KUALA LUMPUR, Malaysia, July 15, 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, has today filed its Form 10-K filing.
During the current year, the Company has seen changes to its shareholders whereby the new controlling shareholder, Mr. Aiden, Lee has made numerous contributions to the Company, including providing funds to fund the transformation of the Company. With the funds received from Mr. Aiden Lee, the Company was able to complete its audit for the fiscal year September 30, 2024, albeit later than anticipated due to unforeseen circumstances.
The Company has made plans to address the current non-compliances with the Nasdaq listing requirements. The Company has and will continue to engage an experienced accounting services firm, to advise the Company and ensure speedy completion of the Form 10Qs for the December 31, 2024 and March 31, 2025. The completion of the Form 10Qs will allow the Company to take necessary measures to raise funds to further expand the capacity and capabilities of the Company.
A hearing before the Nasdaq Hearings Panel from The Nasdaq Stock Market LLC has been scheduled for July 17, 2025, during which the Company will appeal the delisting determination due to the non-compliances with the Nasdaq listing requirements. However, there can be no assurance that the Company will get a favorable outcome.
The Company will also be holding a shareholders' meeting on July 30, 2025 for a reverse split exercise. The Company is confident to secure the shareholders' approval for the reverse split exercise, which is aimed at ensuring that we meet the minimum price bids.
With the minimum price bids met and Form 10Qs filed, the Company will be able to attract new investors which will allow our Company to move towards compliance with the minimum market value of listed securities (MVLS). The Company is currently in discussion with a few parties who has indicated their interest in funding the Company.
"We are confident that our plan to be address the non-compliances with the Nasdaq listing requirements can be implemented. In addition, the Company will make the necessary announcement when the efforts made for the Company's transformation bears fruit" said Chris Lai, the CEO of the Company.
About Graphjet Technology Sdn. Bhd.
Graphjet Technology Sdn. Bhd. (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 press release, 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; and (vii) 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
ceo.office@graphjettech.com
Media
ceo.office@graphjettech.com
