Graphjet Technology (GTI) stock soared on Wednesday after it provided investors with a business update. The graphite and graphene producer patent holder outlined its plans to regain compliance with Nasdaq listing requirements. This includes the filing of its Form 10-K yesterday, as well as a hearing with the Nasdaq Hearings Panel tomorrow.
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One key issue the company has to address is its stock price. Shares of GTI stock trade for 13 cents as of this writing, well below the $1 minimum bid price required to remain on the exchange. The company intends to address this with a reverse stock split that will boost the price of its shares. It will hold a shareholders’ meeting on July 30, 2025, to vote on this matter.
Graphjet Technology CEO Chris Lai said, “We are confident that our plan to be address the non-compliances with the Nasdaq listing requirements can be implemented.”
Graphjet Technology Stock Movement Today
GTI stock was up 78.9% in pre-market trading on Wednesday, following a 3.84% rally yesterday. However, the shares have decreased 91.89% year to date and 98.51% over the past 12 months. Today’s rally came with heavy trading, as some 262 million shares changed hands, compared to a three-month daily average of about 22.44 million units.
