Graphjet Technology Files 2023 Annual Report on Form 10-K

TL;DR

<b>Graphjet Technology, Inc. has submitted its 2023 annual report detailing financial information and corporate history.</b>

AI Summary

GRAPHJET TECHNOLOGY (GTIJF) filed a Annual Report (10-K) with the SEC on April 22, 2024. Graphjet Technology, Inc. filed its annual report for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's former name was Energem Corp, with a name change effective August 20, 2021. The report includes details on common stock, including Class A and Class B shares. Financial data for various quarters in 2022 and 2023 are referenced.

Why It Matters

For investors and stakeholders tracking GRAPHJET TECHNOLOGY, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Graphjet Technology's financial performance and position for the fiscal year 2023, crucial for investors assessing the company's stability and growth prospects. The inclusion of historical data and former company information (Energem Corp) offers context for understanding Graphjet Technology's evolution and potential future strategic directions.

Risk Assessment

Risk Level: low — GRAPHJET TECHNOLOGY shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate, significant financial disclosures or events that would indicate high risk.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to form an informed opinion on Graphjet Technology's current standing and future outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reported period)
• 2024-04-22 — Filing Date (Date of submission)
• 0001879373 — Central Index Key (Company identifier)
• 001-41070 — SEC File Number (SEC registration number)

Key Players & Entities

• Graphjet Technology (company) — Filer name
• Energem Corp (company) — Former company name
• 2023-12-31 (date) — Fiscal year end
• 2024-04-22 (date) — Filing date
• 0001493152-24-015564 (filing_id) — Accession number

FAQ

Industry Context

Graphjet Technology operates within the Electrical Industrial Apparatus sector, as indicated by its SIC code 3620.

Regulatory Implications

The filing is a standard Form 10-K, adhering to the reporting requirements of the Securities Exchange Act of 1934.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and management discussion.
2. Analyze the company's historical data and former name (Energem Corp) for context.
3. Monitor future filings for updates on Graphjet Technology's performance and strategic initiatives.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the annual financial statements.
• 2024-04-22: Filing Date — Date the 10-K report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for Graphjet Technology as a public entity, following its name change from Energem Corp.

Key Financial Figures

• $0.0001 — ed Class A ordinary shares, par value $0.0001 per share GTI The Nasdaq Stock Mark
• $11.50 — ordinary share at an exercise price of $11.50 per share GTIWW OTC Securities re
• $10.91 — reference to the closing sales price of $10.91 on June 30, 2023 for the Class A common
• $0.001 — our Class A ordinary shares, par value $0.001 per share (the " Class A ordinary share
• $30 million — pply graphite and graphene amounting to $30 million annually to Toyoda Trike for use on the
• $8,000 — ost of a ton of graphite ranges between $8,000 and $11,000, depending on market condit
• $11,000 — n of graphite ranges between $8,000 and $11,000, depending on market conditions and the
• $20,000 — ty in the oil markets, is approximately $20,000 per ton. 9 Graphite is used in the prod
• $7,500 — n Act of 2022 that provides a credit of $7,500 for the purchase of electric vehicles r

Filing Documents

• form10-k.htm (10-K) — 1366KB
• ex4-4.htm (EX-4.4) — 53KB
• ex31-1.htm (EX-31.1) — 18KB
• ex32-1.htm (EX-32.1) — 9KB
• ex97.htm (EX-97.1) — 25KB
• form10-k_001.jpg (GRAPHIC) — 37KB
• aud_001.jpg (GRAPHIC) — 3KB
• aud_002.jpg (GRAPHIC) — 145KB
• 0001493152-24-015564.txt (&nbsp;) — 5029KB
• encp-20231231.xsd (EX-101.SCH) — 27KB
• encp-20231231_cal.xml (EX-101.CAL) — 29KB
• encp-20231231_def.xml (EX-101.DEF) — 181KB
• encp-20231231_lab.xml (EX-101.LAB) — 218KB
• encp-20231231_pre.xml (EX-101.PRE) — 200KB
• form10-k_htm.xml (XML) — 498KB

Risk Factors

Item 1A. Risk Factors 12

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 35

Cybersecurity

Item 1C. Cybersecurity 35

Properties

Item 2. Properties 36

Legal Proceedings

Item 3. Legal Proceedings 36

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 36 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 37

[Reserved]

Item 6. [Reserved] 38

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 38

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 41

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 41

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 41

Controls and Procedures

Item 9A. Controls and Procedures 41

Other Information

Item 9B. Other Information 42

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 42 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 43

Executive Compensation

Item 11. Executive Compensation 50

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 55

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 56

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 60 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 61

Form 10-K Summary

Item 16. Form 10-K Summary 64

Signatures

Signatures 65 i PART I BASIS OF PRESENTATION Graphjet Technology (" Graphjet Technology ") (formerly known as Energem Corp. or " Energem ") was a blank check company originally incorporated under the laws of the Cayman Islands on August 6, 2021, for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses. On November 18, 2021, Energem consummated an initial public offering (the " IPO "), after which its securities began trading on the Nasdaq Stock Market LLC (" Nasdaq "). On August 1, 2022, Energem entered into that certain Share Purchase Agreement (the " SPA ") by and among Energem, Graphjet Technology Sdn. Bhd., a Malaysian private limited company ("Graphjet"), Swee Guan Hoo, solely in his capacity as the representative for the shareholders of Energem after the closing of the sale and purchase of the Graphjet issued and outstanding shares (the "Graphjet Pre-Transaction Shares") (the "Closing") for Energem's shareholders (the "Purchaser Representative"), the individuals listed on the signature page of the SPA under the heading "Selling Shareholders" (each, a "Selling Shareholder" and together, the "Selling Shareholders"), and Lee Ping Wei in his additional capacity as representative for the Selling Shareholders (the "Shareholder Representative"). On March 14, 2024 (the " Closing Date "), we consummated the previously announced business combination (the " Business Combination ") and related transactions (the " Transactions ") contemplated by the Share Purchase Agreement, pursuant to which Energem acquired all of the issued and outstanding shares of Graphjet Pre-Transaction Shares from the Selling Shareholders and Graphjet became a wholly owned subsidiary of Energem; and Energem changed its name to Graphjet Technology. On March 15, 2024, our Class A ordinary shares, par value $0.001 per share (the " Class A ordinary shares ") began tra

View Full Filing

View this 10-K filing on SEC EDGAR