Graphex Group Limited Announces Pricing of Upsized $11.7 Million Public Offering and NYSE American Listing

Rhea-AI Summary

Graphex Group Limited (NYSE American: GRFX) has announced the pricing of its public offering of 4,695,653 American depositary shares (ADSs) at $2.50 per ADS, aiming to raise approximately $11.7 million. Each ADS represents 20 ordinary shares of the company. The offering is set to close on or about August 19, 2022, subject to customary conditions, and includes a 45-day option for underwriters to purchase an additional 704,347 ADSs. The shares are expected to begin trading on August 17, 2022, on the NYSE American Exchange.

Positive

• The upsized public offering aims to raise approximately $11.7 million.
• Graphex is a leader in specialized natural graphite processing for EV batteries.
• The offering will increase liquidity and support future business operations.

Negative

• The public offering could result in shareholder dilution.
• Market reaction to the offering may be negative due to concerns over increased shares outstanding.

ROYAL OAK, Mich., Aug. 16, 2022 (GLOBE NEWSWIRE) -- Graphex Group Limited (NYSE American: GRFX), and Graphex Technologies, LLC its wholly owned US subsidiary (collectively “Graphex”, or the “Company”), a global leader in mid-stream processing of specialized natural graphite used for electric vehicle (EV) lithium-ion (Li-ion) batteries, today announced the pricing of its upsized public offering of 4,695,653 American depositary shares (ADSs), each ADS representing 20 ordinary shares, par value HK$0.01 per share, of the Company, at a public offering price of $2.50 per ADS, for aggregate gross proceeds of approximately $11.7 million before deducting underwriting discounts, commissions, and other offering expenses. In addition, Graphex has granted the underwriters a 45-day option to purchase up to an additional 704,347 ADSs at the public offering price per ADS, less the underwriting discounts and commissions, to cover over-allotments, if any.

The ADSs are expected to begin trading on the NYSE American Exchange on August 17, 2022, under the ticker symbol “GRFX” and the offering is expected to close on or about August 19, 2022, subject to satisfaction of customary closing conditions.

EF Hutton, division of Benchmark Investments, LLC, is acting as sole book-running manager for the offering.

A registration statement on Form F-1 (File No. 333-263330), was filed with the Securities and Exchange Commission ("SEC") and was declared effective on August 16, 2022, and a registration statement on Form F-1MEF (File No. 333-266925 ), was filed with the SEC and became effective upon filing.  A final prospectus relating to the offering will be filed with the SEC and will be available on the SEC's website at http://www.sec.gov. Electronic copies of the final prospectus relating to this offering, when available, may be obtained from EF Hutton, division of Benchmark Investments, LLC, 590 Madison Avenue, 39^th Floor, New York, NY 10022, Attention: Syndicate Department, or via email at syndicate@efhuttongroup.com or telephone at (212) 404-7002.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Graphex
Graphex Group Limited is a Cayman Island company with principal and administrative offices in Hong Kong and subsidiary office in Royal Oak, Michigan. Graphex is a global leader in the industry, proficient in commercial deep processing of graphite, and is currently producing over 10,000 metric tons of spherical graphite annually. Graphex possesses patents and utility models covering various technological, design, and processing applications in addition to trade secrets and technological expertise.

Forward Looking Statements
This press release contains statements that constitute "forward-looking statements," including with respect to the proposed public offering. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and preliminary prospectus for the Company's offering filed with the SEC. Copies of these documents are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Media Inquiries:
FischTank PR
graphex@fischtankpr.com

FAQ

What is the purpose of Graphex's public offering of ADSs?

Graphex's public offering aims to raise approximately $11.7 million to enhance liquidity and support future business operations.

When will Graphex's public offering close?

The offering is expected to close on or about August 19, 2022.

What is the offering price for Graphex's ADSs?

The ADSs are priced at $2.50 each.

How many ADSs are included in the offering?

The offering includes 4,695,653 ADSs, with an option for underwriters to purchase an additional 704,347 ADSs.

When will the ADSs begin trading on the NYSE?

The ADSs are expected to begin trading on August 17, 2022, on the NYSE American Exchange under the ticker symbol 'GRFX'.