Graphjet Technology restates FY2023 financials; non-reliance due to IP valuation error

GRAPHJET TECHNOLOGY

Restating FY2023 audited financials; re-audit by Kreit & Chiu CPA, LLP replacing Adeptus Partners.
Error: IP assignment from former CSO Mr. Liu misclassified as third-party acquisition; will now be valued at his development cost per ASC 850-10-20.
Company still expects to file FY2024 10-K before July 17, 2025 Nasdaq hearing.
Audit Committee expanded: appointed Chen Siow Woon and Ang Chee Yong effective April 11, 2025.

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