Hoo Swee Guan, a director at Graphjet Technology (NASDAQ:GTI), has sold a significant portion of the company's Class A Ordinary Shares. The transaction, executed on December 6, involved the sale of 30,000 shares at a weighted average price of $2.79 per share, totaling approximately $83,700. The shares are now trading at $2.06, significantly below the sale price. According to InvestingPro data, GTI has seen a challenging year with a -75% YTD return and currently shows a weak financial health score. Following this sale, Hoo Swee Guan retains ownership of 1,442,991 shares in the company.
The sale was conducted in multiple trades, with prices ranging from $2.70 to $2.82, according to a footnote in the filing. The transaction was reported to the Securities and Exchange Commission on December 9. With the company's next earnings report due on December 13, InvestingPro subscribers can access additional insights and metrics to better understand GTI's financial position and market outlook.
In other recent news, Graphjet Technology, a pioneer in transforming agricultural waste into graphite and graphene, has made significant strides in recent developments. The company has announced the promotion of Mr. Liu Yu to the roles of Chief Operating Officer and Chief Scientific Officer, signaling a strategic shift in its leadership. Mr. Liu's extensive experience in various industries is expected to bolster the company's operational and business growth strategies.
Graphjet Technology recently acquired three ISO certifications from ARES International, reinforcing its commitment to sustainable and efficient manufacturing practices. The company also secured a patent in Malaysia for its innovative process of transforming palm kernel shells into graphene, further strengthening its intellectual property portfolio.
The company also announced a change in its independent registered accounting firm, with Adeptus Partners LLC resigning. Despite the change, no disagreements were reported between Graphjet and Adeptus regarding financial statements or accounting principles. In addition, Graphjet regained compliance with Nasdaq's listing requirements, demonstrating its commitment to operational excellence and compliance.
Analysts from various firms continue to closely monitor these developments. Despite facing financial challenges, with an EBITDA of -$14.61 million in the last twelve months, Graphjet remains optimistic about its future endeavors and technological advancements.
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