Innovative technological leader to oversee all technical, operational, customer support and business development initiatives
KUALA LUMPUR, Malaysia, June 24, 2025 (GLOBE NEWSWIRE) -- Graphjet Technology ("Graphjet" or "the Company") (Nasdaq:GTI), a leading developer of patented technologies to produce graphite and graphene directly from agricultural waste, today announced that it received a written notice ("Notice") on June 18, 2025 from the Listing Qualifications Department of The Nasdaq Stock Market ("Nasdaq") indicating that the Company no longer complies with Nasdaq Listing Rule 5450(a)(1) (the "Listing Rule") requiring that listed securities maintain a minimum bid price of $0.10 per share based upon the Company's closing bid price for the last 10 consecutive trading days prior to the Notice. The Notice also stated that the noncompliance with the Listing Rule serves as an additional basis for delisting the Company's securities from Nasdaq, and that the matter will be considered by the Nasdaq Hearings Panel at the Company's previously disclosed hearing that will be held on July 17, 2025 (the "Hearing"). The Notice serves only as a notification of deficiency, not of imminent delisting, and has no current effect on the listing or trading of the Company's securities. The Company intends to appeal Nasdaq's decision, and this appeal will stay the suspension of the Company's securities pending the Hearing.
Though there can be no assurance that the Company will regain or maintain compliance with the Listing Rule, the Company is exercising diligent efforts and intends to regain compliance with the Listing Rule.
This announcement is made in compliance with Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification.
About Graphjet Technology
Graphjet Technology (Nasdaq: GTI) was founded in 2019 in Malaysia as an innovative graphene and graphite producer. Graphjet Technology has the world's first patented technology to recycle palm kernel shells generated in the production of palm seed oil to produce single layer graphene and artificial graphite. Graphjet's sustainable production methods utilizing palm kernel shells, a waste agricultural product that is common in Malaysia, will set a new shift in graphite and graphene supply chain of the world. For more information, please visit https://www.graphjettech.com/.
Cautionary Statement Regarding Forward-Looking Statements
The information in this press release contains certain "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "aim," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result" and similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Many factors could cause actual future events to differ materially from the forward-looking statements in this Current Report on Form 8-K, including but not limited to: (i) changes in the markets in which Graphjet competes, including with respect to its competitive landscape, technology evolution or regulatory changes; (ii) the risk that Graphjet will need to raise additional capital to execute its business plans, which may not be available on acceptable terms or at all; (iii) Graphjet is beginning the commercialization of its technology and it may not have an accurate estimate of future capital expenditures and future revenue; (iv) statements regarding Graphjet's industry and market size; (v) financial condition and performance of Graphjet, including the anticipated benefits, the implied enterprise value, the financial condition, liquidity, results of operations, the products, the expected future performance and market opportunities of Graphjet; (vi) Graphjet's ability to develop and manufacture its graphene and graphite products; (vii) Graphjet's ability to return to and maintain compliance with Nasdaq continued listing standards; and (viii) those factors discussed in our filings with the SEC. You should carefully consider the foregoing factors and the other risks and uncertainties that will be described in the "Risk Factors" section of the documents to be filed by Graphjet from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward- looking statements, and while Graphjet may elect to update these forward-looking statements at some point in the future, they assume no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law. Graphjet does not give any assurance that Graphjet will achieve its expectations.
Graphjet Technology Contacts
Investors
GraphjetIR@icrinc.com
Media
GraphjetPR@icrinc.com
