Graphite For North America Graphex Group Receives Unsolicited Preliminary Offer And LOI To Buy Graphex Technologies And Propel Its North American Expansion Strategy; Enterprise Value, Net Of Liabilities, For Graphex Tech Is Anticipated To Be $100M-$200M
Portfolio Pulse from Benzinga Newsdesk
Graphex Group Limited has received a preliminary offer from a NASDAQ-listed blank check company to acquire its subsidiary, Graphex Technologies, for $100M-$200M in stock. The acquisition aims to make Graphex Tech an independent U.S. company serving the Li-ion battery anode material market in North America. The deal is subject to shareholder approval, registration of shares, and compliance with regulatory bodies. The transaction is expected to close in the first half of 2024, with Graphex Group distributing shares to its shareholders post-acquisition. CEO John DeMaio will continue to lead Graphex Tech, which is positioning itself as a key player in the EV battery supply chain amid graphite export restrictions from China.

December 06, 2023 | 2:56 pm
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Graphex Group Limited is in preliminary talks to sell its subsidiary, Graphex Technologies, to a NASDAQ-listed blank check company, with an anticipated enterprise value of $100M-$200M. The acquisition is expected to close in H1 2024, subject to approvals and conditions.
The news of a potential acquisition of Graphex Technologies could be seen positively by investors as it may unlock significant value and provide a strategic focus on the North American market. The anticipation of share distribution post-acquisition could also be a positive catalyst. However, the deal is not yet finalized and is subject to various approvals and conditions, which introduces some uncertainty.
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