Energem reports Graphjet $8.2M debt conversion to meet Nasdaq equity requirement for merger

GRAPHJET TECHNOLOGY

Graphjet converted $8.2M of debt into 2,050,000 pre-transaction shares.
Company believes it now satisfies Nasdaq's $5M minimum stockholders' equity requirement.
Shareholders approved the business combination on Feb 28, 2024.
Pro forma combined net loss of $3.9M for year ended Sep 30, 2023.
Pro forma equity of $7.07M; assets $9.88M, liabilities $2.81M after trust and conversion adjustments.

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