Hoo Swee Guan, a director at Graphjet Technology (NASDAQ:GTI), recently sold 100,000 Class A ordinary shares of the company, according to a filing with the Securities and Exchange Commission. The shares were sold at a weighted average price of $0.91, yielding a total transaction value of $91,000. The transaction comes as GTI shares have declined 91% year-to-date, with the stock currently trading at $0.73. Following this transaction, Hoo Swee Guan retains ownership of 1,272,991 shares in Graphjet Technology. The sale was completed on December 13, 2024, with the shares sold in multiple trades at prices ranging from $0.90 to $0.9367. The $139.42 million market cap company shows weak financial health indicators according to InvestingPro analysis, with a concerning current ratio of 0.17. Investors should note that GTI's next earnings report is scheduled in 11 days, which could provide crucial updates on the company's performance.
In other recent news, Graphjet Technology, a company recognized for transforming agricultural waste into graphite and graphene, has elevated Mr. Liu Yu to the roles of Chief Operating Officer and Chief Scientific Officer. Mr. Liu, with over two decades of experience, will be tasked with overseeing operational, customer support, and business development initiatives while continuing to lead technological advancements.
In other significant news, Graphjet has acquired three ISO certifications from ARES International, underscoring 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 bolstering its intellectual property portfolio.
Additionally, Graphjet announced a change in its independent registered accounting firm, with Adeptus Partners LLC resigning. It is noteworthy that no disagreements were reported between the two entities. Following a brief period of non-compliance due to a delayed quarterly report, the company has now regained compliance with Nasdaq's listing requirements.
These recent developments highlight Graphjet's commitment to operational excellence and compliance. While the company assures stakeholders of its dedication to timely filings, analysts from various firms continue to monitor these developments closely.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.