Graphjet Technology Provides Update on Current Events

Core Viewpoint - Graphjet Technology is undergoing significant changes, including a new controlling shareholder and plans to address Nasdaq compliance issues, which are crucial for the company's future growth and funding opportunities [2][3][4]. Group 1: Shareholder Changes and Funding - The new controlling shareholder, Mr. Aiden Lee, has contributed funds to facilitate the company's transformation and complete its audit for the fiscal year ending September 30, 2024 [2]. - The company is in discussions with several parties interested in funding, which will help in expanding its capacity and capabilities [6]. Group 2: Nasdaq Compliance and Hearings - Graphjet is actively working to resolve non-compliance with Nasdaq listing requirements and has engaged an experienced accounting firm to assist in completing the Form 10Qs for December 31, 2024, and March 31, 2025 [3]. - A hearing before the Nasdaq Hearings Panel is scheduled for July 17, 2025, where the company will appeal the delisting determination [4]. Group 3: Shareholders' Meeting and Reverse Split - A shareholders' meeting is set for July 30, 2025, to discuss a reverse split exercise aimed at meeting minimum price bids [5]. - The company is confident in securing shareholder approval for the reverse split, which is essential for compliance with Nasdaq requirements [5]. Group 4: Business Model and Technology - Graphjet Technology specializes in producing graphite and graphene from agricultural waste, specifically palm kernel shells, utilizing patented technology [8]. - The company's sustainable production methods are expected to transform the global graphite and graphene supply chain [8].