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NEW YORK - Graphjet Technology (NASDAQ:GTI) announced Friday it received a written notice from Nasdaq on September 2 indicating the company failed to regain compliance with listing requirements regarding minimum market value of publicly held shares. The company’s current market capitalization stands at just $8.51 million, with the stock down nearly 98% over the past year according to InvestingPro data.
The notice states that Graphjet did not meet the requirement to maintain a minimum market value of $50 million for its publicly held shares over 30 consecutive trading days by the September 1 deadline.
According to the company’s statement, the notice has no immediate effect on Graphjet’s listing status, and its shares will continue trading on the Nasdaq Global Market under the GTI symbol. Nasdaq has requested that Graphjet present its views regarding this matter in writing by September 9.
Graphjet had previously agreed to provide Nasdaq with an update on its fundraising plans by September 30.
Founded in 2019 in Malaysia, Graphjet Technology develops technology to recycle palm kernel shells to produce single layer graphene and artificial graphite. The company claims to have the world’s first patented technology for this specific recycling process.
This information is based on a press release statement from Graphjet Technology.
In other recent news, Graphjet Technology announced it received a compliance notice from Nasdaq for failing to file its quarterly report for the period ending June 30, 2025. The company is addressing the delay in submitting the required Form 10-Q to the Securities and Exchange Commission. Additionally, Graphjet revealed that its graphite production now meets the standards needed for battery anode material, which is a significant development for its operations. The company plans to finalize collaborations and supply agreements with customers in the upcoming weeks.
Graphjet has also partnered with Universiti Kebangsaan Malaysia to develop advanced heat sinks using graphite and graphene. This collaboration is part of the Consortium of Research Excellence 2025 initiative under Malaysia’s Ministry of Higher Education. Furthermore, Graphjet’s shareholders have approved a 1-for-60 share consolidation, effective August 25, 2025. The consolidation will result in shares trading on a split-adjusted basis on the Nasdaq Global Market, reducing the par value of the company’s ordinary shares.
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