In a recent SEC filing, Doris Wong Sing Ee, a director at Graphjet Technology (NASDAQ:GTI), disclosed the sale of 165,591 Class A Ordinary Shares. The transaction, executed on December 4, 2024, was completed at a weighted average price of $3.1629 per share, resulting in a total value of approximately $523,747. The stock, which has declined 75% year-to-date, currently trades at $2.77. According to InvestingPro analysis, GTI appears overvalued at current levels, with a weak Financial Health Score of 0.69. Following this sale, Wong holds 1,179,900 shares directly.
The transaction was carried out in multiple trades with prices ranging from $3.10 to $3.38. Wong has committed to providing detailed information on the trades upon request to the SEC, the issuer, or any security holder.
In other recent news, Graphjet Technology has experienced several notable developments. The company, recognized for transforming agricultural waste into graphite and graphene, has elevated Mr. Liu Yu to the positions of Chief Operating Officer (COO) and Chief Scientific Officer (CSO). Mr. Liu will now oversee operational, customer support, and business development initiatives while continuing to lead technological advancements.
Additionally, Graphjet Technology has acquired three ISO certifications from ARES International, highlighting 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.
The company has also secured a patent in Malaysia for its innovative process of transforming palm kernel shells into graphene. This strengthens Graphjet's intellectual property portfolio, with further patent applications filed in the United States. In terms of corporate governance, Graphjet announced a change in its independent registered accounting firm, with Adeptus Partners LLC resigning. The company also regained compliance with Nasdaq's listing requirements after a brief period of non-compliance due to a delayed quarterly report.
These recent developments underline Graphjet Technology's dedication to operational excellence, compliance, and innovation. Analysts from various firms continue to monitor these developments closely.
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