Graphjet Technology Stock Pops 36% In After-Hours: Here's Whats Going On

Graphjet Technology Inc. (NASDAQ:GTI) experienced a 36.61% after-hours surge on Monday, with shares climbing to $0.13 from a closing price of $0.092. According to Benzinga Pro data, before soaring in extended trading session, GTI dipped 0.76% during regular session.

Check out the current price of GTI stock here. 

1-for-60 Reverse Split Targets Nasdaq Compliance

The Malaysia-based graphene producer announced that its shareholders approved a share consolidation plan, selecting a 1-for-60 ratio for both issued and unissued ordinary shares. This move, approved by shareholders at an extraordinary general meeting on August 7, aims to elevate the stock price to meet NASDAQ’s $1.00 minimum bid requirement.

The consolidated shares will maintain trading symbol “GTI” on Nasdaq Global Market, with the new CUSIP number G30449139. Continental Stock Transfer & Trust Company will serve as exchange agent, with fractional shares rounded up to the nearest whole share.

Graphjet Technology also agreed to partner with the Centre for Materials Engineering and Smart Manufacturing (MERCU) at Universiti Kebangsaan Malaysia to explore using graphite and graphene in additive manufacturing for advanced heat sink development under the Ministry of ...