KUALA LUMPUR—Suria Sukses Engineering Sdn Bhd, a significant shareholder in Graphjet Technology (NASDAQ:GTI), recently executed substantial sales of Class A Ordinary Shares amid the stock's 32% decline over the past week. According to a recent SEC filing, the company sold a total of 1,560,613 shares across two transactions, as the $131.24 million market cap company faces challenging market conditions.
On January 2, Suria Sukses Engineering sold 1,060,613 shares at an average price of $1.069 each, resulting in a total transaction value of approximately $1,133,795. This sale was executed in multiple trades at prices ranging from $1.00 to $1.175.
The following day, January 3, the company sold an additional 500,000 shares at an average price of $0.90, amounting to a total of $450,000. This transaction also involved multiple trades, with prices ranging from $0.8808 to $1.02.
Following these transactions, Suria Sukses Engineering reported holding 13,922,282 shares of Graphjet Technology. The stock, which has traded between $0.18 and $14.00 over the past 52 weeks, is currently considered undervalued according to InvestingPro Fair Value metrics. Get detailed valuation analysis and 12+ additional ProTips with an InvestingPro subscription.
In other recent news, Graphjet Technology has reported significant progress in its operations and compliance. Key highlights include the promotion of Mr. Liu Yu to the roles of Chief Operating Officer and Chief Scientific Officer. Mr. Liu's experience and leadership are expected to contribute to the company's future success, particularly in commercializing its novel green graphite technology.
In terms of financial performance, Graphjet Technology has faced challenges, with an EBITDA of -$14.61 million in the last twelve months. However, the company has made strides in operational advancements, obtaining three ISO certifications from ARES International. These certifications underscore Graphjet's commitment to sustainable and efficient manufacturing practices.
Furthermore, Graphjet Technology has secured a patent in Malaysia for its innovative process of transforming palm kernel shells into graphene. This patent strengthens the company's intellectual property portfolio, with additional applications filed in the United States to fortify its global standing.
In corporate governance news, Graphjet announced a change in its independent registered accounting firm, with Adeptus Partners LLC resigning. Notably, no disagreements were reported between Graphjet and Adeptus regarding financial statements or accounting principles. The company also regained compliance with Nasdaq's listing requirements after a brief period of non-compliance due to a delayed quarterly report.
These recent developments reflect Graphjet's commitment to operational excellence and compliance. Analysts from various firms continue to monitor these developments closely.
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