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.
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