Recent Updates — FGL
Founder Group Limited received confirmation from Nasdaq on October 19, 2026, that it has regained compliance with Listing Rule 5550(a)(4), which requires a minimum of 500,000 publicly held shares. The exchange closed the matter after the company reported holding 541,791 publicly held shares as of October 9, 2026. This resolves a non-compliance notice issued by Nasdaq on September 16, 2026. Founder Group Limited is an end-to-end EPCC solutions provider for solar PV facilities in Malaysia.
Founder Group Limited issued Class B ordinary shares as special one-time performance-based awards to Chairman and CEO Lee Seng Chi (431,515 shares valued at RM30 million) and Director Thien Chiet Chai (323,622 shares valued at RM22.5 million). The issuance was completed on September 3, 2026, subject to a vesting condition requiring the awardees to secure RM1.5 billion in future contract value within five years; unvested shares are redeemable for nil consideration if this target is not met. Founder Group Limited operates in the construction and engineering industry.
Founder Group Limited announced a 100-for-1 share consolidation to regain compliance with Nasdaq Marketplace Rule 5550(a)(2) and maintain its listing. The combination became effective on September 1, 2026, when Class A shares began trading on an adjusted basis under the same symbol but a new CUSIP number. Prior to the split, there were approximately 7,369,159 Class A shares and 186,358 Class B shares outstanding; post-combination, these figures reduced to approximately 73,693 Class A shares and 1,865 Class B shares. Fractional shares resulting from the consolidation were rounded up to the nearest whole number via bonus shares. Founder Group Limited is a pure-play, end-to-end EPCC solutions provider for solar PV facilities in Malaysia.
On August 19, 2026, Founder Group Limited amended the conversion and purchase terms for two outstanding instruments to significantly lower the price at which investors can convert debt or purchase shares. The company entered into a Note Amendment with Streeterville Capital, LLC regarding its Secured Convertible Promissory Note with an original principal amount of $16,070,000.00 issued on December 11, 2025. Simultaneously, it executed a Pre-Paid Purchase Amendment with Avondale Capital, LLC concerning Pre-Paid Purchase #1 with an original principal amount of $1,080,000.00 dated July 6, 2026. Both amendments revised the respective pricing mechanisms to be the lower of 85% of the lowest daily volume-weighted average price over ten consecutive trading days or 85% of the lowest intraday hourly VWAP on the submission date. These changes increase potential dilution for existing shareholders by allowing conversion at deeply discounted prices relative to market value. Founder Group Limited operates in the technology and investment sector, focusing on digital assets and strategic investments.
On June 11, 2026, Founder Group Limited approved one-time special discretionary bonuses for Chairman and CEO Lee Seng Chi and Director Thien Chiet Chai. Lee Seng Chi received 30,000 Class B ordinary shares valued at US$60,000 (RM238,080). Thien Chiet Chai received 20,000 Class B ordinary shares valued at US$40,000 (RM158,720). The company operates in the consumer goods industry.