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JBDI Holdings filed its annual report (Form 20‑F) for the year ended May 31, 2025. The company reported 19,254,471 Ordinary Shares outstanding as of May 31, 2025. As of the date of the report, it also noted 19,029,064 Ordinary Shares issued and outstanding; this is a baseline figure, not the amount being offered.
Recent events included an auditor change on June 13, 2025 to YCM CPA INC., and the resolution of two Nasdaq matters. JBDI received and then cured a deficiency related to interim financials, regaining compliance on June 9, 2025. It also regained compliance with the $1.00 bid price rule on June 3, 2025. The company completed its IPO on August 28, 2024, selling 1,750,000 shares at $5.00 each for approximately $6.7 million in net proceeds.
Operationally, over 80% of revenue came from Singapore in fiscal 2025 and 2024. Sales from the top five customers were 26.5% of revenue in 2025; the largest customer contributed about $1.3 million (14.9%). Average accounts receivable turnover was 72 days in 2025, reflecting credit exposure typical for its industry.
JBDI Holdings reported the results of its May 2, 2025 annual general meeting where shareholders overwhelmingly re-elected the board nominees and ratified its new auditor. Each director nominee received greater than 99.6% of votes cast; vote counts ranged from 10,564,662 to 10,625,320 in favor with withheld votes generally around 31,000 or fewer, representing roughly 0.29%–0.30% withheld.
The shareholders also ratified YCM CPA INC. as the independent registered public accounting firm for the fiscal year ended May 31, 2025, receiving 10,620,613 votes in favor (about 99.66%); there were 26,300 votes against and 9,412 abstentions. The company dismissed Onestop Assurance PAC as its prior auditor; Onestop’s prior audit report for the fiscal year ended May 31, 2024 was unqualified and Onestop reported no disagreements and no reportable events prior to dismissal.