Graphjet Technology granted request to continue its listing by Nasdaq

Graphjet Technology (GTI) announced that it received a decision letter from the Nasdaq Hearings Panel on July 25, granting the Company’s request to continue its listing on The Nasdaq Stock Market. The decision is conditioned on the Company demonstrating compliance with Nasdaq Listing Rule 5450 on or before August 29, demonstrating compliance with Nasdaq Listing Rule 5450 on or before September 15, and providing the Panel with an update regarding the Company’s fundraising plans on or before September 30. The Company will work towards regaining compliance with the Bid Price Rule and the Periodic Filing Rule within the applicable timeframe provided in the Letter. In addition, the Company plans to provide the Panel with an update regarding the Company’s fundraising plans on or before September 30. However, there can be no assurance that the Company will regain or maintain compliance with the Listing Rules. The Company is poised to capitalize on the export restriction of graphite imposed by China in December 2023 and the imposition of higher tariffs by US on the import of graphite from China. The control of supply of graphite by China has resulted in a shortage of graphite globally. Our graphite is produced entirely from agricultural waste material which is a recycled and renewable material that is not from China and is able to be used to produce electric vehicle batteries.