Graphjet Technology Discloses Stay of Suspension and Nasdaq Hearing Date
- Trading suspension has been temporarily stayed, allowing continued listing on Nasdaq until at least July 17, 2025
- Company has opportunity to present its case at the Nasdaq Hearing Panel
- Company is non-compliant with Nasdaq listing requirements due to delayed filing of multiple financial reports
- Risk of potential delisting after the hearing if compliance issues are not resolved
- Three consecutive financial reports are delayed (10-K and two 10-Q filings)
Insights
Graphjet faces possible delisting from Nasdaq for failing to file multiple financial reports, with hearing scheduled for July 17.
Graphjet Technology (GTI) has received a temporary reprieve in its Nasdaq compliance battle. The exchange has stayed its previous determination to suspend trading of GTI's shares pending a hearing scheduled for July 17, 2025. This means GTI's shares will continue trading at least until this hearing date.
The core issue is Graphjet's failure to comply with Nasdaq Listing Rule 5250(c)(1), which requires timely filing of financial reports. The company has failed to file three critical financial documents:
- Annual Report (Form 10-K) for period ended September 30, 2024
- Quarterly Report (Form 10-Q) for period ended December 31, 2024
- Quarterly Report (Form 10-Q) for period ended March 31, 2025
This pattern of delayed financial reporting is particularly concerning as it represents multiple consecutive reporting periods. The failure to file these documents suggests potential internal accounting issues, governance problems, or financial distress that has prevented the company from completing its required financial disclosures.
The July hearing represents a critical juncture for Graphjet. The Nasdaq Hearing Panel will evaluate the company's plan to regain compliance and determine whether GTI should maintain its listing. Companies in similar situations typically must present a clear and credible path to filing the delayed reports and demonstrate commitment to maintaining timely reporting going forward.
For shareholders, this situation creates significant uncertainty. If Graphjet fails to satisfy the Panel, delisting remains a very real possibility, which would force the company's shares to trade on less liquid over-the-counter markets, potentially reducing share value and institutional ownership.
Innovative technological leader to oversee all technical, operational, customer support and business development initiatives
KUALA LUMPUR, Malaysia, June 16, 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 the Company received a letter from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) on June 12, 2025 that notified the Company that Nasdaq’s previously disclosed determination to suspend the trading of the Company’s Class A Ordinary Shares (the “Common Stock”) has been stayed, pending a final written decision by the Nasdaq Hearing Panel (the “Panel”). The hearing (the “Hearing”) before the Panel will be held on July 17, 2025, meaning that the Company’s ordinary shares will continue to trade on Nasdaq at least until the date of the Hearing.
The Company previously disclosed that it received a determination letter (“Notice”) on June 4, 2025 from Nasdaq indicating that the Company was not in compliance with the requirements for continued listing under Nasdaq Listing Rule 5250(c)(1) (the “Listing Rule”) as a result of (i) the Company’s delay in filing its Annual Report on Form 10-K for the period ended September 30, 2024 with the Securities and Exchange Commission (the “SEC”) and (ii) the Company’s delay in filing its Quarterly Report on Form 10-Q for the period ended December 31, 2024. The Notice also stated that the Company is not in compliance with the Listing Rule due to the Company’s delay in filing its Quarterly Report on Form 10-Q for the period ended March 31, 2025.
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
Graphjet Technology (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 Current Report on Form 8-K, 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; (vii) Graphjet’s ability to return to and maintain compliance with Nasdaq continued listing standards; and (viii) 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
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