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.
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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 InvestorPlace.com Publishing Guidelines.