Suria Sukses Engineering Sdn Bhd, a significant shareholder in Graphjet Technology (NASDAQ:GTI), recently sold a substantial portion of its holdings in the company. According to a Form 4 filing with the Securities and Exchange Commission, the firm sold a total of 1,729,799 Class A Ordinary Shares on January 6, 2025, at an average price of $0.70 per share. This transaction amounted to approximately $1,210,859. GTI shares, currently trading at $0.45, have experienced a sharp decline of 44% year-to-date, according to InvestingPro data.
Additionally, on January 7, 2025, Suria Sukses Engineering sold another 1,627,198 shares at an average price of $0.54 per share, totaling approximately $878,686. Following these transactions, the company retains ownership of 10,565,285 shares in Graphjet Technology.
These sales were executed in multiple trades at varying prices, with the reported prices reflecting the weighted average sale prices for each transaction date.
In other recent news, Graphjet Technology has reported a significant executive shake-up, with the abrupt resignations of three high-ranking officials, including an Executive Director and two Independent (LON:IOG) Directors. The company also announced the promotion of Mr. Liu Yu to the roles of Chief Operating Officer and Chief Scientific Officer, entrusting him with the company's production operations and business growth.
Graphjet Technology has also made advancements in its operations and compliance. The company secured three ISO certifications from ARES International, emphasizing their commitment to sustainable and efficient manufacturing practices. Additionally, Graphjet Technology obtained a patent in Malaysia for its process of transforming palm kernel shells into graphene, which bolsters its intellectual property portfolio.
On the governance front, the company 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. Furthermore, Graphjet Technology regained compliance with Nasdaq's listing requirements after briefly falling out of compliance due to a delayed quarterly report.
These recent developments provide investors with a snapshot of the ongoing changes within Graphjet Technology.
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