KUALA LUMPUR—Suria Sukses Engineering Sdn Bhd, a significant shareholder of Graphjet Technology (NASDAQ:GTI), has recently sold a substantial portion of its holdings in the company. The sale comes as GTI's stock trades near $0.45, down nearly 50% year-to-date and 96% from its 52-week high of $14. According to a recent filing, Suria Sukses disposed of a total of 4,490,517 Class A Ordinary Shares over two consecutive days.
On January 13, the company sold 2,000,000 shares at a weighted average price of $0.42 per share, amounting to approximately $840,000. The transactions were executed at prices ranging from $0.40 to $0.4885. Following this sale, Suria Sukses retained 2,490,517 shares. InvestingPro analysis indicates the company's weak financial health score, with concerning metrics including negative EBITDA of -$14.61M.
The next day, January 14, Suria Sukses sold the remaining 2,490,517 shares at a weighted average price of $0.46 per share, totaling approximately $1,145,637. These transactions were executed at prices ranging from $0.44 to $0.603. This sale marked the complete divestment of Suria Sukses's stake in Graphjet Technology.
These transactions are notable as they reflect a significant shift in ownership for the company, with Suria Sukses Engineering no longer holding any shares in Graphjet Technology following these sales.
"In other recent news, Graphjet Technology reported significant changes in its executive board with the sudden resignations of three high-ranking officials, including an Executive Director and two Independent (LON:IOG) Directors. Concurrently, the company announced the promotion of Mr. Liu Yu to the dual roles of Chief Operating Officer and Chief Scientific Officer, bolstering its leadership amidst these departures.
Graphjet Technology also recently secured three ISO certifications from ARES International, demonstrating its commitment to sustainable and efficient manufacturing practices. In addition, the company was granted a patent in Malaysia for its unique process of transforming palm kernel shells into graphene.
In terms of corporate governance, Graphjet Technology witnessed a change in its independent registered accounting firm, with Adeptus Partners LLC resigning. Notably, no disagreements were reported between Graphjet and Adeptus regarding financial statements or accounting principles. Following a brief period of non-compliance due to a delayed quarterly report, the company has also regained compliance with Nasdaq's listing requirements.
These recent developments reflect Graphjet Technology's ongoing commitment to operational excellence and compliance. While the company assures stakeholders of its dedication to timely filings, analysts from various firms continue to monitor these developments closely."
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