Graphex Group Limited (GGL)
(Note: This is NOT an IPO. This is an NYSE American uplisting – a public offering of American Depositary Shares (ADS) – in an uplisting from the OTCQX market, where the stock has traded under the symbol “GRFXY”. Each ADS represents 20 ordinary shares of GGL. IPOScoop has NO CALL on uplistings. Graphex Group Limited is incorporated in the Cayman Islands. Its principal office is in Hong Kong. Its wholly owned subsidiary, Graphex Technologies, LLC, has a subsidiary office in Royal Oak, Michigan.)
GGL is a holding company with two significant business segments — (1) graphene products and related businesses, including battery storage solutions for clean energy that deliver reliable and cost-competitive power in a safe and environmentally sustainable way for electric vehicles (“EV”) and renewable power producers; and (2) other businesses (a landscape architecture and design business as well as a catering business; the catering business has been largely suspended due to the COVID-19 pandemic).
We are a leading manufacturer of natural spherical graphite and specialized graphite products that are used primarily in lithium-ion (“Li-ion”) batteries typically for electric vehicles and clean energy storage solutions. Graphene is a one-atom-thick layer of graphite, a commonly found mineral. Graphene is the thinnest and hardest known material with superior electronic and thermal conductivity and light transmission properties that enable a broad range of applications. Our graphene products operations are based in the PRC and are strategically located near the largest accessible supply source of high-quality natural graphite in the world.
We supply approximately 30 customers in the People’s Republic of China (PRC), including wholesalers, traders and battery manufacturers. The primary customers for our graphene products include manufacturers of automotive batteries, conductive agents, refractory materials for the steel industry, and heat sink materials for precision electronics.
We entered into a joint venture agreement in 2022 to build a graphite refining processing facility in Warren, Michigan, near Detroit. We hope to have this facility operational by the second quarter of 2023.
Note: For the 12 months that ended June 30, 2021, GGL reported total revenue of HK$416.30 million, equal to US$53.18 million, and a net loss of HK$114.9 million – equal to a net loss of US$14.68 million.
(Note: Graphex Group Limited (GGL) upsized its public offering – in connection with its NYSE-American uplisting – by pricing on Aug. 16, 2022, a total of 4.7 million American Depositary Shares (ADS) (4,695,653 ADS), up from 3.2 million in the prospectus, at $2.50 per ADS – the mid-point of its $2.00-to-$3.00 range – to raise $11.7 million. The stock is expected to start trading on Wednesday, Aug. 17, 2022, on the NYSE-American exchange.)
|Industry:||Electrical Industrial Apparatus|
|Address||11/F COFCO Tower 262 Gloucester Road Causeway Bay Hong Kong|
|Phone Number||+ 852 2559 9438|
|View Prospectus:||Graphex Group Limited (GGL)|
|Revenues||$53.18 mil (last 12 months)|
|Net Income||$-14.68 mil (last 12 months)|
|Exchange||NYSE - American|
|Price range||$2.50 - $2.50|
|Est. $ Volume||$11.7 mil|
|Manager / Joint Managers||EF Hutton|
|Expected To Trade:||8/17/2022|
|Quiet Period Expiration Date:||Available only to Subscribers|
|Lock-Up Period Expiration Date:||Available only to Subscribers|
|SCOOP Rating||Available only to Subscribers|
|Rating Change||Available only to Subscribers|