NEW YORK, May 21, 2026, 16:02 (EDT)
- RPGL closed up 2.6% at $0.2666 on Nasdaq. The stock climbed after a new Schedule 13D/A showed insider voting power.
- True Sage International and Hao Feng Ng together controlled 45.78% of Republic Power’s total voting power as of May 18, regulatory filings show.
- The stock is still below Nasdaq’s $1 minimum, and the company said it has until July 6 to regain compliance.
Republic Power Group Ltd shares edged higher Thursday. A fresh filing showed chairman Hao Feng Ng holds 45.78% of the Singapore software firm’s total voting rights through True Sage International Ltd.
Nasdaq shares ended regular trading at $0.2666, adding 2.58%, according to StockAnalysis. The U.S. market closed after the bell. Nasdaq’s typical session runs from 9:30 a.m. to 4:00 p.m. Eastern.
RPGL is still trading below $1, under Nasdaq’s minimum bid price rule. The company had already said it got a bid-price deficiency notice in January. Now it has a deadline of July 6 to fix the issue and regain compliance.
True Sage disclosed it owns 1,198,737 Class B ordinary shares in a Schedule 13D/A with the U.S. Securities and Exchange Commission. The filing notes that Class B shares carry 30 votes each, while Class A shares get one vote per share. That gives True Sage holders 35,962,110 votes, according to the filing.
The filing also said the vote percentage was calculated from 42,595,614 Class A shares and 1,198,737 Class B shares outstanding as of May 18. Ng is chair of Republic Power’s board. The document lists True Sage as his controlled company.
Republic Power shares have dropped since the company’s October 2025 market debut. It priced its IPO at $4 a share and started trading its Class A stock on Nasdaq as RPGL on Oct. 14, 2025, according to the prospectus.
Republic Power took several steps to change its capital structure before the governance update. According to its 13D/A, the company sold 44.8 million Class A shares on Jan. 30, then ran a 1-for-20 reverse split in February. Later, it managed Class B shares with True Sage using new issues or exchanges. The reverse split grouped shares to push up the trading price, but didn’t change overall value.
Republic Power runs its Singapore and Malaysia business through Republic Power Pte Ltd. The group is in the market for custom ERP software, consulting, technical support, and hardware. ERP handles company back-office needs such as accounting, procurement, and workflow.
Republic Power pointed to Singapore Technology Engineering Ltd and NCS Pte Ltd as key competitors in Singapore’s system-integrator market, according to its filing. The company said it plans to raise money and grow its software and digital asset business as it competes with larger tech services players in Singapore.
Republic Power last month said it agreed to buy a 10% stake in NVC Partners Ltd for $8 million in cash, picking up tech access related to putting real-world assets on-chain and supporting secondary trading systems. Tokenization turns ownership into a digital format, usually linked to blockchain.
The company plans to pay $8 million in total, making payments through June 15. It will split the amount, with $5.2 million going to equity and $2.8 million for tech services. The filing didn’t mention any revenue targets or forecasts tied to the deal.
RPGL is still under the $1 mark on Nasdaq, leaving its bid-price issue unresolved. The company has warned that failing to meet Nasdaq standards could lead to delisting. That could make trading the stock harder and put more pressure on the price.
Execution is less certain. Republic Power is still a small company. Its filings say it faces strong competition from bigger IT services players and has pressure to roll out new products. The insider-led voting structure might help decisions come faster, but it limits how much outside Class A holders can shape future strategy.
