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Graphjet Technology, the electrical industrial apparatus manufacturer, announced today that it has scheduled a hearing with the Nasdaq Stock Market LLC for July 17, 2025. This development follows a communication from Nasdaq’s Listing Qualifications Department, which Graphjet received on June 12, 2025. The hearing will determine the future of the company’s Class A ordinary shares, which are currently listed under the ticker GTI on the Nasdaq. The company’s stock, currently trading at $0.08, has experienced a dramatic 98.8% decline over the past year, with average daily trading volume of 21 million shares, according to InvestingPro data.
The company’s shares will continue to trade on the Nasdaq until the hearing date. In the interim, Graphjet Technology is focusing efforts on completing the audit of its financial statements for the fiscal year ended December 31, 2024. Additionally, the company is addressing the non-compliances cited by Nasdaq in previous communications. InvestingPro analysis indicates concerning financial metrics, with a "WEAK" Financial Health score and a current ratio of 0.17, suggesting significant liquidity challenges.
CEO Chris Lai expressed confidence in Graphjet’s ability to resolve the outstanding issues and emphasized the company’s commitment to its strategic goal of becoming a leading producer of graphite and graphene. The announcement was made through an 8-K filing with the Securities and Exchange Commission (SEC), which also included information on the company’s incorporation in the Cayman Islands and principal executive offices located in Malaysia. With a market capitalization of just $11.1 million and negative EBITDA of $14.6 million in the last twelve months, InvestingPro analysis suggests the stock is currently overvalued relative to its Fair Value.
The filing further provided details on the company’s securities registered under Section 12(b) of the Securities Exchange Act and confirmed its status as an emerging growth company. It also mentioned that certain exhibits and schedules have been omitted in accordance with Regulation S-K but are available upon request by the SEC.
The information in this article is based on a press release statement.
In other recent news, Graphjet Technology is facing a potential delisting from the Nasdaq Stock Market due to delayed financial filings. The company received a delisting determination from Nasdaq after failing to comply with listing requirements by not timely filing its annual and quarterly reports for periods ending in 2024. A hearing with the Nasdaq Hearings Panel is scheduled for July 17, 2025, temporarily allowing Graphjet’s shares to continue trading. In addition to these challenges, Graphjet announced the resignation of Ng Ah Lek as an Independent (LON:IOG) Director, effective March 28, 2025, with no reported disagreements on company practices.
Furthermore, Graphjet expanded its board by appointing four new directors, including Tan Song Jie, who will serve as the chairperson of the Audit Committee. Chris Lai Ther Wei has been named as the new Deputy CEO and CFO, bringing extensive experience in corporate finance. These appointments aim to bolster Graphjet’s leadership and corporate governance. The developments have been disclosed in compliance with SEC regulations and Nasdaq rules.
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