NASDAQ
1 days, 19 hours ago 
GTI
Graphjet Technology
8-K: Graphjet Technology Faces Nasdaq Delisting Threat Due to Market Value Dip
Graphjet Technology received a notification from Nasdaq on April 25, 2025, indicating that its market value of publicly held shares (MVPHS) fell below the required $15 million threshold for continued listing.
Worse than expected
 
Capital raise
 
NASDAQ
21 days, 19 hours ago 
GTI
Graphjet Technology
8-K: Graphjet Technology Announces CEO Resignation and Appointment of New CEO
Aiden Lee Ping Wei resigned as CEO of Graphjet Technology, and Chris Lai Ther Wei has been appointed as the new CEO and member of the Board, effective April 4, 2025.
NASDAQ
31 days, 14 hours ago 
GTI
Graphjet Technology
8-K: Graphjet Technology Announces Resignation of Independent Director Ng Ah Lek
Ng Ah Lek resigned from his position as an Independent Director of Graphjet Technology, effective March 28, 2025.
NASDAQ
36 days, 19 hours ago 
GTI
Graphjet Technology
8-K: Graphjet Technology Appoints New Directors and Deputy CEO/CFO
Graphjet Technology announces the appointment of four new directors to its board and a new Deputy CEO and CFO, effective March 20, 2025.
NASDAQ
50 days, 19 hours ago 
GTI
Graphjet Technology
8-K: Graphjet Technology Announces Resignation of Independent Director and Audit Committee Head
Ng Keok Chai resigned from his position as Independent Director and Head of the Audit Committee of Graphjet Technology on March 6, 2025.
NASDAQ
56 days, 13 hours ago 
GTI
Graphjet Technology
8-K: Graphjet Technology Faces Nasdaq Delisting Threat Due to Filing Delays and Market Value Dip
Graphjet Technology is at risk of being delisted from the Nasdaq due to delayed financial filings and a drop in market value below the required threshold.
Worse than expected
 
Delay expected
 
Capital raise
 
NASDAQ
63 days, 13 hours ago 
GTI
Graphjet Technology
8-K: Graphjet Technology Faces Nasdaq Delisting Warning Due to Sub-$1 Share Price
Graphjet Technology received a notice from Nasdaq for failing to maintain a minimum bid price of $1 per share, granting them until August 20, 2025, to regain compliance.
Worse than expected
 
NASDAQ
63 days, 18 hours ago 
GTI
Graphjet Technology
8-K: Graphjet Technology Announces Departure of Key Executive
Liu Yu resigns from his positions as Chief Operating Officer, Chief Scientific Officer, and Head of Research at Graphjet Technology, effective immediately.
NASDAQ
107 days, 16 hours ago 
GTI
Graphjet Technology
Form 4: Suria Sukses Engineering Sells Off Graphjet Technology Shares
Suria Sukses Engineering Sdn Bhd, a 10% owner of Graphjet Technology, has sold a significant portion of its Class A Ordinary Shares over two days.
Worse than expected
 
NASDAQ
111 days, 15 hours ago 
GTI
Graphjet Technology
Form 4: Suria Sukses Engineering Sells Shares in Graphjet Technology
Suria Sukses Engineering Sdn Bhd, a 10% owner of Graphjet Technology, sold a significant number of Class A Ordinary Shares in two transactions in early January 2025.
Worse than expected
 
GTI 
Graphjet Technology 
NASDAQ

8-K: Graphjet Technology Faces Nasdaq Delisting Threat Due to Filing Delays and Market Value Dip

Sentiment:
 8-K Filing
 6 March 2025 9:30 PM

Graphjet Technology is at risk of being delisted from the Nasdaq due to delayed financial filings and a drop in market value below the required threshold.

Worse than expected
  The company received notices from Nasdaq for failing to meet listing requirements due to delayed financial filings and a low market value. 

Delay expected
  The company delayed filing its Quarterly Report on Form 10-K for the period ended September 30, 2024.  The company delayed filing its Annual Report on Form 10-Q for the period ended December 31, 2024. 

Capital raise
  The company may need to raise additional capital to execute its business plans.  There is a risk that additional capital may not be available on acceptable terms or at all. 

Summary
  • Graphjet Technology received two notices from Nasdaq regarding non-compliance with listing rules.
  • The first notice, dated February 28, 2025, is due to delays in filing the Form 10-K for the period ended September 30, 2024, and the Form 10-Q for the period ended December 31, 2024.
  • Graphjet has until April 29, 2025, to submit a plan to regain compliance, and if accepted, may be granted until July 14, 2025, to comply.
  • The second notice, dated March 5, 2025, is due to the company's market value of listed securities (MVLS) falling below $50 million for 30 consecutive business days.
  • Graphjet has until September 1, 2025, to regain compliance with the MVLS rule, requiring the MVLS to close at or above $50 million for at least ten consecutive business days.
  • The company may be eligible to transfer its listing to The Nasdaq Capital Market if it meets the requirements.
  • Aw Jeen Rong resigned from his position as Executive Director of Graphjet Technology, effective immediately on March 3, 2025.
  • The company is working diligently to complete the required filings and monitor its MVLS to resolve the deficiencies.
Sentiment

Score: 3

Explanation: The sentiment is negative due to the delisting notices from Nasdaq, delayed financial filings, and the resignation of an executive director. While the company is taking steps to address the issues, there is no guarantee of success.

Highlights
  • Graphjet Technology received a Nasdaq notice on February 28, 2025, due to delayed filings of Form 10-K and Form 10-Q.
  • The company has until April 29, 2025, to submit a compliance plan and potentially until July 14, 2025, to regain compliance regarding the delayed filings.
  • A second notice was received on March 5, 2025, because the company's market value fell below $50 million.
  • Graphjet has until September 1, 2025, to regain compliance with the market value requirement.
  • Executive Director Aw Jeen Rong resigned from his position on March 3, 2025.
Positives
  • Graphjet is actively working to complete the delayed filings and regain compliance with Nasdaq listing rules.
  • The company has the option to transfer its listing to The Nasdaq Capital Market if it meets the requirements.
  • The resignation of Aw Jeen Rong was not due to any disagreement with the company's operations, policies, or practices.
Negatives
  • Graphjet is not in compliance with Nasdaq listing rules due to delayed financial filings.
  • The company's market value has fallen below the required $50 million threshold.
  • There is no assurance that the company will be able to regain or maintain compliance with Nasdaq listing standards.
  • The company has received two delisting notices from Nasdaq.
Risks
  • Failure to file the required reports on time could lead to delisting from the Nasdaq.
  • The company's market value may not recover to the required $50 million threshold by September 1, 2025.
  • The company may need to raise additional capital to execute its business plans, which may not be available on acceptable terms or at all.
  • The company is beginning the commercialization of its technology and it may not have an accurate estimate of future capital expenditures and future revenue.
  • Changes in the markets in which Graphjet competes, including with respect to its competitive landscape, technology evolution or regulatory changes.
Future Outlook

The company intends to actively monitor its MVLS and evaluate available options to resolve the deficiencies and regain compliance with the MVLS Rule, but there is no assurance that it will be successful.

Management Comments
  • The Company continues to work diligently to complete the Form 10-K and the Form 10-Q.
Industry Context

Graphjet's situation highlights the challenges faced by companies, particularly those in emerging sectors, in maintaining compliance with listing requirements while scaling their operations and commercializing new technologies.

Comparison to Industry Standards
  • Many companies in the materials science and technology sectors, especially those that went public through SPAC mergers, have faced challenges in meeting financial reporting deadlines and maintaining market capitalization, similar to Graphjet.
  • Comparable companies that have faced Nasdaq compliance issues include Xometry, which received a similar notice for delayed filings, and Faraday Future, which struggled to maintain its market capitalization above the required threshold.
  • These situations often lead to increased scrutiny from investors and potential impacts on stock valuation.
Stakeholder Impact
  • Shareholders face the risk of delisting, which could negatively impact the stock price.
  • Employees may experience uncertainty due to the company's financial challenges.
  • Customers and suppliers may be concerned about the company's long-term viability.
Next Steps
  • Graphjet must submit a plan to regain compliance with Nasdaq Listing Rule 5250(c)(1) by April 29, 2025.
  • The company must work to increase its market value of listed securities to at least $50 million for a minimum of ten consecutive business days before September 1, 2025.
  • Graphjet will continue to work diligently to complete the Form 10-K and the Form 10-Q.
Key Dates
  • 2019: Graphjet Technology Sdn. Bhd. was founded in Malaysia.
  • 2024-09-30: End of the period for the Initial Delinquent Filing (Form 10-K).
  • 2024-12-31: End of the period for the Second Delinquent Filing (Form 10-Q).
  • 2025-02-28: Date of the First Notice from Nasdaq regarding the delayed filings.
  • 2025-03-03: Aw Jeen Rong resigned from his position as Executive Director of Graphjet Technology, effective immediately.
  • 2025-03-05: Date of the Second Notice from Nasdaq regarding the MVLS Rule.
  • 2025-03-06: Date of the press release disclosing the Nasdaq notices.
  • 2025-04-29: Deadline for Graphjet to submit a plan to regain compliance with the Listing Rule.
  • 2025-07-14: Potential deadline for Graphjet to regain compliance with the Listing Rule if Nasdaq accepts the company's plan.
  • 2025-09-01: Deadline for Graphjet to regain compliance with the MVLS Rule.
Keywords
Nasdaq, delisting, compliance, market value, financial filings, Form 10-K, Form 10-Q, Graphjet Technology, graphene, graphite
GTI 
Graphjet Technology 
NASDAQ
Sector: TBD
 
Filings with Classifications
Worse than expected
30 April 2025 4:01 PM
8-K Filing
  • The company received a delisting notice from Nasdaq due to its market value falling below the required threshold.
Capital raise
30 April 2025 4:01 PM
8-K Filing
  • The document mentions the risk that Graphjet will need to raise additional capital to execute its business plans.
  • It also notes that such capital may not be available on acceptable terms or at all.
Capital raise
6 March 2025 9:30 PM
8-K Filing
  • The company may need to raise additional capital to execute its business plans.
  • There is a risk that additional capital may not be available on acceptable terms or at all.
Worse than expected
6 March 2025 9:30 PM
8-K Filing
  • The company received notices from Nasdaq for failing to meet listing requirements due to delayed financial filings and a low market value.
Delay expected
6 March 2025 9:30 PM
8-K Filing
  • The company delayed filing its Quarterly Report on Form 10-K for the period ended September 30, 2024.
  • The company delayed filing its Annual Report on Form 10-Q for the period ended December 31, 2024.
Worse than expected
27 February 2025 9:30 PM
8-K Filing
  • The company received a delisting notice from NASDAQ due to the share price falling below $1 for 32 consecutive days.
Worse than expected
14 January 2025 6:03 PM
SEC Form 4
  • The complete divestment by a 10% owner is generally viewed negatively by the market.
Worse than expected
10 January 2025 7:25 PM
SEC Form 4
  • The sale of a large number of shares by a major shareholder is generally viewed negatively by the market.
Worse than expected
8 January 2025 5:03 PM
SEC Form 4 Filing
  • A major shareholder selling a significant number of shares is generally viewed negatively by the market.
Worse than expected
8 January 2025 4:30 PM
Director Resignation Announcement
  • The resignation of three directors, including an executive and two independent members, is a negative development that could impact investor confidence.
Worse than expected
6 January 2025 2:23 PM
SEC Form 4
  • The sale of shares by a major shareholder is generally viewed negatively by the market.
Worse than expected
30 December 2024 1:14 PM
SEC Form 4 Filing
  • The document indicates that a major shareholder is selling a significant portion of their shares, which is generally considered a negative signal.
Worse than expected
20 December 2024 7:25 PM
SEC Form 4 Filing
  • The significant sale of shares by a major shareholder is generally viewed negatively by the market.
  • The decreasing weighted average sale price over the three days suggests a lack of confidence in the stock.
Worse than expected
17 December 2024 5:15 PM
SEC Form 4
  • The sale of a significant number of shares by a major shareholder is generally viewed negatively by the market.
Capital raise
5 December 2024 5:27 PM
Personnel Change Announcement
  • The document mentions the risk that Graphjet will need to raise additional capital to execute its business plans.
  • It also states that this capital may not be available on acceptable terms or at all.
Capital raise
1 November 2024 4:06 PM
S-1/A Filing
  • The document details a best efforts offering of 718,390 Class A Ordinary Shares at $2.088 per share.
  • The company aims to raise approximately $1,450,000, after deducting estimated expenses of $50,000, for working capital and general corporate purposes.
Delay expected
1 November 2024 4:06 PM
S-1/A Filing
  • The document mentions that the company was unable to export graphite from China in 2023, therefore it did not produce any revenue pursuant to the supply agreement in 2023.
  • The document states that Graphjet expects to open its first manufacturing plant in the first quarter of fiscal year 2025.
Worse than expected
1 November 2024 4:06 PM
S-1/A Filing
  • The company has incurred significant losses and has not recorded any revenue to date.
  • The company's auditor has expressed substantial doubt about its ability to continue as a going concern.
  • The company's current liabilities exceed its current assets.
Capital raise
25 October 2024 4:46 PM
S-1/A Filing
  • The filing pertains to the offer and sale of Class A Ordinary Shares, with no minimum offering amount.
  • The offering is a best efforts offering, with officers and directors using their best efforts to sell the shares at a fixed price of $ per share for 180 days.
  • Proceeds from the sale will be used for working capital and general corporate purposes.
Worse than expected
25 October 2024 4:46 PM
S-1/A Filing
  • The company's auditor has expressed substantial doubt about its ability to continue as a going concern.
  • The company has a limited operating history and has not recorded any revenue since inception.
  • The company faces intense competition in the graphene and graphite industry.
Delay expected
25 October 2024 4:46 PM
S-1/A Filing
  • Currently, Graphjet Technology believes its first production from this plant will be in the first quarter of fiscal year 2025.
  • We were unable to export graphite from China in 2023, therefore we did not produce any revenue pursuant to the supply agreement in 2023.
Worse than expected
3 October 2024 4:28 PM
Registration Statement
  • The company has a very limited operating history, which may make it difficult for investors to evaluate the success of its business.
  • The company's independent registered public accounting firm's report contains an explanatory paragraph that expresses substantial doubt about its ability to continue as a going concern.
Capital raise
3 October 2024 4:28 PM
Registration Statement
  • Graphjet Technology is conducting a best efforts offering to sell Class A Ordinary Shares to raise up to $1.5 million.
  • The offering price is fixed at $ per share, and the offering period is 180 days after the effective date of the registration statement.
  • The company intends to use the proceeds for working capital and general corporate purposes.
Delay expected
3 October 2024 4:28 PM
Registration Statement
  • Graphjet Technology believes its first production from its manufacturing plant in Kuantan will be in the first quarter of fiscal year 2025.
Worse than expected
28 August 2024 5:30 PM
S-1/A Filing
  • The Public Warrants and the Sponsor Warrants are out of the money, which means that the trading price of the Class A Ordinary Shares underlying the Warrants is below the $11.50 exercise price of the Warrants.
  • The sale of the securities being registered in this prospectus, or the perception in the market that such sales may occur, could result in a significant decline in the public trading price of our Class A Ordinary Shares.
Worse than expected
27 August 2024 4:15 PM
Current Report
  • The resignation of the auditor and the going concern note in the audit report are both negative indicators.
Worse than expected
12 August 2024 4:15 PM
Quarterly Report
  • The company's net loss of $14.157 million for the nine months ended June 30, 2024, is significantly worse than the $1.429 million loss for the same period in 2023.
  • The company's general and administrative expenses have increased substantially, indicating higher operational costs.
  • The company's current liabilities exceed its current assets by $2.054 million, raising concerns about its financial stability.
Capital raise
12 August 2024 4:15 PM
Quarterly Report
  • The company states that it may seek to raise additional funds through equity and debt financing or from other sources.
  • The company acknowledges that its future is dependent upon its ability to obtain financing to continue operations and attain profitable operations.
  • The company's auditor has expressed substantial doubt about the company's ability to continue as a going concern, which may make it more difficult to attract investors.
Delay expected
12 August 2024 4:15 PM
Quarterly Report
  • The company has deferred its plans to open a manufacturing plant in Kuantan, Malaysia.
  • The company's production start date has been delayed to late August 2024.
Capital raise
19 July 2024 4:16 PM
S-1/A Filing
  • The document details a primary offering of up to 12,028,075 Class A Ordinary Shares, including shares issuable upon exercise of Public and Sponsor Warrants.
  • The company expects to continue efforts to raise additional capital to support its long-term business objectives.
Worse than expected
19 July 2024 4:16 PM
S-1/A Filing
  • The current market price of the Class A Ordinary Shares is significantly below the exercise price of the warrants.
  • The current market price is significantly below the price at the time of the Company's initial public offering.
Worse than expected
25 June 2024 4:06 PM
Registration Statement
  • The company has not had any sales of its products to date.
  • The company's Public Warrants and the Sponsor Warrants are out of the money, which means that the trading price of the Class A Ordinary Shares underlying the Warrants is below the $11.50 exercise price of the Warrants.
Delay expected
25 June 2024 4:06 PM
Registration Statement
  • We were unable to export graphite from China in 2023, therefore we did not produce any revenue pursuant to the supply agreement in 2023.
Capital raise
25 June 2024 4:06 PM
Registration Statement
  • The filing covers a primary offering of up to 12,028,075 Class A Ordinary Shares, including shares issuable upon exercise of public and sponsor warrants.
  • It also includes a secondary offering for the resale of up to 108,848,493 Class A Ordinary Shares and 528,075 warrants by selling securityholders.
  • The primary offering could generate up to approximately $138.3 million if all warrants are exercised for cash.
Capital raise
18 June 2024 8:24 PM
Quarterly Report
  • The company may seek to raise additional funds through equity and debt financing or from other sources.
  • The company's future is dependent upon its ability to obtain financing to continue operations and attain profitable operations.
Worse than expected
18 June 2024 8:24 PM
Quarterly Report
  • The company reported a significant net loss of $11.594 million for the quarter, which is a substantial increase compared to the previous year.
  • The company's general and administrative expenses have increased significantly, indicating higher operating costs.
  • The company's auditor has expressed substantial doubt about the company's ability to continue as a going concern, which is a major concern.
Worse than expected
4 June 2024 4:16 PM
8-K Filing
  • The company failed to file its quarterly report on time, resulting in a delinquency notice from Nasdaq, which is worse than expected.
Delay expected
4 June 2024 4:16 PM
8-K Filing
  • The company's quarterly report for the period ended March 31, 2024, was not filed on time, leading to the Nasdaq delinquency notice.
Better than expected
2 April 2024 5:24 PM
Investor Presentation
  • The company's production costs are significantly lower than industry standards.
  • The company's carbon footprint is significantly lower than industry standards.
  • The company's use of a renewable waste product is a significant advantage.
Capital raise
2 April 2024 5:24 PM
Investor Presentation
  • The new manufacturing facility is subject to capital funds being raised.
Capital raise
20 March 2024 5:03 PM
Merger Announcement
  • The document mentions a private financing (PIPE) that raised $2.5 million.
  • The document also indicates that the company may need to raise additional capital in the future to execute its business plans.
Better than expected
4 March 2024 12:30 PM
Press Release
  • The company is accelerating its production timeline, expecting commissioning by Q2 2024 and revenue generation in 2024, which is faster than previously anticipated.
Delay expected
20 February 2024 3:30 PM
Meeting Postponement Announcement
  • The extraordinary general meeting of shareholders has been delayed from February 23, 2024, to February 28, 2024.
Delay expected
20 February 2024 9:00 AM
Material Definitive Agreement Update
  • The document details a delay in the business combination deadline from February 18, 2024 to August 18, 2024.
Delay expected
23 January 2024 3:52 PM
Current Report
  • The business combination deadline has been extended to February 18, 2024.

Disclaimer: This summary was generated by artificial intelligence and its accuracy is not guaranteed. The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.