Kuala Lumpur—Suria Sukses Engineering Sdn Bhd, a director of Graphjet Technology (NASDAQ:GTI), recently sold 30,000 Class A Ordinary Shares. The transaction, dated December 6, 2024, was executed at a price of $2.76 per share, amounting to a total value of $82,800. The stock has since declined to $1.67, marking an 85% drop year-to-date. Following this transaction, Suria Sukses Engineering retains ownership of 27,520,000 shares in the company.
Graphjet Technology, known for its innovations in the electrical industrial apparatus sector, continues to be monitored closely by investors, especially in light of recent stock movements. With a market cap of $246 million and upcoming earnings report on December 13, the company currently shows a weak financial health score according to InvestingPro analysis. The sale was executed in a single transaction, with the price reflecting the weighted average sale price. InvestingPro analysis suggests the stock may be currently undervalued, with additional insights available to subscribers.
In other recent news, Graphjet Technology has been making strides in operational advancements and compliance. The company announced the promotion of Mr. Liu Yu to the positions of Chief Operating Officer and Chief Scientific Officer. Mr. Liu, with over two decades of experience, will be leading operational, customer support, and business development initiatives, while continuing to spearhead technological advancements.
Graphjet Technology also recently acquired three ISO certifications from ARES International, highlighting their commitment to sustainable and efficient manufacturing practices. The certifications include ISO 14001:2015 for environmental management, ISO 9001:2015 for quality management, and ISO 45001:2018 for occupational health and safety management.
The company further strengthened its intellectual property portfolio by securing a patent in Malaysia for its innovative process of transforming palm kernel shells into graphene. Additional patent applications have been filed in the United States to fortify its global standing.
In terms of corporate governance, Graphjet announced a change in its independent registered accounting firm, with Adeptus Partners LLC resigning. However, no disagreements were reported between Graphjet and Adeptus regarding financial statements or accounting principles.
These recent developments demonstrate Graphjet Technology's commitment to operational excellence and compliance. As the company continues to assure stakeholders of its dedication to timely filings, analysts from various firms are closely monitoring these developments.
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