Daily Briefing: Luxury items company Reebonz to delist from Nasdaq; Security solutions provider Oneberry raises $30m in Series A round

And a generous election budget is expected to ease voters’ economic fears.

From DealStreetAsia:

US Nasdaq-listed and Singapore-based luxury items company Reebonz Holding Limited has received a notification from Nasdaq Stock Market that it did not meet the continued listing requirements.

This is the second such notification received by the company. The first one was issued on December 2018, but the company managed to achieve full listing compliance in May 2019.

In the latest written notification issued on Thursday, Nasdaq has pointed out that Reebonz’s market value of its publicly held ordinary shares for the last 30 consecutive business days was below the minimum requirement of $20.72m (US$15m). The company now has 180 calendar days or until February 25, 2020 to regain the minimum requirement.

Reebonz’s stock price closed up two cents, or 1.14 % at $2.44 (US$1.77) following the announcement on September 05. The market capitalisation last stood at $15.21m (US$11.01m), according to data provided by Yahoo! Finance.

Read more here.

From e27:

Oneberry Technologies, an end-to-end security and surveillance solution provider, announced that it has received funding of $30m (US$22m) from Singapore-headquartered private equity firm CMIA Capital Partners and Malaysia-based Bintang Capital Partners Berhad.

With the fresh funding, Oneberry plans to expand its offerings while taking its products and services to a larger regional scale.

“The latest capital injection into Oneberry will enable us to step up our research and development initiatives, accelerate our compelling growth strategies, and allow us to explore emerging industries of growth, including cybersecurity,” said Arun Murthy, Deputy CEO of Oneberry.

Oneberry Technologies was founded in 2003. It offers to help address shortages in security manpower through technology solutions that “increase security, surveillance, and productivity”.

Read more here.

From Reuters:

Singapore is expected to roll out a generous budget ahead of an election as the ruling party seeks to appease voters who are feeling the pinch from a sharp economic downturn, analysts say.

Prime Minister Lee Hsien Loong has formed a panel to review electoral boundaries, the government said on Wednesday, the traditional precursor to an election being called within months.

Lee’s People’s Action Party (PAP) is all but certain of a healthy victory with even the main opposition downbeat on its chances. But the PAP, which has comfortably won every election since Singapore’s independence in 1965, will want to ensure its large majority isn’t eroded.

Analysts say the PAP may hold the vote shortly after delivering a budget in February that would likely boost spending to help the public as the city state’s trade-dependent economy teeters on the edge of recession.

If the economy worsens further then the vote could come sooner, they said.

Read more here.