Graphjet Technology targets Nasdaq listing

Graphjet will merge with Energem Corp, a Nasdaq-listed SPAC, and in a statement, the companies said the merged entity, which will trade under the ticker symbol “GTI” will have a pro forma enterprise value of US$1.49bil (RM6.63bil) upon listing.

KUALA LUMPUR: Graphjet Technology Sdn Bhd, a research and development firm for the production of graphene and graphite, aims to raise US$115mil (RM512.1mil) for business expansion via a de-SPAC deal for a Nasdaq listing in October 2022.

A de-SPAC deal is a merger between a special purchase acquisition company (SPAC), a buying entity and a target private business.