GRFX Stock Gains 66% as Graphex Uplists on NYSE American

  • Graphex (GRFX) stock is rising higher on Monday.
  • This move comes after the company recently completed an uplisting of GRFX stock.
  • The company also outlined its ongoing plans in a business update.
An image of the inside the hood of a car. GRFX Stock

Source: Sergii Chernov /

Graphex (NYSEMKT:GRFX) stock is gaining on Monday after the graphite and graphene company completed its uplisting to the NYSE American Exchange.

Graphex completed an upsized offering of 4.69 million American Depositary Shares to list its stock on the NYSE American Exchange. Each of those shares represents 20 of the company’s common stock.

This public stock offering saw the company listing its shares for $2.50 each. That saw Graphex generate aggregate gross proceeds of about $11.7 million “before deducting underwriting discounts” and other costs. There’s also a 45-day option for underwriters to acquire “an additional 704,347 ADSs at the public offering price.”

Graphex is worth noting as it has ties to the electric vehicle (EV) industry. The company covers the mid-stream processing of specialized natural graphite that is used to make lithium-ion batteries used in EVs.

Graphex also provided a business update to investors and outlined plans for the future. CEO John DeMaio said the following:

“[W]e believe that the invocation of the Defense Production Act, the Bipartisan Infrastructure Law, and the newly enacted Inflation Reduction Act of 2022 will greatly assist companies like Graphex to accelerate the scale of domestic production to meet demand and in turn accelerate the transition to EVs and other sustainable energy solutions that utilize lithium-ion (Li-ion) batteries.”

GRFX stock is up 66% as of Monday afternoon.

Investors looking for more of the latest stock market news are in luck!

InvestorPlace has you covered with today’s hottest stock market coverage! That includes why shares of Party City (NYSE:PRTY), Signify Health (NYSE:SGFY) and DocuSign (NASDAQ:DOCU) stock are moving today. You can get up to speed on that news at the links below!

More Monday Stock Market News

On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that’s writers disclose this fact and warn readers of the risks.

Read More:Penny Stocks — How to Profit Without Getting Scammed

On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

Article printed from InvestorPlace Media,

©2023 InvestorPlace Media, LLC