Energem Corporation (NASDAQ: ENCP) experienced a surge in market activity during its recent trading session, marking a notable increase of 34.72% to settle at $6.79. This upswing in Energem’s stock value ensued subsequent to a significant business merger agreement and notable progress in the entity ENCP intends to merge with.
The company, Energem (ENCP), disclosed that its shareholders unanimously ratified the previously announced merger agreement with Graphjet Technology, alongside all other resolutions presented at Energem’s extraordinary general assembly held on February 28, 2024.
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Graphjet, a Malaysian private entity, distinguishes itself as the proprietor of pioneering patented technology designed to recycle palm kernel shells, a byproduct of palm seed oil production. This innovative process yields single-layer graphene and synthetic graphite, vital components for applications such as electric vehicle batteries, medical apparatus, and household appliances.
Energem’s shareholders granted their overwhelming approval for the merger proposal, with 80.162% of votes in favor out of approximately 85.083% of Energem votes cast during the assembly. Subject to the fulfillment or waiver of customary closing conditions, the merger is slated for completion around March 6, 2024.
Post-merger, the consolidated entity will operate under the banner of GRAPHJET TECHNOLOGY and has petitioned for the listing of its common shares and warrants on the Nasdaq Global Market under the new ticker symbols “GTI” and “GTIWW,” respectively.
Graphjet yesterday revealed that it has shortened the schedule for its intended manufacturing facility in Malaysia. In the Malaysian state of Pahang, the Kuantan district is home to Graphjet’s first production factory, which is currently under development and scheduled to open in the second quarter of 2024.
When the plant is finished in 2024, the company will be able to start producing graphite to supply Toyoda and make money. The facility is poised to recycle up to 9,000 tons of palm kernels, an agricultural byproduct, to yield approximately 3,000 tons of graphite annually.
Moreover, Graphjet aims to progressively scale up the facility to achieve an annual graphite production capacity of 13,000 tons by the latter half of 2026. Notably, Graphjet’s eco-friendly technology employs sustainable methodologies within a circular framework, effectively utilizing waste while mitigating emissions and environmental pollution.
