Could Ohmyhome face Nasdaq delisting after selling its core unit for US$1? Experts weigh in

[SINGAPORE] Property portal Ohmyhome could face questions over its Nasdaq listing status after a dramatic corporate restructuring that saw the firm sell its core real estate brokerage business for just US$1.

The Singapore-based company’s divestment of Ohmyhome (BVI) Limited, the holding company for its Singapore and Malaysia real estate operations, underscores a deep financial bleed, said analysts.

An industry expert who requested anonymity said it was challenging for the firm to operate in the competitive property space in Singapore, given its business model.

As a fee-less platform, it would have to achieve sizeable volume to secure decent revenue, he said. But that would have been difficult for Ohmyhome, which is up against large players such as PropertyGuru and 99.co that have size and name recognition in the Singapore market.

Additionally, securing the support of property agencies within the local property ecosystem would be hard, particularly for a firm marketed as a do-it-yourself platform.

“Consumers perhaps are not ready for (the service), with some feeling that they still require a property agent (to help with their transactions),” the expert said.

“Bleeding cash”

Ohmyhome’s operating expenses were therefore “well in excess of their revenue”, with its business model “bleeding cash from the get-go”, said Nirgunan Tiruchelvam, head of consumer and internet research for Aletheia Capital.

These conditions resulted in the proptech business offering “very little respite” for its investors, he added.

The listed entity unconditionally waived S$19 million in debt owed by the subsidiary, prior to the sale’s completion on May 31.

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Ohmyhome Ltd sells real estate business for token US$1 due to poor business and continued losses

Filings lodged with the US Securities and Exchange Commission also revealed that the divested unit was heavily in the red as at Mar 31, with liabilities exceeding exceeded assets by about US$14.8 million amid declining revenues and sustained operating losses.

Moving forward, the listed entity will cease all traditional real estate brokerage and property management services and operate strictly as a digital marketing firm. The core property business will continue to be run privately by its sibling founders, Race and Rhonda Wong.

Delisting concerns

Shedding its loss-making core may not be enough to save Ohmyhome’s spot on the Nasdaq.

The company’s shares closed at US$0.64 on Thursday in the US, slipping below the exchange’s US$1 minimum bid price requirement.

This comes just over a year after the company executed a drastic one-for-10 reverse stock split in March 2025 in a bid to artificially inflate its share price and maintain compliance.

With its primary business sold away and its stock price flagging, the viability of the company’s continued public listing has come into question.

“I don’t think there is any hope for it continue (on the Nasdaq as a listed company),” said Tiruchelvam. “If you can’t sustain your business model, you might as well delist.”

Other experts told BT that saving on compliance and regulatory costs required of a listed entity could be a wise business decision for a financially challenged firm.