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NEW YORK - Graphjet Technology (NASDAQ:GTI), currently trading at $0.09 with a market capitalization of $13.7 million, announced Friday that its previously approved 1-for-60 share consolidation will become effective on August 25, 2025, with shares beginning to trade on a split-adjusted basis that same day on the Nasdaq Global Market.
The consolidation, which was approved by shareholders at an extraordinary general meeting on August 7, will also reduce the par value of the company’s ordinary shares from $0.0001 to $0.006 per share. The move comes as GTI’s stock has declined nearly 90% year-to-date, according to InvestingPro data.
Upon implementation, every 60 ordinary shares currently issued and outstanding will automatically combine into one ordinary share. The company stated that no fractional shares will be issued, with any fractional results being rounded up to the nearest whole share.
Graphjet noted that the consolidation will not affect any shareholder’s percentage ownership except for adjustments resulting from the treatment of fractional shares. The company’s transfer agent, Continental Stock Transfer & Trust Company, will serve as the exchange agent for the consolidation.
According to the company’s statement, the share consolidation is intended to increase the trading price of Graphjet’s ordinary shares to meet Nasdaq’s continued listing requirements. InvestingPro analysis indicates the company faces financial challenges, with a weak overall Financial Health Score and concerning liquidity metrics. Investors can access detailed financial health metrics and expert insights through InvestingPro’s comprehensive analysis tools.
Graphjet Technology, founded in 2019 in Malaysia, produces graphene and graphite using a patented technology that recycles palm kernel shells, a waste agricultural product common in Malaysia. The company is scheduled to report its next earnings in 4 days, on August 19, 2025.
The information was disclosed in a press release issued by the company.
In other recent news, Graphjet Technology announced that its shareholders approved a share consolidation plan, selecting a 1-for-60 ratio for both issued and unissued ordinary shares. The company plans to file the necessary documents in the Cayman Islands, with implementation expected soon. Additionally, Graphjet has received new machinery at its Malaysian factory, which is currently being installed and tested to ensure operational efficiency. This equipment is expected to significantly boost production capacity, enhancing both the quantity and quality of graphite produced.
Graphjet also received conditional approval from the Nasdaq Hearings Panel to maintain its listing on the exchange. The company must meet specific requirements, including compliance with the minimum bid price by August 2025 and periodic filing requirements by September 2025. Furthermore, Graphjet recently hosted a delegation from a Japanese trading firm to discuss sustainable graphite supply, highlighting interest in Graphjet’s technology that uses palm kernel shells as renewable feedstock. These developments reflect ongoing efforts to strengthen Graphjet’s operational and market position.
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