Tech Startup Graphjet Fights to Keep Nasdaq Listing Amid Share Price Crisis

Rhea-AI Filing Summary

Graphjet Technology (GTI) faces potential delisting challenges from Nasdaq due to two listing rule violations. First, in February 2025, the company failed to maintain the minimum $1.00 bid price requirement under Rule 5550(a)(2), receiving until August 20, 2025 to regain compliance.

More critically, on June 18, 2025, Nasdaq issued a second notice indicating GTI's failure to maintain the minimum $0.10 bid price over the last 10 consecutive trading days under Rule 5450(a)(1). This matter will be reviewed at a Nasdaq Hearings Panel on July 17, 2025.

Key points:

• Company will appeal Nasdaq's decision
• Trading continues during appeal process
• Management claims "diligent efforts" to regain compliance
• Company faces uncertainty regarding maintaining listing status

As an emerging growth company, GTI faces additional challenges in commercializing its graphene and graphite products while addressing these listing compliance issues.

Positive

• None.

Negative

• Stock price has fallen below $0.10 per share, triggering a severe Nasdaq listing compliance issue that could lead to delisting
• Company is facing dual listing compliance violations - both the $1.00 and $0.10 minimum bid price requirements
• Mandatory Nasdaq hearing scheduled for July 17, 2025 to determine potential delisting
• Stock price has shown sustained weakness, falling below critical thresholds for over 32 consecutive trading days

8-K Event Classification

3 items: 3.01, 7.01, 9.01

3 items

Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing Securities

The company received a delisting notice or transferred its listing to a different exchange.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Understanding 8-K Material Events →

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): June 18, 2025

Graphjet Technology

(Exact name of registrant as specified in its charter)

Cayman Islands		001-41070		N/A
(State or other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification Number)

Lot 3895, Lorong 6D, Kampung Baru Subang

Seksyen U6, 40150 Shah Alam

Selangor, Malaysia

(Address of principal executive offices, including zip code)

Registrant’s telephone number, including area code: +60 018 272 7799

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Class A ordinary shares, par value $0.0001 per share		GTI		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 

Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

As previously disclosed, on February 21, 2025, Graphjet Technology (the “Company” or “Graphjet”) received written notice (the “February Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) indicating that the Company no longer complied with Nasdaq Listing Rule 5550(a)(2) (“Rule 5550(a)(2)”) requiring that listed securities maintain a minimum bid price of $1.00 per share based upon the Company’s closing bid price for the 32 consecutive days prior to the February Notice. Additionally, the February Notice confirmed that Rule 5550(a)(2) grants the Company 180 calendar days, or until August 20, 2025 to regain compliance (the “Compliance Period”).

On June 18, 2025, the Company received a written notice (the “June Notice”) from Nasdaq indicating that the Company no longer complies with Nasdaq Listing Rule 5450(a)(1) (“Rule 5450(a)(1)” and, together with Rule 5550(a)(2), the “Listing Rules”) requiring that listed securities maintain a minimum bid price of $0.10 per share based upon the Company’s closing bid price for the last 10 consecutive trading days prior to the June Notice. The June Notice also stated that the noncompliance with Rule 5450(a)(1) serves as an additional basis for delisting the Company’s securities from Nasdaq, and that the matter will be considered by the Nasdaq Hearings Panel at the Company’s previously disclosed hearing that will be held on July 17, 2025 (the “Hearing”). The June Notice serves only as a notification of deficiency, not of imminent delisting, and has no current effect on the listing or trading of the Company’s securities. The Company intends to appeal Nasdaq’s decision, and this appeal will stay the suspension of the Company’s securities pending the Hearing.

Though there can be no assurance that the Company will regain or maintain compliance with the Listing Rules, the Company is exercising diligent efforts and intends to regain compliance with the Listing Rules within the Compliance Period.

Item 7.01. Regulation FD Disclosure.

A press release dated June 24, 2025 disclosing the Company’s receipt of the June Notice referenced above is attached hereto as Exhibit 99.1.

The information furnished in this Item 7.01 of this Current Report on Form 8-K (including Exhibit 99.1 attached hereto) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

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Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit		Description
99.1		Press Release dated June 24, 2025
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

Cautionary Statement Regarding Forward-Looking Statements

The information in this Current Report on Form 8-K 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.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	GRAPHJET TECHNOLOGY
Date: June 24, 2025	By:	/s/ Chris Lai
	Name:	Chris Lai
	Title:	Chief Executive Officer

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FAQ

Why is GTI stock at risk of being delisted from Nasdaq in 2025?

GTI faces delisting risk due to two compliance issues: First, failing to maintain the minimum bid price of $1.00 per share (noticed in February 2025), and second, falling below the $0.10 per share minimum threshold for 10 consecutive trading days (noticed in June 2025). The company has until August 20, 2025 to regain compliance and will appeal Nasdaq's decision at a hearing scheduled for July 17, 2025.

What is GTI's deadline to regain Nasdaq compliance in 2025?

GTI has until August 20, 2025 (180 calendar days from the February Notice) to regain compliance with Nasdaq's minimum bid price requirements. The company will present its case at a Nasdaq Hearings Panel on July 17, 2025.

Is GTI stock still trading on Nasdaq despite the delisting notice?

Yes, GTI stock continues to trade on Nasdaq. The June Notice serves only as a notification of deficiency, not of imminent delisting, and has no current effect on the listing or trading of the company's securities. GTI's appeal will stay the suspension of trading pending the July 17, 2025 hearing.

What minimum stock price does GTI need to maintain for Nasdaq listing?

GTI needs to maintain two minimum price thresholds for Nasdaq listing: $1.00 per share under Rule 5550(a)(2) and $0.10 per share under Rule 5450(a)(1). The company currently fails to meet both requirements, with the stock trading below $0.10 for 10 consecutive trading days as of June 2025.

What steps is GTI taking to prevent Nasdaq delisting in 2025?

GTI has stated it is 'exercising diligent efforts' to regain compliance with Nasdaq's listing rules within the Compliance Period. The company plans to appeal Nasdaq's decision at a hearing on July 17, 2025, though they acknowledge there can be no assurance they will regain or maintain compliance.