Brief: Graphjet Technology To Become Publicly Traded Via Business Combination With Energem Corp.

Graphjet Technology

01/08/2022 17:15

Aug 1 (Reuters) - Energem Corp  ENCP.O :
    * GRAPHJET TECHNOLOGY, THE STATE-OF-THE-ART GRAPHENE AND
GRAPHITE
PRODUCER FROM PALM KERNEL SHELLS TO BECOME PUBLICLY TRADED VIA
BUSINESS COMBINATION WITH ENERGEM CORP.
    * ENERGEM CORP- TRANSACTION VALUES GRAPHJET AT PRO FORMA
ENTERPRISE VALUE OF $1.49 BILLION
    * ENERGEM CORP- ALL GRAPHJET SHAREHOLDERS TO SELL 100% OF
THEIR
EQUITY TO ENERGEM CORP
    * ENERGEM CORP- ENERGEM TO BE RENAMED GRAPHJET TECHNOLOGY
AND IS
EXPECTED TO BE LISTED ON NASDAQ GLOBAL MARKET UNDER TICKER
SYMBOL "GTI."
    * ENERGEM CORP - CEO, LEE PING WEI, WILL CONTINUE TO LEAD
GRAPHJET
    * ENERGEM CORP - AFTER CLOSING, GRAPHJET PLANS TO RETAIN UP
TO
$112 MILLION OF CASH ON ITS BALANCE SHEET
    * ENERGEM - ABOUT 8.5% OF OUTSTANDING SHARES OF COMBINED CO
EXPECTED TO BE HELD BY PUBLIC INVESTORS, EXISTING GRAPHJET
SHAREHOLDERS OWNING ABOUT 89%
    * ENERGEM CORP - GRAPHJET WILL BECOME A WHOLLY-OWNED
SUBSIDIARY OF
ENERGEM CORP

Source text for Eikon:  ID:nGNXnPLK1 
Further company coverage:  ENCP.O 

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