KUALA LUMPUR—Suria Sukses Engineering Sdn Bhd, a major shareholder in Graphjet Technology (NASDAQ:GTI), recently sold 500,000 Class A Ordinary Shares, according to a regulatory filing. The shares were sold at an average price of $1.12 per share, yielding a total transaction value of approximately $560,000. Following this sale, Suria Sukses retains ownership of 26,770,000 shares in the company. The stock, currently trading at $0.73, has experienced significant volatility this year, with a 91% decline year-to-date. InvestingPro data shows the company's financial health score is currently rated as Weak, with concerning metrics including a negative return on assets of -221%.
The transaction was executed in multiple trades at prices ranging from $0.9001 to $1.43, as noted in the filing. The sale reflects a continued adjustment in the shareholder's position within the company. With the stock trading well below its 52-week high of $14.00, technical traders can access comprehensive analysis tools and real-time alerts through InvestingPro to monitor future price movements.
In other recent news, Graphjet Technology has announced significant operational advancements. The company has elevated Liu Yu to the positions of Chief Operating Officer (COO) and Chief Scientific Officer (CSO), a move that leverages his two decades of multi-industry experience for steering the company's production operations and business growth.
Moreover, Graphjet Technology has obtained three ISO certifications from ARES International, reinforcing its commitment to sustainable and efficient manufacturing practices. The company has also secured a patent in Malaysia for its innovative process of converting palm kernel shells into graphene, further strengthening its intellectual property portfolio.
Furthermore, the company announced a change in its independent registered accounting firm, with Adeptus Partners LLC stepping down. It's important to note that there were no reported disagreements between Graphjet and Adeptus regarding financial statements or accounting principles.
In addition, Graphjet regained compliance with Nasdaq's listing requirements after a period of non-compliance due to a delayed quarterly report. These are recent developments that reflect Graphjet's commitment to operational excellence and compliance.
While the company continues to assure stakeholders of its dedication to timely filings, analysts from various firms continue to monitor these developments closely.
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