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KUALA LUMPUR - Graphjet Technology (NASDAQ:GTI) has received conditional approval from the Nasdaq Hearings Panel to maintain its listing on the exchange, according to a press release issued Monday. The company’s stock, currently trading at $0.10, has experienced significant volatility, with a 96.89% decline over the past year according to InvestingPro data.
The panel’s decision letter, dated July 25, requires the company to demonstrate compliance with Nasdaq’s minimum bid price requirement by August 29, 2025, and meet periodic filing requirements by September 15, 2025. Additionally, Graphjet must provide an update on its fundraising plans by September 30, 2025. With a market capitalization of just $14.66 million and an overall financial health score rated as "WEAK" by InvestingPro, the company faces significant challenges ahead.
"We would like to thank the Panel for allowing the continued listing of Graphjet on Nasdaq," said Chris Lai, CEO of Graphjet, in the statement.
Graphjet, founded in 2019, produces graphene and graphite using a patented technology that recycles palm kernel shells, a byproduct of palm seed oil production. The company noted that it aims to address graphite supply challenges following China’s export restrictions implemented in December 2023.
The company also mentioned plans to build a manufacturing facility in Nevada, though specific timelines were not provided.
Graphjet cautioned that there is no guarantee it will successfully regain or maintain compliance with Nasdaq’s listing requirements within the specified timeframes.
The information was disclosed in a company press release statement.
In other recent news, Graphjet Technology has filed its Form 10-K for the fiscal year ending September 30, 2024, addressing prior Nasdaq compliance issues. The filing was supported by funding from the new controlling shareholder, Aiden Lee, enabling the completion of the annual audit despite delays. Additionally, Graphjet Technology has committed to filing overdue quarterly reports by mid-September 2025, as confirmed by CEO/CFO Chris Lai during a Nasdaq Hearing Panel. The company is also set to enhance its production capacity, with new equipment expected to arrive in Malaysia, boosting production approximately sevenfold. In a separate development, Graphjet received a notice from Nasdaq for non-compliance with the minimum bid price requirement, following a closing bid price below $0.10 per share for ten consecutive trading days. Meanwhile, Graphjet hosted a delegation from a Japanese trading company interested in its sustainable graphite technology. The Japanese firm’s interest highlights Graphjet’s potential in using palm kernel shells as renewable feedstock for synthetic graphite.
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