- Graphex Group Limited (GRFX, Financial) has been delisted from NYSE American due to non-compliance with filing Form 20-F for 2023.
- The company's ADSs will trade on the OTC Expert Market, affecting approximately 5.5% of outstanding shares.
- Ordinary shares will continue trading on the Hong Kong Stock Exchange, with ongoing compliance to HKSE obligations.
Graphex Group Limited (GRFX) has announced that its American Depositary Shares (ADSs) have been delisted from the NYSE American exchange. The delisting is a result of the company's failure to submit its Form 20-F for 2023 by the required deadline of May 15, 2025. Consequently, trading of the ADSs was suspended on May 14, 2025, and they will now move to the OTC Expert Market.
This transition to the OTC Expert Market is anticipated to impact liquidity significantly, as this platform is less liquid compared to the NYSE. The ADSs in question represent approximately 5.5% of Graphex Group's outstanding ordinary shares, amounting to 51,605,000 ADSs.
Importantly, Graphex Group's ordinary shares will continue to trade normally on the Hong Kong Stock Exchange (HKSE), with the company maintaining compliance with HKSE listing obligations. The company has engaged SFAI MALAYSIA PLT as its new PCAOB registered auditor, with plans to complete audits for 2023 and 2024 by June 30, 2025.
Graphex Group is considering appealing the NYSE's delisting decision, although a successful outcome is not guaranteed. In the meantime, the firm reassures stakeholders that its previously announced Rights Offering and business operations remain unaffected by the NYSE delisting.
