Founder Group Limited (FGL) on 20 November 2025: Nasdaq Warning, Surging Penny Stock, and a RM1.16 Billion Solar Megaproject

Founder Group Limited (NASDAQ: FGL) has become one of the most talked‑about micro‑cap solar stocks in November, as traders pile into the name on the back of a Nasdaq minimum bid‑price warning and a string of ambitious renewable‑energy announcements in Malaysia. As of 20 November 2025, the company sits at a crossroads: it is fighting to keep its Nasdaq listing while simultaneously positioning itself at the center of a multi‑billion‑ringgit solar and green data‑center build‑out. ^[1]

FGL stock today: volatile penny name on traders’ radar

On 20 November 2025, Founder Group shares are trading around $0.40–$0.42, up strongly from yesterday’s close near $0.36, with intraday volume above 6 million shares. Real‑time feeds show the stock changing hands at roughly $0.4045 mid‑session, after touching an intraday high near $0.46. ^[2]

Before the opening bell, FGL appeared on multiple pre‑market movers lists. Benzinga highlighted Founder Group among industrials stocks jumping in early trading, noting a pre‑market gain of roughly 19–20% to about $0.43 per share, with heavy activity for such a small‑cap name. ^[3]

With a market capitalization in the single‑digit millions of dollars and a 52‑week range of roughly $0.28 to $5.00, FGL is firmly in high‑risk penny‑stock territory. ^[4]

Company snapshot: Malaysian solar EPCC pure‑play

Founder Group Limited is a Malaysia‑based solar engineering, procurement, construction and commissioning (EPCC) specialist. It focuses on two core segments:

Large‑scale solar (LSS): utility‑scale projects of 1 MWac and above.
Commercial & industrial (C&I) rooftop and on‑site solar systems for factories, warehouses and commercial buildings. ^[5]

The company was founded in 2021, is headquartered in Klang, Malaysia, and listed on the Nasdaq Capital Market in October 2024 under the ticker FGL. It has around 80+ employees and generates virtually all of its revenue in Malaysia. ^[6]

Management has repeatedly emphasized that the business has no current U.S. operations, which it argues insulates FGL from potential changes to U.S. solar tax credits and policy. ^[7]

Nasdaq minimum bid‑price warning: the clock to May 2026 is ticking

The biggest near‑term overhang for FGL is regulatory, not operational.

On 12 November 2025, Founder Group disclosed that it had received a letter dated 6 November 2025 from Nasdaq’s Listing Qualifications Department. The notice stated that FGL’s Class A ordinary shares had traded below the $1 minimum bid price for 30 consecutive business days, violating Nasdaq Listing Rule 5550(a)(2). ^[8]

Key points from the company’s announcement:

FGL has 180 calendar days — until 5 May 2026 — to regain compliance by lifting the closing bid back to at least $1 for the required period.
If it still trades below $1 by then, Founder Group may qualify for an additional 180‑day extension, but only if it meets all other initial listing standards, including market‑value thresholds, and formally notifies Nasdaq of its plan to cure.
One potential cure explicitly referenced is a reverse stock split.
The notice has no immediate effect on trading or listing status, but failure to regain compliance could eventually lead to delisting. ^[9]

Founder Group says it is evaluating options and intends to regain compliance in time, but also cautions there is no assurance it will succeed. ^[10]

Analysts at AInvest framed the situation as a “dual‑path” story: short‑term survival via a compliance plan (potentially including a reverse split), versus longer‑term recovery driven by its expanding Malaysian solar portfolio. ^[11]

RM17.4 billion solar EPCC opportunity through 2028

Against that regulatory backdrop, FGL is pitching an aggressive growth runway in Malaysia’s renewable energy market.

In a 24 September 2025 press release, Founder Group said it is strategically positioned to benefit from up to RM17.4 billion (about USD 4.1 billion) in expected solar EPCC contract value nationwide through 2028 — a roughly 40% expansion in the addressable market. ^[12]

Highlights from that outlook:

The LSS Petra and LSS Petra 5+ programs could represent as much as RM12 billion in EPCC opportunities, tied to around 6 GW of large‑scale solar capacity expected to be awarded by the end of 2027. ^[13]
A revival of Malaysia’s Corporate Renewable Energy Supply Scheme (CRESS) is expected to drive another RM5 billion of EPCC work, backed by roughly 2 GW of firm‑output demand from corporate offtakers and data centers. ^[14]
FGL has signed an MOU with GCL Systems Integration Technology Co. Ltd. to collaborate on renewable‑energy projects valued at up to USD 220 million across Malaysia and other ASEAN countries. ^[15]

Management is also explicit about the AI angle: by building dependable green power for data centers and AI compute infrastructure, FGL wants to sit at the intersection of Malaysia’s energy transition and its national AI ambitions. ^[16]

The RM1.16 billion Sarawak solar‑plus‑storage and green data‑center megaproject

The flagship of FGL’s growth story is its Sarawak megaproject, announced on 26 September 2025.

Founder Group signed a Heads of Agreement with Planet QEOS Sdn. Bhd. to jointly develop a renewable‑energy facility in Baram, Sarawak with an estimated value of up to RM1.16 billion (USD 276 million). ^[17]

Core elements of the project:

A 310 MWp ground‑mounted solar PV plant
A 620 MWh Battery Energy Storage System (BESS) — a storage‑to‑generation ratio of roughly 2:1
A 200 MW Tier‑4 Green Data Centre Park on about 350 acres

According to the company, the facility is designed to become Malaysia’s first “firm” solar power plant, delivering dispatchable renewable electricity comparable to conventional gas or hydro, rather than intermittent output. It is also expected to attract more than RM1 billion in foreign direct investment and support Sarawak’s goal of reaching 10 GW of generation capacity by 2030. ^[18]

However, the project is still at an early stage:

It relies on regulatory approvals, financial close, and definitive agreements, including a power‑purchase agreement (PPA).
StockTitan’s analysis notes that key risks include securing approvals and financing on schedule. ^[19]

If it proceeds, Sarawak would reposition FGL from a pure EPCC contractor into a strategic player in both energy and digital infrastructure, supplying firm green power to an integrated data‑center campus.

Contract wins: from floating solar to large‑scale and rooftop projects

Beyond the megaproject, FGL has been steadily announcing smaller but tangible contracts that could support near‑term revenue:

30 MW large‑scale solar plant (RM10 million / US$2.36 million)

In September 2025, Founder Group secured a contract worth about RM10 million (US$2.36 million) to provide EPCC services for a 30 MW large‑scale solar plant in Malaysia. The project is expected to: ^[20]

Be completed by the end of 2025
Generate roughly 60,000 MWh of clean energy annually
Offset about 40,000 tonnes of CO₂ per year
Produce almost 60,000 Renewable Energy Certificates (RECs) for corporate consumers

RM20 million floating‑solar LOA (US$4.5 million)

On 7 January 2025, FGL announced a RM20 million (approx. US$4.5 million) Letter of Award for a floating solar farm in Kuala Langat, Selangor, covering roughly 24 acres and designed for around 9.99 MWac / 15 MWp of capacity. The project aims to be completed by 30 June 2025 and uses floating PV technology to reduce land use while boosting output. ^[21]

RM11.6 million rooftop solar facility

A March 2025 report from The Edge Malaysia highlighted that Nasdaq‑listed Founder Group had secured a RM11.6 million contract to design and build a rooftop solar PV facility in Malaysia, with a construction phase of about two years and a subsequent 15–21 year operations & maintenance agreement, creating a long‑term recurring revenue stream. ^[22]

Taken together, these deals show that FGL is not just chasing mega‑projects; it is also executing a pipeline of small and mid‑size jobs that can feed revenue and cash flow while larger opportunities such as Sarawak move through approvals.

AI‑powered drones: building a tech edge in solar operations

Long before the Nasdaq notice, Founder Group began leaning into artificial intelligence as a differentiator.

In December 2024, the company announced a partnership with VC AI Limited to co‑develop AI‑powered drones (UAVs) for solar farm inspections. These drones combine thermal imaging, terrain mapping and VC.AI’s generative‑AI and deep‑learning software to automatically detect panel defects and anomalies without manual intervention. ^[23]

The goal is to:

Cut inspection time and labor costs
Improve identification of underperforming panels or strings
Enhance operations & maintenance (O&M) margins across FGL‑built and third‑party solar facilities

The same press release pointed to a global AI market already over US$180 billion in 2024 and fast‑growing demand for drone‑based solar inspections and solar O&M services — markets where FGL hopes to capture higher‑margin recurring revenue, rather than relying solely on one‑off EPC contract income. ^[24]

Investor sentiment: between deep‑value contrarians and day traders

The combination of micro‑cap size, heavy news flow and regulatory risk has turned FGL into a magnet for both long‑term speculators and short‑term traders.

On Reddit, a thread on r/ValueInvesting created today notes the Nasdaq minimum bid‑price notice and asks whether management can do anything to lift the share price, reflecting curiosity from deep‑value and special‑situations investors. ^[25]
A Moomoo community “watchlist” post for 20 November 2025 includes FOUNDER GROUP LIMITED (FGL.US) among possible momentum, scalp or day‑trade ideas for the session. ^[26]
A Facebook trading group post titled “Buying $FGL – HOT Penny Stock!” underscores how some retail traders are treating the stock as a high‑beta punt rather than a fundamentals‑driven investment. ^[27]

The pre‑market surge of nearly 20% today, flagged in multiple Benzinga lists, reinforces this picture: a small‑float stock where news headlines, technical patterns and social‑media chatter can create sharp intraday swings. ^[28]

How today’s news fits together: 20 November 2025 in context

Importantly, Founder Group has not issued a fresh corporate press release on 20 November 2025 itself. Instead, the stock’s visibility today is a continuation of the market’s reaction to news from recent weeks and months:

The 11–12 November 2025 Nasdaq minimum bid‑price notice remains the central regulatory story. ^[29]
The September 2025 Sarawak RM1.16 billion solar‑plus‑storage project and the RM17.4 billion EPCC market outlook continue to drive the long‑term growth narrative. ^[30]
Recent contract wins — including the 30 MW plant, floating solar LOA and rooftop facility — provide operational evidence that FGL can secure and execute projects of varying sizes. ^[31]

Today’s headlines from trading desks and financial media are mostly about price action — FGL appearing among high‑moving pre‑market stocks — rather than brand‑new disclosures from the company itself. ^[32]

Key risks for FGL investors

Anyone looking at FGL today should be aware of several material risks:

Delisting risk
- If FGL fails to restore its bid price to at least $1 within the current 180‑day window — or a potential second window — its Nasdaq listing is at risk. A reverse stock split could fix the quote mechanically but may not solve underlying liquidity or valuation issues. ^[33]
Execution and financing risk on megaprojects
- The Sarawak project still requires regulatory approvals, financing and definitive agreements. Delays, cost overruns or failure to reach financial close would materially alter the growth trajectory implied in recent communications. ^[34]
Reliance on policy‑driven markets
- FGL operates in a market heavily influenced by government tenders and tariff frameworks (LSS programs, CRESS, data‑center tariffs). Policy changes or slower‑than‑expected rollouts could reduce or delay the RM17.4 billion EPCC opportunity the company is highlighting. ^[35]
Micro‑cap volatility and liquidity
- With a sub‑$10 million market cap and thin float, small orders can move the stock significantly. Recent 15–20% daily swings underline that FGL is not suitable for risk‑averse investors. ^[36]
Profitability and fundamentals
- Trailing‑12‑month figures show modest revenue (around US$20 million equivalent) and a small net loss, suggesting the business is still in the early stages of scaling as a public company. ^[37]

What to watch next

For readers following FGL after today’s surge, several upcoming catalysts are worth monitoring:

Any concrete Nasdaq compliance plan
- Announcement of a reverse stock split, capital raise, or other corporate action aimed at lifting the share price back above $1. ^[38]
Updates on the Sarawak project
- Regulatory approvals, signing of the PPA, financing milestones and any construction timeline would all help clarify how much of the RM1.16 billion opportunity is likely to materialize. ^[39]
Conversion of pipeline into booked contracts
- New awards linked to LSS Petra, CRESS or data‑center‑related solar capacity would validate the RM17.4 billion EPCC outlook. ^[40]
Earnings and guidance
- FGL’s upcoming earnings (currently expected in December 2025) should shed light on margins, cash flow and how existing projects are progressing. ^[41]

Bottom line

As of 20 November 2025, Founder Group Limited is a high‑risk, high‑variance story:

Bear case: a sub‑$1 penny stock facing Nasdaq delisting risk, dependent on policy‑driven projects, with execution and financing challenges ahead.
Bull case: a pure‑play Malaysian solar EPCC specialist with exposure to multi‑billion‑ringgit renewable and data‑center build‑outs, plus a growing portfolio of contracts and a nascent AI‑driven O&M angle.

For traders, FGL is likely to remain a volatile vehicle for momentum and news‑driven moves. For long‑term investors, it is closer to a speculative bet on Malaysia’s green‑energy and AI‑infrastructure transformation than a traditional, mature utility.

Either way, the next 6–12 months — especially how FGL handles its Nasdaq compliance deadline and the early stages of the Sarawak megaproject — will be critical in determining whether today’s headlines are a stepping stone to a turnaround or just another spike in a volatile penny stock.

🏗️ How Founder Group ($FGL) is Building the Future of Solar in Asia