Graphjet Technology Receives Final Nasdaq Delisting Decision

Key Points:

• Graphjet Technology, a Cayman Islands exempted company, has received a final decision from the Nasdaq Listing and Hearing Review Council affirming its securities delisting from The Nasdaq Stock Market LLC.
• The delisting was originally determined by the Nasdaq Hearings Panel on November 11, 2025, due to deficiencies under Nasdaq Listing Rules 5450(b)(2) (market value of listed securities) and 5450(b)(3)(C) (market value of publicly held shares).
• Delisting became effective on November 13, 2025. The company appealed the Panel’s decision, proposing a new compliance plan centered on stockholders’ equity, but the appeal was denied on February 24, 2026.
• Graphjet Technology’s securities are no longer traded on Nasdaq, and the company is classified as an “Emerging Growth Company.”

Detailed Article:

Graphjet Technology has issued a Form 8-K Current Report announcing a significant development for shareholders and investors. The company disclosed that on February 24, 2026, it received the final decision from the Nasdaq Listing and Hearing Review Council confirming the delisting of its securities from The Nasdaq Stock Market LLC. This decision follows months of review and appeal, marking a definitive end to Graphjet’s presence on the Nasdaq exchange.

Previously, on November 11, 2025, the Nasdaq Hearings Panel determined to delist Graphjet’s Class A ordinary shares due to noncompliance with two critical Nasdaq Listing Rules:

• 5450(b)(2): Market value of listed securities
• 5450(b)(3)(C): Market value of publicly held shares

The delisting became effective on November 13, 2025, suspending Graphjet’s shares from trading on Nasdaq. The company promptly appealed the Panel’s decision, submitting a compliance plan focused on meeting the equity standard under Rule 5450(b)(1)—which requires:

• Stockholders’ equity of at least \$10 million
• Market value of publicly held shares of at least \$5 million

Despite these efforts, the Listing Council reviewed the record and affirmed the Panel’s decision, effectively ending Nasdaq listing for Graphjet’s securities. This development is highly relevant for shareholders, as it directly impacts the liquidity, visibility, and trading prospects of Graphjet’s stock.

Shareholder Impact and Price Sensitivity:

• Trading Suspension: Graphjet’s shares have been suspended from trading on Nasdaq since November 13, 2025. Shareholders will no longer have access to the liquidity and visibility provided by a major exchange, which may affect share value and investor confidence.
• Market Value Concerns: The delisting was triggered by falling below required thresholds for market value, signaling potential financial and operational concerns that investors should monitor.
• Appeal Denied: The company’s proposed compliance plan was not accepted, indicating that Graphjet may continue to face challenges in regaining listing status or meeting minimum equity and public float standards.
• Emerging Growth Company Status: Graphjet is still classified as an “Emerging Growth Company,” which may offer some regulatory relief, but does not mitigate the market consequences of delisting.

Additional Details:

• Graphjet’s business address is Level 10, Tower 11 Sanichi, Avenue 5, No. 8, Jalan Kerinchi, Bangsar South, Wilayah Persekutuan Kuala Lumpur, Malaysia, ZIP 59200.
• The company’s Central Index Key (CIK) is 0001879373.
• The company’s former name was Energem Corp, changed on August 20, 2021.
• No securities are currently registered pursuant to Section 12(b) of the Act.
• No written communications, soliciting material, or tender offers have been indicated in the filing.

Exhibits:

• Exhibit 104: Cover Page Interactive Data File (embedded within the Inline XBRL document).
• Other exhibits and schedules have been omitted but are available upon SEC request.

Conclusion:

This delisting event is significant for Graphjet Technology shareholders and may have a material impact on share value. The inability to trade on Nasdaq limits liquidity and could affect investor sentiment. Shareholders should closely monitor the company’s financial disclosures and any efforts to regain compliance or seek relisting on a major exchange.

Disclaimer: The information above is based on Graphjet Technology’s SEC filings and is intended for informational purposes only. This article does not constitute investment advice. Investors should perform their own due diligence and consult financial advisors before making investment decisions.

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