Li Bang International Corporation Inc. will begin trading its newly designated Class A ordinary shares on the Nasdaq Capital Market on November 21, 2025, replacing the previously listed ordinary shares under the same ticker and CUSIP.
The change follows a June 27 shareholder vote that approved a dual‑class structure: all existing ordinary shares were converted to Class A shares with one vote each, and 50 million authorized but unissued shares were converted to Class B shares with fifteen votes each. The company repurchased 15.436 million Class A shares held by Maple Huang Holdings and Funa Lee Holdings and issued an equal number of new Class B shares to those shareholders, giving the CEO and his spouse control of roughly 98.6 % of voting power.
The dual‑class structure is intended to allow the founders to maintain control over long‑term strategy and protect the company from hostile takeover attempts, a common rationale for such arrangements in fast‑growing, capital‑intensive sectors like commercial kitchen equipment manufacturing.
Financially, Li Bang reported a fiscal‑year 2025 revenue of $11.11 million, up 2.89 % from $10.8 million in 2024, while net loss narrowed to $1.01 million from $1.4 million. Six‑month results ending December 31, 2024 showed revenue of $4.7 million, up 27 % YoY, with gross profit rising 37 % to $841 k and margins improving to 17.8 %. Net loss for the period was $1.1 million versus $1.5 million a year earlier, indicating modest growth but continued profitability challenges.
On November 7, 2025, the company received a Nasdaq notice that its closing bid price had fallen below $1.00 for 31 consecutive business days. Li Bang must regain compliance by May 6, 2026, or risk delisting, which would impact liquidity and investor confidence.
The concentration of voting power may streamline decision‑making but raises concerns for minority shareholders about reduced influence and transparency. The dual‑class structure may attract investors seeking stable governance, yet it also limits accountability. Coupled with the Nasdaq bid‑price deficiency, the event underscores the company’s focus on control and compliance while highlighting ongoing risks to its market standing.
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