We are pleased to announce pleased that the shareholders of Energem Corp. (“Energem”) (Nasdaq: ENCP, ENCPW) have overwhelmingly approved the proposed business combination with Graphjet Technology Sdn. Bhd. (“Graphjet”), a Malaysian company known for its technology in recycling palm kernel shells to produce graphene and artificial graphite.
Shareholders approved the business combination proposal with 80.162% of votes in favor. Energem plans to file meeting results on Form 8-K with the SEC. The combination is expected to close around March 6, 2024, pending customary conditions.
Upon the merger’s conclusion, the combined entity will commence trading on the Nasdaq Global Market® under the new ticker symbols “GTI” for ordinary shares and “GTIWW” for warrants. This strategic move marks a significant milestone in the evolution of both Energem and Graphjet, positioning them for continued success in the burgeoning market of sustainable materials for electric vehicle batteries, medical devices, and home appliances.
“I am delighted to witness the resounding approval from Energem’s shareholders for the proposed business combination with Graphjet Technology Sdn. Bhd. This overwhelming support underscores the market’s recognition of the transformative potential inherent in merging Energem’s strategic vision with Graphjet’s innovative technology. This milestone not only signals a significant step forward for both companies but also reaffirms our commitment to fostering sustainable solutions within the energy and natural resources sector” – Ian Hanna, Managing Director at ARC Group.
About Energem Corp
Energem Corp., a blank check company, was established with a clear mission: to spearhead mergers, acquisitions, and business combinations within the energy and sustainable natural resources sector. In November 2021, Energem successfully completed an initial public offering of 11.5 million units, representing the full exercise of underwriters’ over-allotment option. Each unit comprises one Class A ordinary share and one redeemable warrant, offering holders the opportunity to purchase one Class A ordinary share at $11.50 per share.
About Graphjet Technology Sdn. Bhd.
Graphjet Technology Sdn. Bhd., established in 2019 in Malaysia, specializes in the production of graphene and graphite. Through innovative technology, the company focuses on sustainability by recycling palm kernel shells, a byproduct of palm seed oil production. This process results in the creation of single-layer graphene and artificial graphite, contributing to eco-friendly production methods. By repurposing palm kernel shells, a common agricultural waste in Malaysia, Graphjet aims to make significant advancements in the global graphite and graphene supply chain. 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
[email protected]
