Graphjet Technology shareholders approve share consolidation

Graphjet Technology (NASDAQ: GTI) announced that shareholders approved a share consolidation proposal at an extraordinary general meeting held on August 7, 2025.

The approved proposal authorizes the company's board of directors to effect a share consolidation of issued and unissued ordinary shares at a ratio ranging from 1-for-50 to 1-for-150, with the final ratio to be determined by the board. The board approved a share consolidation ratio of 1-for-60 on the same date.

The company plans to file Amended and Restated Memorandum and Articles of Association in the Cayman Islands once the effective date of the share consolidation is determined. The share consolidation is expected to become effective as soon as practicable, with additional details to be announced in a subsequent press release and Current Report on Form 8-K.

"This approval shows the shareholders' confidence in our plan to comply with the requirements of The Nasdaq Global Market. We are confident that the Company will be able to regain compliance in the near future," said Chris Lai, CEO of the company.

Lai also stated that the company filed its Form 10-Q for December 31, 2024 on August 5, 2025 and is completing the Form 10-Q for March 31, 2025. The company aims to file all requisite Form 10-Qs before the September 15, 2025 deadline set by the Hearing Panel of Nasdaq.

Graphjet Technology, founded in 2019 in Malaysia, produces graphene and graphite using technology to recycle palm kernel shells generated in palm seed oil production.

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