お知らせ • Mar 07
Graphjet Technology Receives Non-Compliance Letters from Nasdaq Regarding MVLS Rule & Delinquent Filing
On February 28, 2025, Graphjet Technology (the Company"), received a notification letter (the First Notice") from the Listing Qualifications Department of The Nasdaq Stock Market LLC (Nasdaq") indicating that, as a result of (i) the Company's delay in filing its Quarterly Report on Form 10-K for the period ended September 30, 2024 (the Initial Delinquent Filing") with the Securities and Exchange Commission (the SEC") and (ii) the Company's delay in filing its Annual Report on Form 10-Q for the period ended December 31, 2024 (the Second Delinquent Filing"), the Company is not in compliance with the requirements for continued listing under Nasdaq Listing Rule 5250(c)(1) (the Listing Rule"). The First Notice states that the Company has 60 calendar days, or until April 29, 2025, to submit a plan to regain compliance with the Listing Rule with respect to the delinquent reports. If Nasdaq accepts the Company's plan to regain compliance, then Nasdaq may grant the Company up to 180 calendar days from the prescribed due date of the Initial Delinquent Filing, or until July 14, 2025, to regain compliance. The Company continues to work diligently to complete the Form 10-K and the Form 10-Q. On March 5, 2025, the Company received a second notification letter (the Second Notice") from Nasdaq which notified the Company that, for the 30 consecutive business days, the Company's market value of listed securities (MVLS") closed below the $50,000,000 MVLS threshold required for continued listing on the Nasdaq Global Market under Nasdaq Listing Rule 5450(b)(2)(A) (the MVLS Rule"). In accordance with Nasdaq Listing Rule 5810(c)(3)(C), the Company has 180 calendar days, or until September 1, 2025 (the MVLS Compliance Period"), to regain compliance with the MVLS Rule. The Second Notice notes that, to regain compliance, the Company's MVLS must close at or above $50,000,000 for a minimum of ten consecutive business days during the MVLS Compliance Period. The Second Notice further notes that if the Company is unable to satisfy the MVLS requirement prior to such date, the Company may be eligible to transfer the listing of its securities to The Nasdaq Capital Market (provided that the Company then satisfies the requirements for continued listing on that market). If the Company does not regain compliance by the end of the MVLS Compliance Period, Nasdaq staff will provide written notice to the Company that its securities are subject to delisting. At that time, the Company may appeal any such delisting determination to a hearings panel. The First Notice and the Second Notice have no immediate effect on the listing or trading of the Company's ordinary shares on the Nasdaq Global Market. The Company intends to actively monitor the Company's MVLS between now and September 1, 2025, and may, if appropriate, evaluate available options to resolve the deficiencies and regain compliance with the MVLS Rule. While the Company is exercising diligent efforts to maintain the listing of its securities on Nasdaq, there can be no assurance that the Company will be able to regain or maintain compliance with Nasdaq listing standards.