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Graphjet Technology Obtains Shareholders’ Nod For US$1.38bil Nasdaq Listing

KUALA LUMPUR: Green graphite producer Graphjet Technology Sdn Bhd (GTSB) is en route to be listed on the Nasdaq after shareholders approve raising US$1.38bil from the market.

En route to be listed in US Nasdaq. (From left): Graphjet Technology Sdn Bhd co-founder and chief executive officer Lee Ping Wei, chief technology officer Liu Yu, executive director Jay Aw and chairman Lim Hooi Beng

In this pivotal moment for GTSB’s corporate journey, the company is set to enhance its global footprint by listing on Nasdaq under the ticker ‘GTI,’ showcasing a minimum pro forma enterprise value of US$1.38 billion.

This is after GTSB obtained Energem Corp’s shareholders’ approval for the business combination between the two entities.

Further, this development heralds a new chapter for GTSB and the broader green technology sector, reinforcing the company’s pioneering role in developing advanced green battery anode materials.

A total of 80.16 per cent of the votes were in favour of the approximately 85.08 per cent of votes cast at the meeting on February 28, 2024.

Following the closing, the combined company will operate as GTSB, and its ordinary shares and warrants are expected to begin trading on the Nasdaq Global Select Market under the new ticker symbols GTI and GTIWW, respectively.

GTSB, recognised for its patented technology that converts palm kernel shells into valuable graphene and graphite, is pioneering sustainable material production and shaping a green supply chain for battery anode materials globally.

This unique approach showcases the company’s innovative prowess and underscores its commitment to sustainability and environmental, social and governance (ESG) principles.

GTSB co-founder and chief executive officer Aiden Lee Ping Wei said today marks a monumental stride for Graphjet and the entire green technology sector.

“Our Nasdaq listing is not merely a corporate milestone. It catalyses our mission to lead the green graphite revolution, emphasising our role in the global shift towards renewable energy solutions.

“Our vision extends beyond the current achievements. We are actively exploring partnerships with academic institutions and leading enterprises to push the boundaries of what’s possible in green technology,” Lee said in a statement.

The company’s collaboration with Massachusetts Institute of Technology (MIT) exemplifies this approach, combining GTSB’s market-leading innovations with global academic excellence.

GTSB’s innovative process converts palm kernel shells, an abundant local byproduct, into premium-grade graphene and graphite, crucial for green battery technologies.

This process epitomises the company’s strategy of turning waste into valuable materials, contributing significantly to the green supply chain for battery anode materials.

GTSB’s business model is deeply rooted in ESG principles, emphasising the company’s commitment to responsible business practices.

“We believe in creating value that benefits our stakeholders and the planet.

“Our processes and products are designed to minimise environmental impact and promote a circular economy,” Lee said.

Post listing, GTSB aims to capitalise on the growing graphene market, which is expected to see significant growth, according to a Mordor Intelligence study in 2023.

With plans for expanding its footprint in the Southeast Asian market and beyond, GTSB is poised to leverage emerging opportunities, reinforcing Malaysia’s standing in the global green energy industry.

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