Magnitude International Receives Nasdaq Staff Determination on Form 20-F Filing Deficiency

Singapore, Sept. 18, 2026 /CourierPR/ -- Magnitude International Ltd, a mechanical and electrical engineering service provider specializing in electrical works in Singapore, has faced a new challenge following a regulatory notice from Nasdaq. On September 16, 2026, the company received an additional staff determination from the Listing Qualifications Department of The Nasdaq Stock Market LLC, highlighting a deficiency in its annual report filing.

According to the notice, Magnitude International failed to timely file its annual report on Form 20-F for the fiscal year ended April 30, 2026. This failure resulted in the company not being in compliance with Nasdaq Listing Rule 5250(c)(1). The additional staff determination constitutes a separate basis for potential delisting of the company's securities, in addition to a prior determination from August 3, 2026, which was based on the potential for third-party misconduct impacting the company's securities.

The delay in filing the Form 20-F was attributed to internal administrative procedures of the company’s independent registered public accounting firm. The report was subsequently filed on September 17, 2026, addressing the initial deficiency.

Magnitude International's Chief Executive Officer, Mr. Lim Say Wei, stated that the company continues to operate in the ordinary course and that the delay did not have any immediate effect on its ongoing business operations or financial condition. The company remains committed to maintaining compliance with Nasdaq listing requirements.

Founded in 2012 by Mr. Lim Say Wei, Magnitude International Ltd has participated in numerous private and public sector green field and brown field projects, primarily involving residential or mixed development type properties. The company's operations are focused on providing mechanical and electrical engineering services in Singapore.

This development underscores the importance of timely compliance with regulatory requirements for companies listed on Nasdaq. Investors and stakeholders are encouraged to monitor the company's progress and any further announcements related to this matter.

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. The company remains committed to maintaining compliance with Nasdaq listing requirements.