)(1) after it failed to timely file its Form 20-F for the fiscal year ended April 30, 2026.

This notice provides an additional basis for a previously notified potential delisting of the company’s securities. The late Form 20-F filing was attributed to internal administrative procedures at the company’s independent registered public accounting firm. The company filed the delayed Form 20-F on September 17, 2026. The new determination does not have any immediate effect on Magnitude International’s ongoing business operations or financial condition, and the company reports that it continues to conduct business in the ordinary course.

Positive

• Delayed Form 20-F for FY ended April 30, 2026 was filed on September 17, 2026
• Company states Nasdaq determination has no immediate effect on operations or financial condition

Negative

• Nasdaq staff found noncompliance with Listing Rule 5250(c)(1) due to late Form 20-F
• Filing deficiency is an additional basis for potential delisting of securities

Market Context

MAGH's supplied prior daily record showed a 9.21% gain before publication; this notice disclosed an ...

Analysis

MAGH's supplied prior daily record showed a 9.21% gain before publication; this notice disclosed an additional Nasdaq compliance basis and a subsequent Form 20-F filing, so the move cannot be treated as a reaction to the announcement.

Key Figures

Additional staff determination: September 16, 2026 Fiscal year-end: April 30, 2026 Form 20-F filing: September 17, 2026 +1 more

Additional staff determination

September 16, 2026

Nasdaq Form 20-F filing deficiency

Fiscal year-end

April 30, 2026

Annual report covered by the Form 20-F filing requirement

Form 20-F filing

September 17, 2026

Annual report subsequently filed

Prior staff determination

August 3, 2026

Earlier potential delisting determination under Nasdaq discretionary authority

Key Terms

form 20-f, nasdaq listing rule 5250(c)(1), staff determination

3 terms

form 20-f regulatory

"failure to timely file its annual report on Form 20-F"

Form 20-F is the standardized annual disclosure that non-U.S. companies must file with the U.S. securities regulator when their shares are traded in the U.S.; it contains audited financial statements, a plain-language description of the business, management discussion, governance details and key risk factors. It matters to investors because it provides a consistent, comparable company “report card” and rulebook, helping buyers assess financial health, governance and risks before investing.

nasdaq listing rule 5250(c)(1) regulatory

"not in compliance with Nasdaq Listing Rule 5250(c)(1)"

Nasdaq Listing Rule 5250(c)(1) requires companies listed on the Nasdaq stock exchange to promptly notify the exchange if their stock price falls below a certain minimum level, known as the "initial listing standards." This rule helps ensure that investors are aware of significant declines in a company's stock value, which could signal financial trouble or increased risk. Essentially, it helps maintain transparency and protect investors by keeping them informed about important changes in a company's stock performance.

staff determination regulatory

"received an additional staff determination from the Listing Qualifications Department"

A staff determination is a formal decision or finding made by agency or company employees who handle reviews and enforcement, rather than by higher-level boards or executives. Think of it like a referee’s ruling during a game: it resolves a specific procedural or compliance question and can affect whether a filing, claim, or product moves forward, the timing of approvals, and potential legal or market consequences for investors.

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Singapore, Sept. 18, 2026 (GLOBE NEWSWIRE) -- Magnitude International Ltd (Nasdaq: MAGH) (“Magnitude International” or the “Company”), a mechanical and electrical engineering service provider that specializes in electrical works in Singapore, today announced that on September 16, 2026, the Company received an additional staff determination from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”), notifying the Company that, due to its failure to timely file its annual report on Form 20-F for the fiscal year ended April 30, 2026, it was then not in compliance with Nasdaq Listing Rule 5250(c)(1).

This matter constituted an additional basis for potential delisting of the Company’s securities, in addition to the prior staff determination from Nasdaq dated August 3, 2026, to delist the Company’s securities pursuant to Nasdaq’s discretionary authority under Nasdaq Listing Rule IM-5101-4 pertaining to the potential for one or more third parties to engage in misconduct impacting the Company’s securities.

The delay in filing the Form 20-F was attributable to the internal administrative procedures of the Company’s independent registered public accounting firm. The Form 20-F was subsequently filed on September 17, 2026.

The additional staff determination does not have any immediate effect on the Company’s ongoing business operations or financial condition, and the Company continues to conduct its business in the ordinary course.

About Magnitude International Ltd

Magnitude International Ltd is a mechanical and electrical engineering service provider that specializes in electrical works in Singapore. Through its operating subsidiaries in Singapore, the Company has participated in numerous private and public sectors green field and brown field projects, mainly involving residential or mixed development type properties. The group was founded in 2012 by Mr. Lim Say Wei, our Chief Executive Officer.

Forward-Looking Statement

This press release contains forward-looking statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may, “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These forward-looking statements are subject to uncertainties and risks, including, without limitation, those risk factors that are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

For more information, please contact:

Investor Relations
Visit https://bnlengrg.com/contact-us/
Or contact us at enquiry@magnitude-int.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What caused Magnitude International’s delay in filing its Form 20-F?

The company attributes the delay in filing its Form 20-F for the fiscal year ended April 30, 2026 to internal administrative procedures at its independent registered public accounting firm.

When did Magnitude International file the delayed Form 20-F?

The Form 20-F for the fiscal year ended April 30, 2026 was filed on September 17, 2026.

Does the additional Nasdaq staff determination affect Magnitude International’s current business operations?

The company states that the additional Nasdaq staff determination has no immediate effect on its ongoing business operations or financial condition, and that it continues to conduct business in the ordinary course.