Chinese graphene maker Graphex seeks to uplist shares to NYSE, raise at least $21M

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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.

Comments

[anomaly1]

Detroit production 10,000 TPA at current prices translates to $8M/yr with max output 20,000 TPA which at current prices translates to $16M/ yr.

Fundamentals tell me its fully valued if not overvalued. But, who knows if momo traders will pump it.

[aeeueue eae]

When?

[Capital Gains]

This company also in the process of locating a factoy in Detroit, Michigan in the coming year

[Tradex22]

@Capital Gains www.globenewswire.com/...

[Capital Gains]

@Tradex22 Yes Sir, I think this is big and $GRFXY is flying under the radar, hopefully for a few more months to give me more time to allocate, How do you feel about the attempt to uplist on the NYSE? Probably reverse split?

[Tradex22]

@Capital Gains It’s seems like they meet the listing criteria price to avoid any reverse split.

[lgilham]

Chain is supporting the invasion of Ukraine and E F Hutton is helping them by financing a Chinese ADR? E F Hutton is not supported of freedom in the US or Ukraine and is selling the rope that will swing the US. Short E F Hutton now and help accelerate the China crash that is coming.

[Tradex22]

@lgilham it’s not Chinese company. This is to bring supply chain to usa. No ev otherwise.