Maxim downgraded Graphex Group (GRFX) to Hold from Buy. The firm is citing an uncertain timeline to start to sell graphene products in the U.S., as the company’s most recent operations update on November 11th mentioned expanding graphite processing capacity in China, but did not provide an update on U.S. business initiatives, the analyst tells investors in a research note. Maxim adds that while it sees Graphex generate EBITDA, the firm also anticipates a higher amount of share dilution from a capital raise amid weakness in the stock price.