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Graphjet Technology, an emerging growth company specializing in electrical industrial apparatus with a market capitalization of $11.12 million, is facing delisting from the Nasdaq Stock Market LLC. The company, previously known as Energem Corp, received a notice from the Listing Qualifications Department of Nasdaq on February 28, 2025, indicating non-compliance with Nasdaq Listing Rule 5250(c)(1) due to delayed filings of its Annual Report for the period ended September 30, 2024, and its Quarterly Report for the period ended December 31, 2024. According to InvestingPro data, the company’s stock has plummeted 91.62% year-to-date to $0.08 per share.
On June 4, 2025, Graphjet was informed that Nasdaq had denied their request for continued listing due to the lack of a definitive plan to regain compliance by July 15, 2025. Trading of Graphjet’s Class A Ordinary Shares was scheduled to be suspended on June 13, 2025, with a Form 25-NSE to be filed with the SEC to remove the securities from listing and registration on Nasdaq.
The company also acknowledged a delay in filing its Quarterly Report for the period ended March 31, 2025, further impacting its compliance status. However, on June 12, 2025, Graphjet received communication that the Staff’s delisting determination has been stayed pending a final decision by the Nasdaq Hearings Panel, with a hearing set for July 17, 2025. Until the Panel’s written decision is released, Graphjet’s Common Stock will continue to trade on Nasdaq.
Graphjet’s future on Nasdaq remains uncertain, and there are no guarantees that the company will be able to regain compliance with the Listing Rule or meet other Nasdaq listing requirements. InvestingPro analysis reveals concerning fundamentals, with a Weak Financial Health Score of 0.24, negative EBITDA of $14.61 million, and a concerning current ratio of 0.17. The company has cautioned that forward-looking statements within this report, such as their ability to address the non-compliance issues and future plans, are subject to risks and uncertainties. These statements should not be relied upon as guarantees of future performance. For deeper insights into Graphjet’s financial health and valuation metrics, including exclusive ProTips and detailed analysis, consider subscribing to InvestingPro.
This article is based on a press release statement.
In other recent news, Graphjet Technology announced it received a delisting determination from Nasdaq due to delays in filing its financial reports. The company failed to submit its annual report for the period ended September 30, 2024, and its quarterly report for the period ended December 31, 2024. Graphjet plans to appeal the decision and request a hearing, which would temporarily stay the suspension of trading of its Class A Ordinary Shares. Additionally, the company disclosed the resignation of Ng Ah Lek as an Independent (LON:IOG) Director and member of various committees, with no disagreements cited regarding company practices. In another development, Graphjet expanded its board and appointed Chris Lai Ther Wei as Deputy CEO and CFO. The new directors, including Tan Song Jie, who will chair the Audit Committee, bring extensive experience in financial planning and corporate finance. These recent changes reflect Graphjet Technology’s efforts to enhance its leadership and governance structure.
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