Energem announced that its shareholders voted in favor of merging with Graphjet Technology Sdn. Bhd., a Malaysian company with a patented technology to recycle palm kernel shells generated in the production of palm seed oil, to produce single layer graphene and artificial graphite for electric vehicle batteries, medical devices, and home appliances.
Energem shareholders approved the business combination proposal with slightly more than 80% of the votes cast in favor of the deal. Terms call for Energem to issue 138 million shares to Graphjet Technology investors. The SPAC held just shy of $14 million in trust as of Dec. 31, 2023.
The transaction is expected to close March 6. Following the closing, the combined company is expected to list its shares and warrants on the Nasdaq under new ticker symbols GTI and GTIWW. Read more.
