KUALA LUMPUR—Suria Sukses Engineering Sdn Bhd, a significant shareholder of Graphjet Technology (NASDAQ:GTI), has sold a substantial portion of its holdings in the company. The transactions, detailed in a recent SEC filing, show that the shareholder disposed of a total of 1,428,852 Class A Ordinary Shares over two days. The sales come as GTI shares have declined 93% year-to-date, with the stock currently trading at $0.59, near its 52-week low of $0.65.
On December 16, Suria Sukses sold 600,000 shares at an average price of $0.81 per share, amounting to approximately $486,000. The following day, December 17, the company sold an additional 828,852 shares at an average price of $0.70 per share, totaling around $580,196. According to InvestingPro analysis, GTI currently shows a Weak Financial Health score, though the stock appears undervalued based on Fair Value calculations.
These sales reduce Suria Sukses Engineering's holdings to 25,341,148 shares. The transactions were executed in multiple trades, with prices ranging between $0.72 and $0.936 on December 16, and between $0.58 and $0.81 on December 17, as noted in the filing's footnotes. Track GTI's insider transactions and receive real-time alerts with InvestingPro, which offers comprehensive stock monitoring tools and exclusive insights.
In other recent news, Graphjet Technology has been making significant strides in operational advancements and compliance. The company recently announced the promotion of Mr. Liu Yu to the position of Chief Operating Officer (COO) and Chief Scientific Officer (CSO), reinforcing its leadership team. Liu's new role will encompass overseeing operational, customer support, and business development initiatives along with leading technological advancements.
Graphjet Technology also reported the acquisition of three ISO certifications from ARES International, underlining its commitment to sustainable and efficient manufacturing practices. These certifications include ISO 14001:2015 for environmental management, ISO 9001:2015 for quality management, and ISO 45001:2018 for occupational health and safety management.
Adding to these achievements, the company secured a patent in Malaysia for its innovative process of transforming palm kernel shells into graphene, fortifying its intellectual property portfolio. In terms of corporate governance, Graphjet announced a change in its independent registered accounting firm, with Adeptus Partners LLC resigning.
Further, Graphjet regained compliance with Nasdaq's listing requirements after a brief period of non-compliance due to a delayed quarterly report. These recent developments demonstrate Graphjet's commitment to operational excellence and compliance. Investors and analysts from various firms continue to monitor these developments closely.
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