- Graphjet Technology (GTI, Financial) faces a potential Nasdaq delisting, with a crucial hearing scheduled for July 17, 2025.
- The company plans a reverse stock split, pending shareholder approval on July 30, 2025.
- Mr. Aiden Lee, the new controlling shareholder, supports the company's compliance efforts with financial backing.
Graphjet Technology (GTI), renowned for its groundbreaking methods in producing graphite and graphene from agricultural waste, has disclosed several key updates related to its current Nasdaq compliance challenges. The company successfully filed its Form 10-K for fiscal year 2024, although with delays, and remains behind in submitting Form 10-Q reports for December 2024 and March 2025.
A hearing with the Nasdaq Hearings Panel is imminent on July 17, 2025, where GTI will appeal a delisting determination, with management expressing cautious optimism despite acknowledging no guaranteed outcome. To address compliance issues, GTI is executing a strategic plan that includes engaging professional accounting services to expedite pending quarterly filings.
Key measures also include a proposed reverse stock split, which is set for a shareholder vote on July 30, 2025, to meet the minimum bid price criteria. Additionally, the involvement of new controlling shareholder, Mr. Aiden Lee, who has infused significant funding, highlights a transformative phase for the company, although exact figures remain undisclosed.
Graphjet Technology's efforts aim to stabilize its market position through these steps, as it simultaneously seeks new investment opportunities to boost its market value. The tight compliance timeline poses considerable challenges, with multiple objectives to achieve alongside maintaining core business operations.
