Graphjet Technology receives noncompliance notice from Nasdaq

Graphjet Technology (GTI) announced that it received a written notice on June 18 from Nasdaq indicating that the company no longer complies with Nasdaq Listing Rule 5450(a)(1) requiring that listed securities maintain a minimum bid price of 10c per share based upon the company’s closing bid price for the last 10 consecutive trading days prior to the notice. The notice also stated that the noncompliance with the Listing Rule serves as an additional basis for delisting the company’s securities from Nasdaq, and that the matter will be considered by Nasdaq at the company’s previously disclosed hearing that will be held on July 17. The notice serves only as a notification of deficiency, not of imminent delisting, and has no current effect on the listing or trading of the company’s securities. The company intends to appeal Nasdaq’s decision, and this appeal will stay the suspension of the company’s securities pending the hearing.