BioNexus Gene Lab Names Former Avillion CFO as New Finance Chief|BGLC Announces Executive Leadership Change - New CFO Appointed|BioNexus Gene Lab 8-K: CFO Transition and $42K Annual Compensation Package

Rhea-AI Filing Summary

BioNexus Gene Lab Corp (NASDAQ: BGLC) announced the appointment of Ms. Chong Set Fui (Angeline) as Chief Financial Officer and Principal Financial Officer, effective June 17, 2025. Ms. Chong, 62, brings over 25 years of senior financial leadership experience, including her previous role as CFO of Avillion Berhad (2013-2024). She holds ACCA and MIA certifications. The appointment includes dual responsibilities as CFO of MRNA Scientific Sdn. Bhd., a wholly-owned subsidiary. Her compensation package consists of RM15,000 monthly (approx. USD $3,500) plus benefits. Mr. Su-Leng Tan Lee steps down from his interim CFO position. The appointment was vetted by the Nomination and Corporate Governance Committee and Compensation Committee, with an indemnification agreement governed by Wyoming law. BGLC is an emerging growth company listed on Nasdaq.

Positive

• Appointment of highly qualified CFO Ms. Chong Set Fui with over 25 years of senior financial leadership experience and relevant professional certifications (ACCA, MIA)
• Ms. Chong brings significant public company CFO experience from her previous role at Avillion Berhad (2013-2024)
• The appointment was properly vetted through corporate governance channels (Nomination and Corporate Governance Committee and Compensation Committee)

Negative

• The relatively low compensation package of USD $3,500 monthly (RM15,000) for a CFO position might indicate resource constraints or raise concerns about the company's ability to retain top talent
• Turnover in key financial leadership with the departure of acting CFO Mr. Su-Leng Tan Lee
• As an emerging growth company (as indicated in the filing), the company has elected to maintain reduced disclosure obligations, which may result in less transparency for investors

Insights

Corporate Governance Analyst

Seasoned CFO appointment strengthens financial reporting oversight; low cost package implies limited cash impact, overall governance-positive.

The filing reports the Board appointed Ms. Chong Set Fui as Chief Financial Officer and Principal Financial Officer effective June 17, 2025 under Item 5.02. Her 25-year track record, including eleven years as CFO of Avillion Berhad, adds deep accounting and internal-control expertise that should improve BioNexus Gene Lab Corp.’s compliance with SEC and Nasdaq requirements.

Compensation is modest—RM15,000 per month (≈US $3,500) plus typical benefits—so cash burn rises only about US $42,000 annually, immaterial relative to most public-company cost bases. The Board’s Nomination, Governance and Compensation Committees reviewed the hire, indicating adherence to established oversight processes. The company also executed a Wyoming-law indemnification agreement, standard for senior officers.

The prior acting CFO, Mr. Su-Leng Tan Lee, stepped aside, clarifying role separation between CEO and finance function. No related-party transactions or family ties were disclosed, limiting conflict-of-interest risk.

Overall, the change strengthens management depth and governance with minimal financial impact—an incremental positive for stakeholders.

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UNITED STATES 

SECURITIES AND EXCHANGE COMMISSION 

WASHINGTON, D.C. 20549 

FORM 8-K

CURRENT REPORT 

Pursuant to Section 13 or Section 15(d) 

of the Securities Exchange Act of 1934 

Date of Report (Date of earliest event reported): June 17, 2025

BioNexus Gene Lab Corp.

(Exact name of registrant as specified in its charter) 

Wyoming		001-41750		35-2604830
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

Unit A-28-7, Tower A, Menara UOA Bangsar, No.5 Jln Bangsar Utama 1, 59000 Kuala Lumpur		59200
(Address of Principal Executive Offices)		Zip Code

Registrant’s telephone number, including area code: +1 307 241 6898

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation to the registrant under any of the following provisions: 

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) 

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) 

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) 

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) 

Securities registered or to be registered pursuant to Section 12(b) of the Act. 

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, no par value		BGLC		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). 

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Appointment of Chief Financial Officer

On June 17, 2025, the Board of Directors of BioNexus Gene Lab Corp. (the “Company”) appointed Ms. Chong Set Fui (Angeline) as the Company’s Chief Financial Officer and Principal Financial Officer, effective immediately.

Ms. Chong, age 62, has over 25 years of senior financial leadership experience, including serving as the Chief Financial Officer of Avillion Berhad from 2013 until November 2024. She is a member of the Association of Chartered Certified Accountants (ACCA) and the Malaysian Institute of Accountants (MIA), and brings deep expertise in corporate financial reporting, internal controls, and regional operations oversight.

Ms. Chong will concurrently serve as Chief Financial Officer of the Company’s wholly-owned subsidiary, MRNA Scientific Sdn. Bhd., and will perform the responsibilities of the Principal Financial Officer of BioNexus Gene Lab Corp. in accordance with U.S. federal securities laws and Nasdaq rules.

Under the terms of her employment agreement with MRNA Scientific Sdn. Bhd., Ms. Chong will receive a monthly salary of RM15,000 (approximately USD $3,500), plus benefits including medical coverage, fuel allowance, and eligibility for discretionary bonus compensation. Her appointment was reviewed and recommended by the Company’s Nomination and Corporate Governance Committee and Compensation Committee, and approved by the Board of Directors. The Company has also entered into an indemnification agreement with Ms. Chong governed by the laws of the State of Wyoming.

There are no family relationships between Ms. Chong and any director or executive officer of the Company, and she has not been involved in any related party transaction requiring disclosure under Item 404(a) of Regulation S-K.

Concurrent with the new appointment, Mr. Su-Leng Tan Lee ceased his role as acting Chief Financial Officer and Principal Financial Officer of the Company.

A copy of the Service Contract between the Company and Ms. Chong is attached hereto as Exhibit 10.7.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit No.		Exhibit Description
10.7		The Service Contract between the Company and Ms. Chong Set Fui (Angeline)
104		Cover Page Interactive Data File (embedded within the Inline XBRL Document)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	BioNexus Gene Lab Corp.
Date: June 23, 2025	By:	/s/ Su-Leng Tan Lee
	Name:	Su-Leng Tan Lee
	Title:	Chief Executive Officer

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FAQ

Who is BGLC's new CFO appointed on June 17, 2025?

Ms. Chong Set Fui (Angeline) was appointed as BGLC's Chief Financial Officer and Principal Financial Officer, bringing over 25 years of senior financial leadership experience, including her previous role as CFO of Avillion Berhad from 2013 to November 2024.

What is the compensation package for BGLC's new CFO?

BGLC's new CFO will receive a monthly salary of RM15,000 (approximately USD $3,500), plus benefits including medical coverage, fuel allowance, and eligibility for discretionary bonus compensation.

Who did BGLC's new CFO replace?

Ms. Chong Set Fui replaced Mr. Su-Leng Tan Lee, who ceased his role as acting Chief Financial Officer and Principal Financial Officer of BGLC.

What professional certifications does BGLC's new CFO hold?

BGLC's new CFO is a member of the Association of Chartered Certified Accountants (ACCA) and the Malaysian Institute of Accountants (MIA).

What additional role will BGLC's new CFO hold within the company?

Ms. Chong will concurrently serve as Chief Financial Officer of BGLC's wholly-owned subsidiary, MRNA Scientific Sdn. Bhd., while performing Principal Financial Officer duties for BioNexus Gene Lab Corp.