China’s Graphex Group (GRFX), a maker of graphene products for EVs and clean energy storage, is planning to uplist its American Depositary Shares and hold a public offering on the NYSE.
Graphex said in a filing that it hopes to trade on the NYSE under the symbol GRFX. The size and pricing of the deal was not disclosed, but the company indicated it hoped to raise at least $21M. EF Hutton is serving as lead bookrunner on the deal.
Graphex ADSs are currently traded over-the-counter under the symbol GRFXY. Shares most recently changed hands at $2.95 at approximately 12:00 p.m. ET, giving the company a market capitalization of around $80M.
The Cayman Islands-based company operates through subsidiaries in mainland China and Hong Kong. The bulk of its revenue comes from the manufacture and sale of graphene products for use in lithium-ion batteries for the EV and renewable power sectors in China. Graphex also has a landscape architecture division and a Thai food catering business.
The company reported a net loss of $13M on revenue of $50M for 2020. It said it plans to use most of the proceeds from the deal to ramp up its graphene business and pay down debt.