KUALA LUMPUR—Doris Wong Sing Ee, a director at Graphjet Technology (NASDAQ:GTI), recently sold 30,000 Class A ordinary shares of the company, according to a filing with the Securities and Exchange Commission. The shares were sold at an average price of $2.8471, resulting in a total transaction value of $85,413.
Following this sale, Wong retains ownership of 1,445,491 shares in the company. The transaction was executed in multiple trades, with prices ranging from $2.7118 to $2.9454, as per the filing details. The weighted average sale price was reported, with further transaction specifics available upon request to the SEC or the issuer.
This transaction reflects Wong's ongoing management of her holdings in Graphjet Technology, a company specializing in electrical industrial apparatus.
In other recent news, Graphjet Technology, a manufacturer specializing in carbon-based materials, announced significant developments. The company has acquired three ISO certifications for eco-friendly production, which are anticipated to enhance operational and financial performance. Additionally, Graphjet secured a patent in Malaysia for an innovative process of producing graphene from palm kernel shells, which further fortifies its intellectual property portfolio.
Graphjet also announced a change in their independent registered accounting firm, with Adeptus Partners LLC resigning effective from August 21, 2024. No disagreements were reported between Graphjet and Adeptus regarding financial statements or accounting principles.
In a significant development, Graphjet regained compliance with Nasdaq's listing requirements following a delay in filing its quarterly financial report. The overdue report was filed on June 20, 2024, leading to Nasdaq's confirmation of compliance. These recent developments highlight Graphjet's commitment to sustainable practices and regulatory compliance.
InvestingPro Insights
In light of Doris Wong Sing Ee's recent sale of Graphjet Technology (NASDAQ:GTI) shares, it's worth examining some key financial metrics and insights from InvestingPro to provide context for this insider transaction.
As of the latest data, Graphjet Technology has a market capitalization of $401.09 million. The company's stock has shown significant volatility, with a 37.33% price increase over the past month, but a substantial 73.65% decline year-to-date. This recent uptick, coupled with the longer-term downtrend, may have influenced the director's decision to sell a portion of her holdings.
InvestingPro Tips highlight that GTI's earnings per share have been declining, which aligns with the company's negative P/E ratio of -29.16 for the last twelve months as of Q3 2024. This suggests the company is currently operating at a loss, further underscored by the negative EBITDA of -$14.61 million over the same period.
It's noteworthy that GTI's stock is trading at only 21.29% of its 52-week high, indicating significant downward pressure on the share price over the past year. This context adds perspective to Wong's decision to sell shares at the current price levels.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and metrics beyond those mentioned here. In fact, there are 14 more InvestingPro Tips available for Graphjet Technology, providing a deeper dive into the company's financial health and market position.
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