Graphjet Technology Discloses Notice from Nasdaq

Rhea-AI Summary

Graphjet Technology (Nasdaq:GTI), a developer of technologies for producing graphite and graphene from agricultural waste, has received a notice from Nasdaq's Listing Qualifications Department on February 28, 2025. The notice indicates non-compliance with listing requirements due to delayed filings of:

1. Form 10-K for September 30, 2024
2. Form 10-Q for December 31, 2024

The company has until April 29, 2025 to submit a compliance plan. If Nasdaq accepts the plan, GTI may receive an extension until July 14, 2025 to regain compliance. The notice does not immediately affect GTI's listing or trading status on the Nasdaq Global Market.

Positive

• Company granted 60-day period to submit compliance plan
• Potential 180-day extension period if plan is accepted
• Current listing status remains unaffected

Negative

• Delayed filing of Q3 2024 Form 10-K
• Delayed filing of Q4 2024 Form 10-Q
• Non-compliance with Nasdaq listing requirements
• Risk of potential delisting if compliance plan is not accepted or executed

Innovative technological leader to oversee all technical, operational, customer support and business development initiatives

KUALA LUMPUR, Malaysia, March 06, 2025 (GLOBE NEWSWIRE) -- Graphjet Technology (“Graphjet” or “the Company”) (Nasdaq:GTI), a leading developer of patented technologies to produce graphite and graphene directly from agricultural waste, today announced that it received a notice (“Notice”) on February 28, 2025 from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) indicating that, as a result of (i) the Company’s delay in filing its Quarterly Report on Form 10-K for the period ended September 30, 2024  (the “Initial Delinquent Filing”) with the Securities and Exchange Commission (the “SEC”), and (ii) the Company’s delay in filing its Annual Report on Form 10-Q for the period ended December 31, 2024 (the “Second Delinquent Filing”), the Company is not in compliance with the requirements for continued listing under Nasdaq Listing Rule 5250(c)(1) (the “Listing Rule”).

The Notice has no immediate effect on the listing or trading of the Company’s ordinary shares on the Nasdaq Global Market. The Notice states that the Company has 60 calendar days, or until April 29, 2025, to submit a plan to regain compliance with the Listing Rule with respect to the delinquent reports. If Nasdaq accepts the Company’s plan to regain compliance, then Nasdaq may grant the Company up to 180 calendar days from the prescribed due date of the Initial Delinquent Filing, or until July 14, 2025, to regain compliance.

The Company continues to work diligently to complete the Form 10-K and the Form 10-Q.

This announcement is made in compliance with Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification. 

About Graphjet Technology Sdn. Bhd.

Graphjet Technology Sdn. Bhd. (Nasdaq: GTI) was founded in 2019 in Malaysia as an innovative graphene and graphite producer. Graphjet Technology has the world’s first patented technology to recycle palm kernel shells generated in the production of palm seed oil to produce single layer graphene and artificial graphite. Graphjet’s sustainable production methods utilizing palm kernel shells, a waste agricultural product that is common in Malaysia, will set a new shift in graphite and graphene supply chain of the world. For more information, please visit https://www.graphjettech.com/.

Cautionary Statement Regarding Forward-Looking Statements

The information in this press release contains certain “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “aim,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result” and similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) changes in the markets in which Graphjet competes, including with respect to its competitive landscape, technology evolution or regulatory changes; (ii) the risk that Graphjet will need to raise additional capital to execute its business plans, which may not be available on acceptable terms or at all; (iii) Graphjet is beginning the commercialization of its technology and it may not have an accurate estimate of future capital expenditures and future revenue; (iv) statements regarding Graphjet’s industry and market size; (v) financial condition and performance of Graphjet, including the anticipated benefits, the implied enterprise value, the financial condition, liquidity, results of operations, the products, the expected future performance and market opportunities of Graphjet; (vi) Graphjet’s ability to develop and manufacture its graphene and graphite products; and (vii) those factors discussed in our filings with the SEC. You should carefully consider the foregoing factors and the other risks and uncertainties that will be described in the “Risk Factors” section of the documents to be filed by Graphjet from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward- looking statements, and while Graphjet may elect to update these forward-looking statements at some point in the future, they assume no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law. Graphjet does not give any assurance that Graphjet will achieve its expectations.

Graphjet Technology Contacts

Investors
GraphjetIR@icrinc.com

Media
GraphjetPR@icrinc.com

FAQ

What is the deadline for Graphjet Technology (GTI) to submit its Nasdaq compliance plan?

Graphjet Technology has until April 29, 2025 (60 calendar days) to submit its plan to regain compliance with Nasdaq listing requirements.

Which financial reports are delayed in Graphjet Technology's (GTI) Nasdaq notice?

GTI has delayed filing its Q3 2024 Form 10-K (due September 30) and Q4 2024 Form 10-Q (due December 31).

What is the maximum extension period Nasdaq might grant GTI to regain compliance?

If Nasdaq accepts GTI's compliance plan, they may grant up to 180 calendar days until July 14, 2025 to regain compliance.

Does the Nasdaq notice affect GTI's current trading status?

No, the notice has no immediate effect on the listing or trading of GTI's ordinary shares on the Nasdaq Global Market.