Graphex Group announced on June 20, 2024, after the trading session, that it has entered into a subscription agreement with subscriber Chen Stephen Hing Ming. The conditions agree to subscribe, distribute and issue 43,689,383 new shares at a total amount of HKD 5,461,000, equivalent to approximately HKD 0.125 per share. The subscription will be completed after certain conditions are met and will offset the subscriber's outstanding loan of USD 700,000 to the company at a foreign exchange rate of 1.00 USD to 7.80 HKD. The subscribed shares will be issued according to the general authorization passed by the shareholders meeting, without the need to obtain shareholder approval again. The subscription price is about 3.3% higher than the closing price on the day of the subscription agreement and about...Show More

Graphex Group announced on June 20, 2024, after the trading session, that it has entered into a subscription agreement with subscriber Chen Stephen Hing Ming. The conditions agree to subscribe, distribute and issue 43,689,383 new shares at a total amount of HKD 5,461,000, equivalent to approximately HKD 0.125 per share. The subscription will be completed after certain conditions are met and will offset the subscriber's outstanding loan of USD 700,000 to the company at a foreign exchange rate of 1.00 USD to 7.80 HKD. The subscribed shares will be issued according to the general authorization passed by the shareholders meeting, without the need to obtain shareholder approval again. The subscription price is about 3.3% higher than the closing price on the day of the subscription agreement and about 2.5% higher than the average closing price of the past five trading days. The main business of the Group is the development and processing of graphene products, mainly used in lithium-ion batteries for electric vehicles. The board of directors believes that the terms of the subscription agreement are fair and reasonable and will help improve the company's overall liquidity position.