We are proud to announce the successful closure of the business combination with Graphjet Technology (“Graphjet” or “the Company”), a leading developer of patented technologies to produce graphite and graphene directly from agricultural waste, and Energem Corp. (“Energem”) (Nasdaq: ENCP, ENCPW). This strategic merger solidifies Graphjet’s position as the foremost provider of graphite and graphene for the U.S. market, leveraging its innovative, patented technologies.
Beginning today, March 15, 2024, Graphjet’s ordinary shares will start trading on Nasdaq under the ticker symbol “GTI.” Graphjet’s warrants will be delisted from Nasdaq and begin trading on the OTC market under the symbol “GTIWW” on March 15, 2024.
About Energem Corp.
Energem is a blank check company formed for the purposes of effecting a merger, capital share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more energy and/or sustainable natural resource companies. In November 2021, Energem consummated an initial public offering of 11.5 million units (reflecting the underwriters’ full exercise of their over-allotment option), each unit consists of one Class A ordinary share and one redeemable warrant, each warrant entitles the holder to purchase one Class A ordinary share at a price of $11.50 per share.
About Graphjet Technology Sdn. Bhd.
Graphjet Technology Sdn. Bhd., founded in 2019 in Malaysia, pioneers innovative production of graphene and graphite by recycling palm kernel shells, a common waste product from palm seed oil production. This sustainable approach revolutionizes the global graphite and graphene supply chain.
Lee Ping Wei, CEO at Graphjet, highlights their pivotal listing on Nasdaq, emphasizing its critical role in meeting U.S. market demand amidst limited material availability. With China dominating graphite production, Graphjet aims to become the primary U.S. supplier, leveraging patented technologies for direct production from agricultural waste.
With a new facility launching in Q2 2024 and a $30 million offtake agreement with Toyoda, Graphjet is poised for rapid growth. The company has secured $6.26 million in initial funding and plans further fundraising to bolster expansion and capitalize on market opportunities.
Swee Guan Hoo, CEO and Director of Energem, expressed his excitement about Graphjet’s potential, stating, “We are excited that Graphjet and its team have reached this stage and believe they are ready to accelerate their market position as a public company.”
Graphene and its applications exhibit tremendous potential across various industries, from biomedical technologies to energy storage and beyond. Doris Wong Sing EE, Executive Director of Energem Corp, emphasized, “We believe Graphjet’s breakthrough patented technology will allow Graphjet to deliver shareholder value, and we are looking forward to seeing what they can accomplish in this new phase of the company’s existence.”
“We are proud to have served as Energem’s sole financial advisor throughout this process and congratulate both Graphjet and Energem on reaching this important milestone. The successful closure of the business combination solidifies Graphjet’s position as the foremost provider of graphite and graphene for the U.S. market, leveraging its innovative, patented technologies.” – Ian Hanna, Managing Director at ARC Group
ARC Group is proud to have served as Energem’s sole financial advisor throughout this process. We congratulate both Graphjet and Energem for reaching this important milestone.
This press release serves solely for informational purposes and does not serve as a proxy statement or solicitation for proxies. It is important to note that forward-looking statements may not align with actual results due to a range of uncontrollable factors. Investors are encouraged to review the pertinent documents filed with the SEC (Securities and Exchange Commission) concerning the proposed transaction.
For more information or any questions, please contact:
Ian Hanna
Managing Director
ian.hanna@arc-group.com
