Premium Catering (Holdings) Ltd. Stock Price, News & Analysis

Premium Catering (Nasdaq: PC) announced shareholders approved a reverse stock split at an Extraordinary General Meeting, with the Board authorizing a 1:9 ratio. The consolidation will be effective for shareholders of record on July 21, 2025, with trading on the adjusted basis beginning July 22, 2025.

The primary purpose of this corporate action is to maintain compliance with Nasdaq's minimum bid requirement of $1.00 per share to continue listing on the Nasdaq Capital Market. The company will maintain its existing ticker symbol "PC" post-split.

Premium Catering (Holdings) Limited (NASDAQ: PC) has announced a $1.0 million share repurchase program for its Ordinary Shares. The program, authorized by the Board of Directors, allows the company to repurchase shares through various means including open market purchases, block trades, and privately negotiated transactions.

The repurchases will comply with federal securities laws and Rule 10b-18 requirements. The program has no time limit and can be modified or suspended at any time. The company plans to fund the buyback using existing cash reserves and future cash flows.

Premium Catering (PC) reported financial results for H2 2024, showing significant challenges with revenue declining 21.1% to S$2.2M from S$2.8M in H2 2023. The company posted a net loss of S$1.4M, a 208.2% increase from the S$0.5M loss in the previous year. While gross profit margins improved to 28.3% from 22.4%, total gross profit remained flat at S$0.63M. The decline was primarily attributed to reduced revenue from budget prepared meals (-S$0.3M) and food stall operations (-S$0.3M). Post-IPO expenses significantly impacted results, with general administrative expenses doubling to S$2.1M, including new costs for ESG management systems (S$0.76M), audit fees (S$0.12M), and D&O insurance (S$0.09M).

Premium Catering Holdings (NASDAQ: PC) has received two deficiency notices from Nasdaq. The first notice concerns non-compliance with the minimum market value of listed securities (MVLS) requirement of $35,000,000. The company has until June 9, 2025 to regain compliance by maintaining MVLS above $35,000,000 for at least 10 consecutive business days.

The second notice indicates failure to maintain a minimum bid price of $1.00 over 30 consecutive business days. The company has until June 9, 2025 to meet this requirement. Additionally, the company currently doesn't meet other listing requirements including maintaining stockholders' equity of $2.5 million and net income standards. While trading continues under symbol PC, failure to meet these requirements by the deadline could result in delisting.

Premium Catering Holdings reported financial results for fiscal year ended June 30, 2024, showing a revenue decline of 1.0% to S$5.16 million from S$5.21 million in 2023. The company's net loss significantly widened to S$1.47 million from S$0.44 million in the previous year. Gross profit margin decreased from 22.0% to 16.1% due to increased raw material costs. General and administrative expenses rose by 50.4% to S$2.28 million, primarily due to expansion into new premises and increased staff costs. The company's core business of budget prepared meals saw a S$0.2 million revenue decrease, partially offset by S$0.1 million from new food stall and buffet catering services.

Premium Catering (Holdings) (Nasdaq: PC) has successfully closed its initial public offering (IPO) of 2,000,000 ordinary shares at $4.75 per share, raising $9.5 million in gross proceeds. The company sold 1,650,000 shares, while selling shareholders offered 350,000 shares. PC received $7,837,500 in gross proceeds before deductions.

The funds will be used for IT system upgrades, production automation, expanding delivery fleet and asset management services, potential acquisitions, marketing, loan repayment, and working capital. Bancroft Capital, acted as the sole underwriter. The IPO was conducted under SEC registration (File Number: 333-279272), effective September 23, 2024.

Premium Catering (Holdings) (Nasdaq: PC) has announced the pricing of its initial public offering (IPO) of 2,000,000 ordinary shares at $4.75 per share, aiming to raise $9.5 million in gross proceeds. The company is offering 1,650,000 shares, while selling shareholders are offering 350,000 shares. Trading is set to begin on the Nasdaq Capital Market on September 25, 2024, under the ticker symbol 'PC'. The offering is expected to close around September 26, 2024.

PC is a food caterer in Singapore, providing prepared meals to foreign workers, operating food stalls, and offering buffet catering services. Bancroft Capital, is acting as the sole underwriter for the IPO. A registration statement has been filed with the SEC and declared effective on September 23, 2024.