Energem today announced a definitive share purchase agreement with Malaysia-based Graphjet Technology that carries a pro forma enterprise value of $1.49 billion. If approved, Graphjet is expected to be listed on the Nasdaq under the ticker symbol GTI.
Graphjet manufactures graphene and graphite, a raw material used in a variety of industries, including biomedical, automobile composition and coating, electronics and home appliances, food and beverage processing, energy storage, batteries in electric vehicles, mechanical strength enhancement, sensors, semiconductors and digital products. Graphjet uses a patent-pending technology to transform a renewable waste product, palm kernel shells, into artificial graphene and artificial graphite.
Assuming no redemptions by Energem shareholders, aggregate consideration to Graphjet equity holders will be approximately $1.49 billion, consisting of up to $117 million of cash in Energem’s trust and $1.38 billion of rollover equity.
After the closing, Graphjet plans to retain up to $112 million of cash on its balance sheet.
At closing, approximately 8.5% of the outstanding shares of the combined company is expected to be held by public investors, with existing Graphjet shareholders owning approximately 89%. Read more.
