Hoo Swee Guan, a director at Graphjet Technology (NASDAQ:GTI), recently sold 70,000 shares of the company's Class A Ordinary Shares. The transaction, which took place on December 11, 2024, was executed at a weighted average price of $1.29 per share, totaling $90,300. The stock, currently trading at $1.03, has declined significantly from its 52-week high of $14.00, with a year-to-date return of -88%. Following this sale, Hoo Swee Guan retains ownership of 1,372,991 shares in the company. The sale was conducted in multiple trades with prices ranging from $1.29 to $1.34. According to InvestingPro analysis, GTI appears undervalued, though its financial health score is rated as WEAK. The company's market capitalization stands at $246 million.
In other recent news, Graphjet Technology has announced a series of significant developments. The company has promoted Mr. Liu Yu to the positions of Chief Operating Officer (COO) and Chief Scientific Officer (CSO), where he will oversee operational, customer support, and business development initiatives. He will also continue to lead technological advancements.
Graphjet Technology has also acquired three ISO certifications from ARES International, demonstrating its commitment to sustainable and efficient manufacturing practices. These certifications include ISO 14001:2015 for environmental management, ISO 9001:2015 for quality management, and ISO 45001:2018 for occupational health and safety management.
In addition to these certifications, Graphjet has secured a patent in Malaysia for its innovative process of transforming palm kernel shells into graphene. This patent strengthens the company's intellectual property portfolio, with additional applications filed in the United States to fortify its global standing.
On the financial side, Graphjet Technology reported an EBITDA of -$14.61 million in the last twelve months. InvestingPro data shows a weak overall Financial Health Score of 0.77 for the company.
In terms of corporate governance, Graphjet announced a change in its independent registered accounting firm, with Adeptus Partners LLC resigning. The company also regained compliance with Nasdaq's listing requirements after a brief period of non-compliance due to a delayed quarterly report. These are all recent developments for Graphjet Technology.
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