Core Viewpoint - Graphjet Technology has achieved significant milestones in producing high-quality synthetic graphite with 99.99% purity and 98.8% graphitization, validating its patented green graphite production technology [1][2][4] Group 1: Technology and Production Achievements - Graphjet's artificial green graphite, derived from palm-based biomass residues, has been validated by a third-party agency, confirming its high purity and graphitization levels [2][4] - The production process involves raw material mixing, molding, and high-temperature graphitization, which is crucial for achieving high-quality graphite [3][5] - The proprietary catalyst formula used by Graphjet allows for cost-effective production of high-quality graphite, maintaining necessary parameters during the graphitization process [4][5] Group 2: Market Applications and Environmental Impact - High-quality artificial graphite produced by Graphjet is suitable for applications in lithium-ion batteries, thermal management, and graphite electrodes, among others [3][6] - Graphjet's technology results in only 2.95 kg of CO2 emissions per kg of graphite produced, significantly lower than the emissions from traditional natural and synthetic graphite production [8] Group 3: Production Capacity and Future Prospects - Graphjet has established the world's first and largest green graphite facility in Malaysia, with an annual production capacity of up to 3,000 metric tons, sufficient for approximately 40,000 electric vehicles [7] - The company aims to position itself as a leading supplier of green graphite, leveraging its innovative technology and sustainable production methods [2][9]

Financial Performance - Graphjet Technology reported a net loss of $2,139,000 for the three months ended June 30, 2024, compared to a net loss of $433,000 for the same period in 2023, representing a 394% increase in losses [106]. - Total operating expenses increased to $2,133,000 for the three months ended June 30, 2024, up 400% from $427,000 in the same period in 2023 [106]. - General and administrative expenses increased from $427 in Q2 2023 to $2,133 in Q2 2024, a 400% increase [108]. - Net loss for Q2 2024 was $2,139, up from $433 in Q2 2023, representing a 394% increase [109]. - For the nine months ended June 30, 2024, general and administrative expenses rose to $14,139 from $1,411 in the same period of 2023, a 902% increase [113]. - The net loss for the nine months ended June 30, 2024 was $14,157, compared to $1,429 in the same period of 2023, an 891% increase [114]. - Cash used in operating activities for the nine months ended June 30, 2024 was approximately $4,346, compared to $217 in the same period of 2023, a variance of 1,903% [115]. - Cash used in investing activities during the nine months ended June 30, 2024 was approximately $1,272, while there were no investing activities in the same period of 2023 [119]. - Cash provided by financing activities for the nine months ended June 30, 2024 was $5,705, with no financing activities reported in the same period of 2023 [120]. - The company has incurred cumulative losses from operations totaling $17.4 million as of June 30, 2024 [127]. Production and Operations - The company plans to start production in August 2024, with an estimated output of 250 tons of graphite per month at full capacity [86]. - Graphjet Technology has not had any sales to date but intends to sample its products to multinational companies for market acceptance [85]. - The company has deferred plans to open its manufacturing plant in Kuantan due to challenging economic conditions [86]. - Graphjet Technology's production process utilizes palm kernel shells, which are currently facing price increases due to high demand [94]. - The qualification process for products typically takes 12 to 18 months, involving thorough testing and compliance checks [104]. Market and Strategic Positioning - Graphite pricing has declined following China's ban on graphite exports, which could adversely affect the company's financial condition [93]. - The company has a patent on its biomass process for graphite production and a pending patent for graphene, positioning it as a unique producer in the market [83]. - Graphjet Technology is actively diversifying its sourcing to mitigate risks associated with the US-China trade war and geopolitical tensions [96]. Financial Outlook - The company expects sufficient working capital for 9-12 months following the completion of the Business Combination and a $2,500,000 PIPE Investment [123]. - The company has no off-balance sheet arrangements as of June 30, 2024 [125].

Financial Performance - For the three months ended March 31, 2024, total operating expenses increased to $11,588, a 1,656% increase from $660 in the same period in 2023[87] - The net loss for the three months ended March 31, 2024, was $11,594, representing a 1,641% increase from a net loss of $666 in the same period in 2023[89] - For the six months ended March 31, 2024, total operating expenses rose to $12,006, a 1,120% increase from $984 in the same period in 2023[91] - The net loss for the six months ended March 31, 2024, was $12,018, reflecting a 1,107% increase from a net loss of $996 in the same period in 2023[93] - Graphjet Technology has incurred cumulative losses from operations totaling $15.3 million as of March 31, 2024[106] Business Operations - Graphjet Technology has not had any sales of its products to date but plans to sample its products to multinational companies for market acceptance[75] - The company aims to be a low-cost producer of high-quality artificial graphite and graphene, utilizing a patented biomass process[73] - Graphjet Technology's technology is based on transforming palm kernel shells into artificial graphene and graphite, significantly reducing carbon emissions[72] - The company has a patent granted for palm-based synthetic graphite and a pending patent for palm-based graphene[78] - The business combination with Graphjet Technology Sdn. Bhd. was completed on March 14, 2024, resulting in Energem changing its name to Graphjet Technology[69] Cash Flow and Financing - Cash used in operating activities for the six months ended March 31, 2024, was approximately $3,296, compared to $222 for the same period in 2023, representing a variance of 1,384%[95] - Cash used in investing activities during the six months ended March 31, 2024, was approximately $1,264, while there were no cash used in investing activities in the same period in 2023[98] - Cash provided by financing activities for the six months ended March 31, 2024, was $5,705, compared to $0 in the same period in 2023, indicating a significant increase[99] - The net increase in cash for the six months ended March 31, 2024, was $1,145, a 616% increase from a net decrease of $222 in the same period in 2023[94] - The company expects that the net impact of the Business Combination along with cash balances will be sufficient to fund operations for at least the next 12 months[106] - The company intends to finance future development activities through equity and debt financing, but there is no assurance that additional financing will be available[107] Risks and Uncertainties - The company has limited operating history and is currently in a research and development phase, with significant uncertainty regarding its ability to continue as a going concern[103] - The company is subject to risks from geopolitical tensions, which may affect its ability to procure raw materials and raise equity and debt financing[127] - The unaudited condensed consolidated financial statements do not include any adjustments that might result from the uncertainties related to geopolitical tensions[127] - As of March 31, 2024, the company was not subject to any market or interest rate risk[128] Tax and Regulatory Matters - The company has no unrecognized tax benefits as of March 31, 2024, and its tax provision was zero for the three months ended March 31, 2024[122] - As of March 31, 2024, the company had cash in excess of RM5,155,493, approximately $1,109,216, exceeding FDIC insured limits[125] - There are no potential dilutive securities outstanding for the six months period ended March 31, 2024, resulting in diluted loss per share being the same as basic loss per share[124] - The company has no off-balance sheet arrangements as of March 31, 2024[104]

Production Capacity and Technology - Graphjet Technology has developed a patented biomass process to produce artificial graphite and graphene from palm kernel shells, with a production capacity of 10,000 tons of graphite and 60 tons of graphene annually planned for its facility in Malaysia [20][22][23]. - Malaysia produces approximately 5 million tons of palm kernel shells annually, sufficient to yield about 1.67 tons of graphite and 10,000 tons of graphene [22]. - The company produces artificial graphite and graphene from palm seed kernels, achieving a production cost of approximately $4,500 per ton, significantly cheaper than natural and other artificial graphite sources [32]. - The company can produce graphene at a purity level exceeding 99.99% and sell it at $15 per gram, representing over 80% savings compared to the market price of $167 to $450 per gram [33][31]. - Upon completion of the new facility, the projected annual production capacity will increase to approximately 10,000 to 50,000 tons of graphite and 60 to 200 tons of graphene [41]. Market Dynamics and Demand - The global market cost for natural graphite ranges between $8,000 and $11,000 per ton, while artificial graphite is priced around $20,000 per ton [26][27]. - Over 70% of the graphite used in electric vehicles is currently produced in China, highlighting the need for diversification in graphite production [28]. - The demand for lithium-ion batteries is driving the need for spherical graphite, with each electric vehicle requiring approximately 70 kilograms of graphite [27]. - The company believes it can disrupt the graphite and graphene supply chain by providing an alternative source, reducing dependency on suppliers in China, which currently dominate 92% of the market [53]. Financial Agreements and Revenue - The company executed a supply agreement with Toyoda Trike Inc. for $30 million annually, although no revenue was generated in 2023 due to export restrictions from China [25]. - A supply agreement with Toyoda is expected to generate $30 million in revenue for the company, although no revenue was produced in 2023 due to export restrictions from China [38][48]. Growth Strategy and Challenges - The company has not yet made any sales but plans to sample its products to multinational companies for market acceptance [24]. - Graphjet Technology's ability to maintain its Nasdaq listing and achieve revenue growth is uncertain due to its limited operating history and competitive pressures [16][17]. - The company faces risks related to its growth strategy, including the need for continuous investment in research and development and potential challenges in attracting key personnel [17][18]. - The company aims to differentiate itself through quality, price, and sustainability, with plans to invest in research and development and expand its sales and marketing team [40]. Collaborations and Workforce - The company has established collaborations with several universities for research and development, enhancing its technology for producing high-quality graphite and graphene [44][45]. - The company currently employs 20 staff across various departments and aims to expand its workforce as it grows [55]. - The company plans to open its first manufacturing plant in Kuantan, Malaysia, within the next 18 months, with an estimated construction cost of $400 million [56].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Units, each consisting of one Class A ordinary share, par value $0.0001 per share, and one redeemable warrant ENCPU The Nasdaq Stock Market LLC Class A ordinary shares included as part of the units ENCP The Nasdaq Stock Market LLC Redeemable warrants included as part of the units, each whole warrant exercisable for one Class A ordinary share at an exercise p ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-41070 ENERGEM CORP. (Exact name of registrant as specified in its charter) Cayman Islands N/A (State or other jurisdiction of in ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Units, each consisting of one Class A ordinary share, par value $0.0001 per share, and one redeemable warrant ENCPU The Nasdaq Stock Market LLC Class A ordinary shares included as part of the units ENCP The Nasdaq Stock Market LLC Redeemable warrants included as part of the units, each whole warrant exercisable for one Class A ordinary share at an exercise p ...

Part I [Business](index=6&type=section&id=Item%201.%20Business) Energem Corp. is a Cayman Islands blank check company (SPAC) focused on renewable energy and zero-emission technology, aiming to acquire Graphjet Technology Sdn. Bhd. - Energem Corp. is a blank check company formed to effect an initial business combination, focusing on the renewable energy sector[11](index=11&type=chunk)[46](index=46&type=chunk) - On August 1, 2022, the Company entered into a Share Purchase Agreement to acquire Graphjet Technology Sdn. Bhd. ("Graphjet"), a company that converts palm kernel shells into graphene and graphite[17](index=17&type=chunk) Graphjet Business Combination Transaction Details | Metric | Value | | :--- | :--- | | **Aggregate Transaction Consideration** | $1,380,000,000 (payable in Energem Class A ordinary shares) | | **Target Net Working Capital** | $30,000 | - On November 16, 2022, shareholders approved an extension for the company to complete its initial business combination from November 18, 2022, to August 18, 2023[42](index=42&type=chunk)[43](index=43&type=chunk) - In connection with the extension vote, holders of **9,604,519 Class A ordinary shares** exercised their redemption rights, for an aggregate payment of approximately **$98.5 million**, reducing the trust account balance to approximately **$19.4 million**[44](index=44&type=chunk) [Risk Factors](index=29&type=section&id=Item%201A.%20Risk%20Factors) As a smaller reporting company, Energem Corp. provides a partial list of material risks primarily related to its status as an early-stage blank check company with no operating history - The company identifies itself as an early-stage entity with no operating history, which is a primary risk factor[144](index=144&type=chunk) - Key operational and financial risks include dependence on key personnel, potential conflicts of interest involving the sponsor and officers, the possibility of Nasdaq delisting, and the risk of warrants becoming worthless if a business combination is not completed[145](index=145&type=chunk) [Unresolved Staff Comments](index=30&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the SEC as of the filing date - Not applicable; the company has no unresolved staff comments[147](index=147&type=chunk) [Properties](index=30&type=section&id=Item%202.%20Properties) The company's principal executive offices are located in Kuala Lumpur, Malaysia, under a monthly administrative support services agreement - The company's executive offices are located at Level 3, Tower 11, Avenue 5, No. 8, Jalan Kerinchi, Bangsar South, Wilayah Persekutuan Kuala Lumpur, Malaysia 59200[148](index=148&type=chunk) - The company pays an affiliate of its sponsor **$10,000 per month** for office space and administrative support services[148](index=148&type=chunk) [Legal Proceedings](index=30&type=section&id=Item%203.%20Legal%20Proceedings) To the knowledge of its management, there is no current or contemplated litigation against Energem Corp., its officers, or its directors - There is no litigation currently pending or contemplated against the company or its officers and directors[149](index=149&type=chunk) [Mine Safety Disclosures](index=30&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is not applicable to the company's business operations - Not applicable[149](index=149&type=chunk) Part II [Market for Registrant's Ordinary Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities](index=31&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Ordinary%20Equity%2C%20Related%20Shareholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Energem Corp.'s units, public shares, and public warrants are traded on Nasdaq, and the company has not paid cash dividends - The company's securities trade on Nasdaq: Units (ENCPU), Class A ordinary shares (ENCP), and public warrants (ENCPW)[150](index=150&type=chunk) - The company has not paid any cash dividends and does not plan to before its initial business combination[152](index=152&type=chunk) - From the IPO and private placement, gross proceeds of **$116,725,000** were placed in a Trust Account[159](index=159&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=32&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) The company, a blank check entity with no operations, reported a net income of $53,884 for 2022, primarily from trust account interest offsetting costs Results of Operations | Period | Net Income / (Loss) | Key Components | | :--- | :--- | :--- | | **Year ended Dec 31, 2022** | **$53,884** | Interest Income: $1,348,596; Operating Costs: $1,294,712 | | **Period from Aug 6, 2021 to Dec 31, 2021** | **($307,949)** | Interest Income: $1,349; Operating Costs: $309,298 | Liquidity Position (as of Dec 31, 2022) | Metric | Value | | :--- | :--- | | **Cash** | $47,789 | | **Working Capital** | ($723,893) | - The company has a promissory note with its sponsor for up to **$300,000** to cover expenses, with **$88,542** outstanding as of December 31, 2022[186](index=186&type=chunk) - Contractual obligations include a **$10,000 per month** administrative support fee to the sponsor and a deferred underwriting commission of **$4,025,000** payable upon completion of a business combination[188](index=188&type=chunk)[189](index=189&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=36&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company has minimal interest rate risk as its trust account funds are invested in short-term U.S. government treasury securities - The company's funds held in the Trust Account are invested in short-term U.S. government treasury bills, notes, or bonds, which are believed to have minimal interest rate risk[190](index=190&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.](index=36&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure.) The company reported no changes in or disagreements with its accountants on any accounting or financial disclosure matters - None reported[191](index=191&type=chunk) [Controls and Procedures.](index=36&type=section&id=Item%209A.%20Controls%20and%20Procedures.) Management concluded that disclosure controls were ineffective due to a material weakness in internal control over financial reporting, citing inadequate segregation of duties and limited personnel - Management concluded that the company's disclosure controls and procedures were not effective as of the end of the reporting period[191](index=191&type=chunk) - A material weakness was identified in internal controls over financial reporting due to inadequate segregation of duties, limited personnel, and insufficient written policies for accounting and financial reporting[195](index=195&type=chunk) - Management's remediation plan includes enhancing the board's size and composition, consulting with third-party professionals, and considering additional experienced staff[196](index=196&type=chunk) [Other Information.](index=37&type=section&id=Item%209B.%20Other%20Information.) The company intends to deposit approximately $85,297 into the trust account for the sixth monthly extension of its termination date - The company details the monthly deposits of approximately **$85,297** (**$0.045 per share**) into the trust account to facilitate the extension of its termination date for completing a business combination[199](index=199&type=chunk) Part III [Directors, Executive Officers and Corporate Governance.](index=38&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance.) This section provides information on the company's leadership team, board committees, and adopted Code of Ethics - The management team is led by Swee Guan Hoo (CEO), Kok Seong Wong (Chairman), and Cu Seng Kiu (CFO)[203](index=203&type=chunk) - The Board of Directors has three standing committees: Audit, Compensation, and Corporate Governance and Nominating[214](index=214&type=chunk) - The Board has determined that Kok Seong Wong, Doris Wong Sing Ee, and Kwang Fock Chong are independent directors, satisfying Nasdaq's majority independence requirement[213](index=213&type=chunk) - The company has adopted a Code of Ethics for its directors, officers, and employees[225](index=225&type=chunk) [Executive Compensation.](index=42&type=section&id=Item%2011.%20Executive%20Compensation.) Prior to a business combination, executive officers and directors receive no cash compensation, only reimbursement for out-of-pocket expenses - No executive officers or directors have received cash compensation for services rendered; they are only reimbursed for out-of-pocket expenses[227](index=227&type=chunk) - The company's CFO and certain directors received founder shares from the sponsor at their original purchase price as a form of non-cash compensation[228](index=228&type=chunk) - After an initial business combination, members of the management team who remain may be paid consulting or management fees, to be determined by the post-combination board[230](index=230&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters](index=43&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Shareholder%20Matters) This section details the beneficial ownership of the company's shares as of March 30, 2023, with the sponsor, Energem LLC, as the principal shareholder Outstanding Shares as of March 30, 2023 | Share Class | Shares Outstanding | | :--- | :--- | | **Class A Ordinary Shares** | 2,423,556 (including 1,895,481 subject to redemption) | | **Class B Ordinary Shares** | 2,875,000 | - The sponsor, Energem LLC, is the record holder of **528,075 Class A shares** and **2,875,000 Class B shares**, owned 50:50 by CEO Swee Guan Hoo and Executive Director Doris Wong Sing EE[237](index=237&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=44&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) The report outlines several related party transactions, primarily with the sponsor, Energem LLC, and reaffirms the independence of certain directors - The sponsor, Energem LLC, purchased **2,875,000 founder shares for $25,000** and **528,075 placement units for $5,280,750**[240](index=240&type=chunk)[243](index=243&type=chunk) - The company pays the sponsor **$10,000 per month** for office space, utilities, and administrative support[243](index=243&type=chunk)[252](index=252&type=chunk) - The sponsor or its affiliates may provide working capital loans up to **$1,500,000**, which can be converted into units at **$10.00 per unit** upon completion of a business combination[245](index=245&type=chunk)[253](index=253&type=chunk) - The board of directors has determined that Kok Seong Wong and Kwang Fock Chong are independent directors as defined by Nasdaq listing standards[259](index=259&type=chunk) [Principal Accountant Fees and Services.](index=47&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services.) This section summarizes the fees paid to the company's independent registered public accounting firm, Adeptus Partners LLC Fees Paid to Adeptus Partners LLC | Fee Type | FY 2022 | FY 2021 (Inception to Dec 31) | | :--- | :--- | :--- | | **Audit Fees** | $94,500 | $77,000 | | **Audit-Related Fees** | $0 | $0 | | **Tax Fees** | $0 | $0 | | **All Other Fees** | $0 | $0 | Part IV [Exhibits, Financial Statement Schedules](index=48&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section lists the documents filed as part of the Form 10-K report, including financial statements and an index of exhibits - The report includes the company's audited financial statements for the years ended December 31, 2022 and 2021[266](index=266&type=chunk) - Key exhibits filed with the report include the Share Purchase Agreement with Graphjet, the Underwriting Agreement, the company's Memorandum and Articles of Association, and various officer certifications[361](index=361&type=chunk) Financial Statements [Report of Independent Registered Public Accounting Firm](index=48&type=section&id=Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) The independent auditor, Adeptus Partners, LLC, issued an unqualified opinion on the company's financial statements for 2022 and 2021, affirming their fair presentation in conformity with U.S. GAAP - The auditor, Adeptus Partners, LLC, expressed an unqualified opinion on the financial statements[267](index=267&type=chunk) - The financial statements are deemed to be presented fairly in accordance with U.S. Generally Accepted Accounting Principles (GAAP)[267](index=267&type=chunk) [Financial Statements Data](index=50&type=section&id=Financial%20Statements%20Data) The financial statements reflect the company's status as a pre-business combination SPAC, showing a significant decrease in trust assets due to redemptions and a net income for 2022 Balance Sheet Summary (Audited) | Account | Dec 31, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | **Total Assets** | **$19,897,384** | **$117,449,581** | | Cash and marketable securities held in trust | $19,535,946 | $116,726,349 | | **Total Liabilities** | **$5,110,331** | **$4,177,413** | | Deferred Underwriting Commission | $4,025,000 | $4,025,000 | | **Total Shareholders' Deficit** | **($4,919,487)** | **($3,452,832)** | Statement of Operations Summary (Audited) | Account | Year Ended Dec 31, 2022 | Period Ended Dec 31, 2021 | | :--- | :--- | :--- | | Formation and Operating costs | ($1,294,712) | ($309,298) | | Interest earned on trust account | $1,348,596 | $1,349 | | **Net Income (Loss)** | **$53,884** | **($307,949)** | | **Basic and diluted net income (loss) per share** | **$0.02** | **($0.10)** | [Notes to the Financial Statements](index=54&type=section&id=Notes%20to%20the%20Financial%20Statements) The notes provide critical context on the company's SPAC formation, IPO, pending Graphjet acquisition, shareholder redemptions, and a going concern uncertainty - The company is a blank check company that consummated its IPO on November 16, 2021, and entered into a Share Purchase Agreement with Graphjet on August 1, 2022[282](index=282&type=chunk)[296](index=296&type=chunk) - Shareholder redemptions of **9,604,519 shares** reduced the trust account balance to approximately **$19.5 million** as of December 31, 2022[302](index=302&type=chunk) - Management has identified a substantial doubt about the company's ability to continue as a going concern if it fails to complete a business combination by the August 18, 2023 deadline[307](index=307&type=chunk) - Related party transactions include the sponsor's purchase of **2,875,000 founder shares for $25,000** and a promissory note for up to **$300,000** to cover offering costs[331](index=331&type=chunk)[334](index=334&type=chunk)

Financial Performance - The Company had a net loss of $72,389 for the six-month period ended June 30, 2022, consisting of formation and operating costs of $241,714 and interest earned on marketable securities of $169,325[96]. - The Company has not engaged in any operations or generated revenues to date, with expectations to do so only after completing a Business Combination[95]. Initial Public Offering (IPO) - The Initial Public Offering (IPO) generated gross proceeds of $100,000,000 from the sale of 10,000,000 units at $10.00 per unit, with offering costs amounting to $6,738,148[97]. - The Company raised an additional $15,000,000 from the sale of 1,500,000 Option Units following the exercise of the over-allotment option[99]. - The underwriter received a cash underwriting fee of 2.0% of gross proceeds from the IPO, totaling $2,300,000, along with deferred underwriting commissions of $4,025,000[107]. Cash and Working Capital - As of June 30, 2022, the Company had $262,873 in cash and a working capital of $329,105 available for identifying and evaluating prospective acquisition candidates[100]. - The Company has invested the net proceeds from the IPO in U.S. government treasury bills and money market funds, minimizing exposure to interest rate risk[109]. Business Combination Plans - The Company expects to incur significant costs in pursuing its initial Business Combination plans and does not guarantee the success of its capital-raising efforts[94]. - The Company may extend the time to consummate a Business Combination up to 18 months, subject to the Sponsor depositing additional funds into the Trust Account[103]. - The Company has no long-term debt or capital lease obligations, and may reimburse the Sponsor up to $10,000 per month for administrative support until the completion of the Business Combination[106].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-41070 ENERGEM CORP. (Exact name of registrant as specified in its charter) Cayman Islands N/A (State or other jurisdiction of i ...