Graphex Group Secures Additional Time for NYSE Compliance
Graphex Group: Navigating NYSE American Compliance
Graphex Group Limited (“Graphex Group” or the “Company”) (NYSE American: GRFX) recently announced an important update regarding its compliance standing on the NYSE American Exchange. The company has received an extension, known as the Additional Cure Period, allowing it more time to meet the Exchange’s listing standards for its American Depository Shares (ADS). This extension is in effect until May 15, 2025, giving the company a renewed opportunity to adhere to vital compliance requirements.
Understanding the Compliance Update
The deadline for Graphex Group to file its Form 20-F for the financial year concluding on December 31, 2023, was missed, leading to the initial cure period ending on November 15, 2024. However, with the additional time granted, the company can maintain its ADS listing during this period. This move reflects the Exchange's acknowledgment of the company's ongoing commitment to meeting necessary standards and its efforts during the evaluation process.
What Lies Ahead for Graphex Group?
Despite this compliance hurdle, it’s essential to note that the extension does not impact the operations of Graphex Group or its obligations under Securities and Exchange Commission regulations. The Company is prioritizing its efforts towards filing the overdue documentation promptly within the additional timeframe. However, it's crucial to recognize that regaining compliance is not guaranteed, and the company acknowledges the significant efforts required to meet the standards set forth by the Exchange.
About Graphex Group
Graphex is at the forefront of technology development related to renewable energy. The company's primary focus is on refining natural spherical graphite, synthetic graphite, and graphene-related products. These materials are vital for various applications, especially in the production of lithium-ion batteries and electric vehicles. With a current production capacity of 10,000 tonnes per annum (tpa), Graphex plans a substantial increase in output to 50,000 tpa within the next 18 months, eventually ramping up to 100,000 tpa in three years, and hitting 150,000 tpa or beyond by 2030.
Strengthening the Supply Chain for EVs
As one of the leading suppliers of specialized graphite anode material in the electric vehicle and renewable energy sectors, Graphex has secured its position in a growing market. It holds various patents related to product development, production methods, machinery design, and environmental protection, showcasing its innovative spirit and commitment to sustainability.
Global Expansion and Future Strategies
The strategic vision of Graphex encompasses an aggressive global expansion to enhance its operational footprint and support the global transition to renewable energy. The company is dedicated to elevating its role in electrification efforts across different markets, reinforcing its industry presence, and contributing to environmentally sustainable solutions.
Frequently Asked Questions
What is the latest update from Graphex Group regarding NYSE compliance?
Graphex Group has been granted an extension until May 15, 2025, to comply with NYSE American listing requirements after a delayed filing.
How does the extension affect Graphex Group's operations?
The extension allows for the continuation of operations without interruption, ensuring compliance efforts can proceed without operational hindrance.
What is Graphex Group's production capacity plan?
The company currently produces 10,000 tonnes of graphite annually, aiming to increase production to 50,000 tonnes within 18 months and 150,000 tonnes or more by 2030.
What materials does Graphex specialize in?
Graphex focuses on refining natural spherical graphite, synthetic graphite, and graphene-related products, which are crucial for EVs and battery production.
What is Graphex's strategy for growth?
The company intends to expand globally to support energy transitions and electrification efforts, highlighting its commitment to sustainable practices.
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