In a significant shake-up at Graphjet Technology, three high-ranking officials including an executive director and two independent directors have abruptly resigned from their positions. The company, known for its specialization in electrical industrial apparatus and whose stock has declined nearly 96% over the past year, reported these immediate departures in a filing with the Securities and Exchange Commission dated January 6, 2025. According to InvestingPro, the stock currently trades at $0.45, down from its 52-week high of $14.
Hoo Swee Guan, who served as Executive Director, stepped down from his role, alongside Wong Kok Seong and Doris Wong Sing Ee, both of whom held positions as Independent (LON:IOG) Directors. Wong Kok Seong's resignation also entails his departure from various committees within the company, including the Audit Committee, the Remuneration Committee, and the Nominating and Corporate Governance Committee.
Graphjet Technology, previously known as Energem Corp before its name change on August 20, 2021, is incorporated in the Cayman Islands and has its principal executive offices in Selangor, Malaysia. As an emerging growth company, Graphjet Technology is subject to certain reporting and regulatory standards.
In other recent news, Graphjet Technology has made significant strides in its operations and compliance. The company has announced the promotion of Mr. Liu Yu to the positions of Chief Operating Officer (COO) and Chief Scientific Officer (CSO). Mr. Liu, with his extensive experience and leadership, will steer the company's production operations and business growth, while continuing to lead technological advancements.
In addition, Graphjet Technology has achieved three ISO certifications from ARES International. These certifications emphasize the company's commitment to sustainable and efficient manufacturing practices. The company also secured a patent in Malaysia for its process of transforming palm kernel shells into graphene, further strengthening its intellectual property portfolio.
On the governance front, Graphjet Technology announced a change in its independent registered accounting firm, with Adeptus Partners LLC resigning. Importantly, no disagreements were reported between Graphjet and Adeptus regarding financial statements or accounting principles. The company also regained compliance with Nasdaq's listing requirements after briefly falling out of compliance due to a delayed quarterly report.
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