Graphjet Technology - Class A Ordinary Shares (GTI)

Innovative technological leader to oversee all technical, operational, customer support and business development initiatives

Kuala Lumpur, June 04, 2024 (GLOBE NEWSWIRE) -- Graphjet Technology, a Cayman Islands exempt company (“Graphjet” or the “Company”) (Nasdaq: GTI), today announced that on May 30, 2024, the Company received a delinquency notification letter (the “10-Q Notice”) from the Listing Qualifications Department of the Nasdaq Stock Market (“Nasdaq”) indicating that the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) (the “Listing Rule”) as a result of the Company’s failure to have timely filed its Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 (the “Quarterly Report”), with the Securities and Exchange Commission. The Company is working diligently with its independent registered public accounting firm to complete the Form 10-Q. The 10-Q Notice has no immediate effect on the listing of the Company’s ordinary shares on the Nasdaq Global Market.

Last week, Graphjet Technology (NASDAQ: GTI) revealed its plans to construct an artificial graphite manufacturing facility in Nevada. The company develops patented technologies for the sustainable production of graphene, graphene-based anode materials and graphite from agricultural waste.

Graphjet (NASDAQ: GTI), a leading developer of patented technologies to produce graphite and graphene directly from agricultural waste, and Energem Corp. (NASDAQ: ENCP, ENCPW) recently closed their previously announced business combination. The transaction, which was approved by Energem stockholders on Feb. 28, 2024, creates the only pure-play publicly traded direct biomass-to-graphite company, establishing Graphjet as the leading source of graphite and graphene for the U.S. market. On March 15, 2024, Graphjet’s ordinary shares began trading on the Nasdaq under the ticker symbol GTI. “We are thrilled to list Graphjet on the Nasdaq, particularly at this crucial moment of critical material demand and limited availability for the U.S. market,” said Graphjet’s CEO Lee Ping Wei (Aiden Lee). “With China dominating more than 97% of all graphite production, we look forward to becoming the leading supplier to the U.S. market to support its burgeoning battery storage and EV industries. Our patented technologies are capable of producing graphite and graphene directly from agricultural waste, which fills a critical supply need for these highly strategic materials, as demand is expected to continue to accelerate over the next several years.”