Graphite processor Graphex Group uplists to NYSE, raises $12M through IPO (NYSEMKT:GRFX)

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Financial term abbreviation IPO standing for Initial Public Offering on blue cube corner

Graphite processor Graphex Group uplists to NYSE, raises $12M through IPO (NYSEMKT:GRFX)


DariaRen

Graphite processor Graphex Group (NYSEMKT:GRFX) uplisted its shares to NYSE and held a $12M initial public offering on Wednesday.

Shares of Graphex opened at $2.50. They most recently changed hands at $2.38, down 5% from its IPO price, at approximately 1:25 p.m. ET.

The graphite processor offered 4.7M American Depositary Shares priced at $2.50 per ADS, raising around $12M. Shares were previously listed OTC under the symbol GRFXY.

Underwriters were offered a 45-day option to buy up to 704K additional ADSs at the public price. EF Hutton is serving as sole underwriter.

Incorporated in the Cayman Islands, Graphex is primarily engaged in the manufacture and sale of graphene products for lithium-ion batteries in China and the US. The company also operates landscape architecture and Thai food catering businesses.

Graphex’s US division, Graphex Technologies, is a mid-stream processor of graphite for use in EV batteries.

The deal was upsized from its most recent proposal file on Aug. 1, which looked to raise around $8M. In March, the company indicated it was looking to raise at least $21M.


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