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Graphjet Technology (GTI) has provided an update.
Graphjet Technology has finalized a significant business combination valued at approximately $1.38 billion, resulting in substantial changes to its share and warrant trading. Following shareholder redemptions totaling around $8.5 million, Energem’s trust account balance stood at $3.8 million before closing. The combined entity’s ordinary shares started trading on the Nasdaq under the ticker “GTI,” and warrants moved to the OTC market under “GTIWW.” Shareholder structure post-closing reveals Graphjet’s former shareholders owning the majority stake at 95.2%, with other ownership distributed among public shareholders, the sponsor, Arc Group, and a PIPE investor. Key executive appointments have been made, and the company has committed to registering the resale of PIPE shares. This consolidation positions Graphjet for strategic growth in the financial market, with a focus on leveraging its technology in the competitive sector.
For an in-depth examination of GTI stock, go to TipRanks’ Stock Analysis page.
