Kuala Lumpur—Suria Sukses Engineering Sdn Bhd, a director of Graphjet Technology (NASDAQ:GTI), recently sold 30,000 Class A Ordinary Shares. The shares were sold on December 6, 2024, at a price of $2.76 each, amounting to a total transaction value of $82,800. The stock has since declined to $2.06, marking an 81.8% drop over the past year. Following this sale, Suria Sukses Engineering retains direct ownership of 27,520,000 shares in the company.
This transaction was executed in a single trade, as indicated by the transaction details. Graphjet Technology, known for its work in the electrical industrial apparatus sector, continues to see active trading from its insiders. The $408 million market cap company shows a WEAK financial health score according to InvestingPro analysis, with earnings scheduled for December 13. Based on InvestingPro's Fair Value model, the stock appears fairly valued at current levels.
In other recent news, Graphjet Technology has reported significant advancements in both its operations and compliance. The company, known for transforming agricultural waste into graphite and graphene, has elevated Mr. Liu Yu to the positions of Chief Operating Officer (COO) and Chief Scientific Officer (CSO). Liu, with over two decades of experience, will now oversee operational, customer support, and business development initiatives while continuing to lead technological advancements.
Graphjet Technology has also made strides in sustainable and efficient manufacturing practices. The firm recently acquired three ISO certifications from ARES International, including ISO 14001:2015 for environmental management, ISO 9001:2015 for quality management, and ISO 45001:2018 for occupational health and safety management. In addition, the company secured a patent in Malaysia for its innovative process of transforming palm kernel shells into graphene, fortifying its intellectual property portfolio.
A change in the company's independent registered accounting firm was also announced, with Adeptus Partners LLC resigning. No disagreements were reported between Graphjet and Adeptus regarding financial statements or accounting principles. Furthermore, Graphjet regained compliance with Nasdaq's listing requirements after a brief period of non-compliance due to a delayed quarterly report. These are the recent developments that underscore Graphjet's commitment to operational excellence and compliance.
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