# EDGAR Filing Document

**Accession Number:** 0001879373
**File Stem:** 0001213900-25-124522
**Filing Date:** 2025-12
**Character Count:** 1028271
**Document Hash:** 7fb1a2de93bdd41558542542f80e2a8b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-124522.hdr.sgml**: 20251222

**ACCESSION NUMBER**: 0001213900-25-124522

**CONFORMED SUBMISSION TYPE**: S-1/A

**PUBLIC DOCUMENT COUNT**: 146

**FILED AS OF DATE**: 20251222

**DATE AS OF CHANGE**: 20251222

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GRAPHJET TECHNOLOGY
- **CENTRAL INDEX KEY:** 0001879373
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRICAL INDUSTRIAL APPARATUS [3620]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** N8
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** S-1/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-290996
- **FILM NUMBER:** 251592477

**BUSINESS ADDRESS:**
- **STREET 1:** LEVEL 10, TOWER 11 SANICHI, AVENUE 5
- **STREET 2:** NO. 8, JALAN KERINCHI, BANGSAR SOUTH
- **CITY:** WILAYAHPERSEKUTUANKUALA LUMPUR
- **STATE:** N8
- **ZIP:** 59200
- **BUSINESS PHONE:** 60327047622

**MAIL ADDRESS:**
- **STREET 1:** LEVEL 10, TOWER 11 SANICHI, AVENUE 5
- **STREET 2:** NO. 8, JALAN KERINCHI, BANGSAR SOUTH
- **CITY:** WILAYAHPERSEKUTUANKUALA LUMPUR
- **STATE:** N8
- **ZIP:** 59200

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Energem Corp
- **DATE OF NAME CHANGE:** 20210820

?xml version='1.0' encoding='ASCII'?

**As filed with the Securities and Exchange Commission on December 22, 2025**

**Registration No. 333-290996**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**AMENDMENT NO. 1** 

**TO**

**FORM S-1**

**REGISTRATION STATEMENT**

***UNDER***

***THE SECURITIES ACT OF 1933***

**Graphjet Technology**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Cayman Islands** | **3620** | **N/A** |
| (State or other jurisdiction of<br> incorporation or organization) | (Primary standard industrial<br> classification code number) | (I.R.S. Employer <br> Identification Number) |

---

**Lot 3895, Lorong 6D, Kampung Baru Subang**

**Seksyen U6, 40150 Shah Alam**

**Selangor, Malaysia**

**Telephone: +60 019 850 0895**

(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)

**Cogency Global Inc.**

**122 East 42<sup>nd</sup> Street, 18<sup>th</sup> Floor**

**New York, NY 10168**

**1 800-221-0102**

(Name, address, including zip code, and telephone number, including area code, of agent for service)

**Copies to:**

**Andrew M. Tucker**

**Duane Morris LLP**

**901 New York Avenue N.W., Suite 700 East**

**Washington, DC 20001-4795**

**Telephone: (202) 776-5248**

**Approximate date of commencement of proposed sale of the securities to the public: From time to time after the effective date of this registration statement.**

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, please check the following box. ☒

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act or until the registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.**

**The information in this preliminary prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the United States Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities and we are not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.**

**SUBJECT TO COMPLETION**

**PRELIMINARY PROSPECTUS DATED DECEMBER 22, 2025**

**Graphjet Technology**

**Up to 17,772,578 Class A Ordinary Shares**

This prospectus relates to the offer and resale from time to time, upon expiration of lock-up agreements, if applicable, by the selling securityholders named in this prospectus (including their permitted transferees, donees, pledgees, and other successors-in-interest) (collectively, the "Selling Securityholders") of up to an aggregate of 17,772,578 Class A ordinary shares, par value $0.006 (the "Class A Ordinary Shares") of Graphjet Technology (the "Company," "Graphjet Technology," "Graphjet," "our," "us," or "we"), consisting of up to (i) 3,333,340 Class A Ordinary Shares issuable upon the exercise of 333,334 warrants (the "Warrants") at an exercise price of $3.30, which were originally issued to Aiden Lee Ping Wei pursuant to a Warrant Subscription Agreement; (ii) 11,065,513 Class A Ordinary Shares issuable to Tan Chin Teong, at $4.44 per share, pursuant to a Sale and Purchase Agreement, dated August 19, 2025, by which the Company purchased the property from which the Company currently operates from (the "Sale and Purchase Agreement"); (iii) 28,464 Class A Ordinary Shares, issued to Tan Chin Teong, at $4.44 per share, pursuant to the Sale and Purchase Agreement; (iv) 185,000 Class A Ordinary Shares, issued at $3 per share, to Goh Meng Keong, as settlement of a debt owed by the Company to Goh Meng Keong; (v) 3,261 Class A Ordinary Shares, issued at $6.48 per share, to Yasuka Infinity Sdn Bhd, as settlement of a debt owed by the Company to Yasuka Infinity Sdn Bhd; and (vi) 3,157,000 Class A Ordinary Shares issuable to International Liquidity, LLC ("ILP"), pursuant to a Master Loan Agreement and a Master Pledge Agreement entered into by the Company and ILP, dated October 16, 2025, by which the Company will issue such Class A Ordinary Shares as collateral for a loan of USD$7,000,000 made by ILP to the Company. To the extent the Warrants are exercised for cash, we will receive the proceeds from such exercises. We will not receive any proceeds from the sale of the Class A Ordinary Shares by the Selling Securityholders.

As described herein, the Selling Securityholders named in this prospectus or their permitted transferees, may resell from time to time up to 17,772,578 Class A Ordinary Shares. We are registering the offer and sale of these securities to satisfy certain registration rights we have granted. The Selling Securityholders may offer, sell or distribute all or a portion of the securities hereby registered publicly or through private transactions at prevailing market prices or at negotiated prices. We will not receive any of the proceeds from such sales of our Class A Ordinary Shares. We will bear all costs, expenses and fees in connection with the registration of these securities, including with regard to compliance with state securities or "blue sky" laws. The Selling Securityholders will bear all commissions and discounts, if any, attributable to their sale of Class A Ordinary Shares. See section entitled "*Plan of Distribution*" beginning on page 63 of this prospectus.

The Class A Ordinary Shares being registered for resale in this prospectus represent a substantial percentage of our public float and of our outstanding Class A Ordinary Shares. The number of Class A Ordinary Shares being registered in this prospectus (which include shares issuable upon exercise of the Warrants) represents more than 100% of the total 3,845,062 Class A Ordinary Shares outstanding as of December 22, 2025. The sale of the securities being registered in this prospectus, or the perception in the market that such sales may occur, could result in a significant decline in the public trading price of our Class A Ordinary Shares.

In addition, some of the Class A Ordinary Shares being registered for resale were acquired by the Selling Securityholders at prices considerably below the current market price of the Class A ordinary shares. Even though the current market price is significantly below the price at the time of the Company's initial public offering, certain Selling Securityholders have an incentive to sell because they will still profit on sales due to the lower price at which they acquired their Class A Ordinary Shares as compared to the public investors. Based on the last reported sale price of Class A Ordinary Shares referenced below, shares acquired for less than such last reported sale price, the Selling Securityholders may experience potential profit up to $[--] per share.

Our Class A Ordinary Shares currently trade on the OTC Markets under the symbol "GTIJF" and our Public Warrants trade on the OTC Markets under the symbol "GTIW." On December 16, 2025, the closing price of our Class A Ordinary Shares was $1.00 per share.

**We are an "emerging growth company" as defined in Section 2(a) of the Securities Act of 1933, as amended (the "Securities Act"), and are subject to reduced public company reporting requirements. This prospectus complies with the requirements that apply to an issuer that is an emerging growth company.**

**See the section entitled "Risk Factors" beginning on page 6 of this prospectus to read about factors you should consider before buying our securities.**

**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

**The date of this prospectus is December 22, 2025**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| [ABOUT THIS PROSPECTUS](#a_001) | ii |
| [CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS](#a_002) | iii |
| [SUMMARY](#a_003) | 1 |
| [RISK FACTORS](#a_004) | 6 |
| [USE OF PROCEEDS](#a_005) | 28 |
| [DETERMINATION OF OFFERING PRICE](#a_006) | 28 |
| [MARKET INFORMATION FOR ORDINARY SHARE AND DIVIDEND POLICY](#a_007) | 28 |
| [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#a_008) | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[BUSINESS](#a_009) | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[MANAGEMENT](#a_010) | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[EXECUTIVE COMPENSATION](#a_011) | 53 |
| &nbsp;&nbsp;&nbsp;[CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS](#a_012) | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[PRINCIPAL SHAREHOLDERS](#a_013) | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[SELLING SHAREHOLDERS](#a_014) | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[PLAN OF DISTRIBUTION](#a_015) | 63 |
| &nbsp;&nbsp;&nbsp;[UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS](#a_016) | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[DESCRIPTION OF SECURITIES](#a_017) | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[LEGAL MATTERS](#a_018) | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[EXPERTS](#a_019) | 73 |
| &nbsp;&nbsp;&nbsp;[WHERE YOU CAN FIND MORE INFORMATION](#a_020) | 73 |
| &nbsp;&nbsp;&nbsp;[INDEX TO FINANCIAL STATEMENTS](#s_017) | F-1 |

---

You should rely only on the information provided in this prospectus, as well as the information incorporated by reference into this prospectus and any applicable prospectus supplement. Neither we nor the Selling Securityholders have authorized anyone to provide you with different information. Neither we nor the Selling Securityholders are making an offer of these securities in any jurisdiction where the offer is not permitted. You should not assume that the information in this prospectus or any applicable prospectus supplement is accurate as of any date other than the date of the applicable document. Since the date of this prospectus and the documents incorporated by reference into this prospectus, our business, financial condition, results of operations and prospects may have changed.

i

**ABOUT THIS PROSPECTUS**

This prospectus is part of a registration statement that we filed with the SEC. Under this registration process, the Selling Securityholders may sell up to 17,772,578 Class A Ordinary Shares from time to time in one or more offerings as described in this prospectus. We will not receive any proceeds from the sale of Class A Ordinary Shares by the Selling Securityholders. To the extent the Warrants are exercised for cash, we will receive the proceeds from such exercises. We will not receive any proceeds from the sale of the Class A Ordinary Shares by the Selling Securityholders.

We may also file a prospectus supplement or post-effective amendment to the registration statement of which this prospectus forms a part that may contain material information relating to these offerings. The prospectus supplement or post-effective amendment, as the case may be, may add, update or change information contained in this prospectus with respect to such offering. If there is any inconsistency between the information in this prospectus and the applicable prospectus supplement or post-effective amendment, you should rely on the prospectus supplement or post-effective amendment, as applicable. Before purchasing any of the Class A Ordinary Shares, you should carefully read this prospectus and any prospectus supplement and/or post-effective amendment, as applicable, together with the additional information described under "*Where You Can Find More Information*."

Neither we nor the Selling Securityholders have authorized anyone to provide you with any information or to make any representations other than those contained in this prospectus and any prospectus supplement and/or post-effective amendment, as applicable, prepared by or on behalf of us or to which we have referred you. We and the Selling Securityholders take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. We and the Selling Securityholders will not make an offer to sell the Class A Ordinary Shares in any jurisdiction where the offer or sale is not permitted. You should assume that the information appearing in this prospectus and any prospectus supplement and/or post-effective amendment, as applicable, is accurate only as of the date on the respective cover. Our business, prospects, financial condition or results of operations may have changed since those dates. This prospectus contains, and any prospectus supplement or post-effective amendment may contain, market data and industry statistics and forecasts that are based on independent industry publications and other publicly available information. Although we believe these sources are reliable, we do not guarantee the accuracy or completeness of this information and we have not independently verified this information. In addition, the market and industry data and forecasts that may be included in this prospectus and any prospectus supplement and/or post-effective amendment, as applicable, may involve estimates, assumptions and other risks and uncertainties and are subject to change based on various factors, including those discussed under "Risk Factors" in this prospectus and any prospectus supplement and/or post-effective amendment, as applicable. Accordingly, investors should not place undue reliance on this information.

Unless the context indicates otherwise, references in this prospectus to the "Company," "Graphjet Technology," "Graphjet," "we," "us," "our" and similar terms refer to Graphjet Technology.

ii

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This prospectus contains forward-looking statements within the meaning of Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). We have based these forward-looking statements on our current expectations and projections about future events. All statements, other than statements of present or historical fact included in this prospectus, our future financial performance, strategy, expansion plans, future operations, future operating results, estimated revenues, losses, projected costs, prospects, plans and objectives of management are forward-looking statements. Any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "should," "could," "would," "expect," "plan," "anticipate," "intend," "believe," "estimate," "continue," "goal," "outlook," "forecast," "possible," "potential," "predict," "project" or the negative of such terms or other similar expressions. These forward- looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this prospectus. We caution you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control.

Forward-looking statements in this prospectus may include, for example, statements about:

● the ability of the Company to grow and manage growth profitably;

● our financial and business performance, including financial projections and business metrics;

● our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects and plans;

● performance by counterparties, including suppliers of palm kernel shells and transportation providers of the Company's products;

● the implementation, market acceptance and success of our business model;

● our market opportunity and the potential growth of that market;

● the ability of the Company to compete effectively in a competitive industry;

● the ability to protect and enhance the Company's corporate reputation and brand;

● the impact from future regulatory, judicial, and legislative changes in the Company's industry;

● our ability to effect our growth strategies, acquisitions or investments successfully;

● our future capital requirements and sources and uses of cash;

● our business, expansion plans and opportunities.

iii

These statements are subject to known and unknown risks, uncertainties and assumptions that could cause actual results to differ materially from those projected or otherwise implied by the forward-looking statements. The following factors, among others, may cause actual results to differ materially from those expressed or implied in our forward-looking statements:

● the outcome of any legal proceedings;

● changes in applicable laws or regulations;

● that we have identified a material weakness in our internal control over financial reporting which, if not corrected, could affect the reliability of our consolidated financial statements;

● future exchange and interest rates;

● the ability to regain the listing of our securities on Nasdaq or any other exchange; and

● the possibility that we may be adversely affected by other economic, business or competitive factors.

Given these risks and uncertainties, you should not place undue reliance on these forward-looking statements. Additional cautionary statements or discussions of risks and uncertainties that could affect our results or the achievement of the expectations described in forward-looking statements may also be contained in any accompanying prospectus supplement.

Should one or more of the risks or uncertainties described in this prospectus, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in the section entitled "Risk Factors" and in our periodic filings with the U.S. Securities and Exchange Commission (the "SEC"). Our SEC filings are available publicly on the SEC's website at *www.sec.gov*.

You should read this prospectus and any accompanying prospectus supplement completely and with the understanding that our actual future results, levels of activity and performance as well as other events and circumstances may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.

iv

**SUMMARY**

This summary highlights selected information appearing elsewhere in this prospectus. Because it is a summary, it may not contain all of the information that may be important to you. To understand this offering fully, you should read this entire prospectus carefully, including the information set forth under the heading "Risk Factors" and our financial statements.

**The Company**

Graphjet is the owner of the state-of-the-art technology for the manufacture of artificial graphene and graphite, critical raw materials used in a variety of industries. The technology was developed through Graphjet's collaboration with UKM and UTEM. Graphjet's breakthrough technology transforms an abundant and renewable waste product, palm kernel shells, into highly valued artificial graphene and graphite. Graphjet prepared patent applications on its bio-mass processes and production methods, and it believes it is the only producer currently capable of using biomass to produce graphite and graphene in mass production scale. Graphjet received approval of its patent application (i) for a palm-based synthetic graphite and the preparation method thereof on September 22, 2022; and (ii) a palm-based synthetic graphene and the preparation method thereof on March 27, 2024.

Graphjet's innovative manufacturing process controls the quality of both the graphite and the resulting graphene, resulting in higher quality products than are produced using either mined graphite or artificial graphite derived from coal -based or petroleum-based production. Since Graphjet uses a widely available waste product as its source, Graphjet expects to be able to produce a higher quality product at a significantly lower cost than other graphite and graphene production methods currently in use worldwide.

**Background**

Graphjet Technology (formerly known as Energem Corp. or "Energem") was a blank check company originally incorporated under the laws of the Cayman Islands on August 6, 2021, for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses. On November 18, 2021, Energem consummated an initial public offering (the "IPO"), after which its securities began trading on the Nasdaq Stock Market LLC ("Nasdaq"). On August 1, 2022, Energem entered into that certain Share Purchase Agreement by and among Energem, Graphjet Technology Sdn. Bhd., a Malaysian private limited company ("Graphjet Sdn"), Swee Guan Hoo, solely in his capacity as the representative for the shareholders of Energem after the closing of the sale and purchase of the Graphjet Sdn issued and outstanding shares (the "Graphjet Pre-Transaction Shares") (the "Closing") for Energem's shareholders (the "Purchaser Representative"), the individuals listed on the signature page of the Share Purchase Agreement under the heading "Selling Shareholders" (each, a "Selling Shareholder" and together, the "Selling Shareholders"), and Lee Ping Wei in his additional capacity as representative for the Selling Shareholders (the "Shareholder Representative").

On March 14, 2024 (the "Closing Date"), we consummated the previously announced business combination (the "Business Combination"), and related transactions (the "Transactions") contemplated by the Share Purchase Agreement, pursuant to which Energem acquired all of the issued and outstanding shares of Graphjet Sdn Pre-Transaction Shares from the Selling Shareholders and Graphjet Sdn became a wholly owned subsidiary of Energem; and Energem changed its name to Graphjet Technology. On March 15, 2024, our Class A Ordinary Shares, par value $0.0001 per share began trading on The Nasdaq Global Market under the symbol "GTI".

As a result of the Transactions, we are a holding company, all of whose assets are held directly by, and all of whose operations are conducted through, Graphjet Sdn and whose only direct asset consists of equity ownership of Graphjet Sdn.

On August 7, 2025, we held an extraordinary general meeting of our shareholders to vote and approve certain proposals, including a share consolidation proposal to consolidate every issued and unissued Class A ordinary share, par value $0.0001 per share at a ratio within a range of not less than 1-for-50 and not greater than 1-for-150. On the same day, the Board approved the implementation of the share consolidation at a ratio of 1-for-60 (the "Share Consolidation").

On August 25, 2025, the Share Consolidation became effective, causing every 60 ordinary shares of $0.0001 issued and outstanding to automatically be combined into one ordinary share of $0.006. The Share Consolidation did not affect any shareholder's percentage ownership, except for adjustments that resulted from the treatment of fractional shares, which were rounded up to the nearest whole share. Further, the par value of the ordinary shares was increased from $0.0001 per share to $0.006 per share.

On November 13, 2025, the Company's securities were suspended from trading on The Nasdaq Global Market and began trading on the OTC Markets under the ticker symbol "GTIJF".

On November 25, 2025, the Company appealed to the Nasdaq Listing and Hearing Review Council under Nasdaq Listing Rule 5820, requested that (i) review and reverse the Panel's delisting decision of November 11, 2025; and (ii) grant a stay of the Panel's decision pending the Council's review of the Company's appeal in order to allow the Company to complete and present a detailed, evidence-based compliance plan demonstrating a clear and credible path to regain compliance with the Nasdaq Listing Rules. Nasdaq acknowledged the appeal on November 26, 2025, and requested the Company's plan and supporting documents by December 10, 2025.

On December 10, 2025, the Company submitted its formal appeal together with an updated, documentation-backed compliance plan requesting that the Council (i) review and reverse the Panel's decision and (ii) authorize a provisional relisting of the Company's Class A ordinary shares on The Nasdaq Global Market during the pendency of the Council's review to facilitate implementation of the compliance plan.

The Company is the owner of the state-of-the-art patented technology for the manufacture of high-quality graphene and graphite, critical raw materials utilized across various industries including energy storage, electronics, aerospace and advanced manufacturing. For graphene, is an extraordinary material that has sparked a global rush in industry. Graphjet Technology produces graphite, graphene and graphene-based anode battery material with over 98% similarity and greater consistency compared to other synthetic graphite and graphene which are produced from petroleum coke and coal. The breakthrough technology transforms a sustainable, abundant and renewable agricultural waste product, palm kernel shells into highly valuable artificial graphene and graphite, significantly reducing carbon emissions in the process. For research and development in graphite and graphene applications, Graphjet Technology collaborates closely with prestigious institutions such as the National University of Malaysia (UKM) and University Teknikal Malaysia Melaka (UTEM), which serve as the Company's Technology Advisor Panel, providing expect insights and guidance in technology advisory for the applications. Additionally, Graphjet's strategic membership in the Industrial Liaison Program (ILP) at Massachusetts Institute of Technology (MIT) underscores its commitment to continuous innovation and cutting-edge research partnership.

Positioning itself as a leader in cost efficiency, Graphjet aims to be the foremost low-cost producer of premium artificial graphite and graphene. The Company holds a patent for its proprietary bio-mass conversion process and graphite production method, and its graphene manufacturing technique. This unique capability positions Graphjet to be the sole producer capable of mass-scale production of graphite and graphene using sustainable biomass sources, setting it apart from competitor worldwide.

Since Graphjet Technology uses a widely available waste product as their source, they are able to produce a higher quality product at a significantly lower cost than other graphite and graphene production methods currently in use worldwide.

Leveraging this innovation approach, Graphjet Technology aimed to produce superior products at a significantly reduced cost compared to conventional graphite and graphene production methods that rely on non-renewable sources. This competitive advantage ensures the company's products not only meet but exceed industry standards for quality and sustainability.

As for now, Graphjet Technology has not commenced commercial sales, but plans to strategically sample its products to leading multinational companies to gain market acceptance and facilitate procurement. The company's ultimate goal is to displace high-cost suppliers with its competitively priced, eco-friendly alternatives. To date, the Company has funded its operations primarily with proceeds through equity investments provided by its current shareholders.

In July 2023, the Company secured a production facility in Kampung Baru Subang, Selangor State, Central Malaysia, where machinery commissioning is ongoing. Production commenced in August 2025.

Our Class A Ordinary Shares are currently listed on the OTC Markets under the symbol "GTIJF" and our Public Warrants trade on the OTC under the symbol "GTIW."

The Class A Ordinary Shares being registered for resale in this prospectus represent a substantial percentage of our public float and of our outstanding Class A Ordinary Shares. The number of shares being registered in this prospectus represents more than 100% of the total Class A Ordinary Shares outstanding as of December 22, 2025. The sale of the securities being registered in this prospectus, or the perception in the market that such sales may occur, could result in a significant decline in the public trading price of our Class A Ordinary Shares.

The rights of holders of our Class A Ordinary Shares are governed by our Amended and Restated Memorandum of Association and Amended Articles of Association (the "Amended and Restated Articles"), and the Companies Act (as Revised) of the Cayman Islands (the "Companies Act").

As of December 22, 2025, there were 3,845,062 Class A Ordinary Shares issued and outstanding.

**Emerging Growth Company**

We are an "emerging growth company," as defined under the JOBS Act. As an emerging growth company, we are eligible to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies. These include, but are not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act"), reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and the requirement to obtain stockholder approval of any golden parachute payments not previously approved.

We will remain an emerging growth company until the earlier of (1) the last day of the fiscal year of the Company following the fifth anniversary of the consummation of the Company's initial public offering, which occurred on November 18, 2021, (2) the last day of the fiscal year in which we have total annual gross revenue of at least $1.235 billion, (3) the last day of the fiscal year in which we are deemed to be a "large accelerated filer," as defined in the Exchange Act, and (4) the date on which we have issued more than $1.0 billion in nonconvertible debt securities during the prior three-year period.

**Corporate Information**

The Company was incorporated in the Cayman Islands on August 6, 2021 for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The Company completed its initial public offering on November 18, 2021. On March 14, 2024, the Company consummated the Business Combination. In connection with the Business Combination, we changed our name to Graphjet Technology. Our principal executive offices are located at Lot 3895, Lorong 6D, Kampung Baru Subang, Seksyen U6, 40150 Shah Alam, Selangor, Malaysia and our telephone number is +60 019 850 0895. Our website address is https://www.graphjettech.com/. Information contained on our website or connected thereto does not constitute part of, and is not incorporated by reference into, this prospectus or the registration statement of which it forms a part.

**THE OFFERING**

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| | |
|:---|:---|
| Issuer | Graphjet Technology |
| **Resale of Class A Ordinary Shares** |  |
| Class A Ordinary Shares Offered by the Selling Securityholders | Up to 17,772,578, consisting of: (i) 3,333,340 Class A Ordinary Shares issuable upon the exercise of 333,334 warrants (the "Warrants") at an exercise price of $3.30, which were originally issued to Aiden Lee Ping Wei pursuant to a Warrant Subscription Agreement; (ii) 11,065,513 Class A Ordinary Shares issuable to Tan Chin Teong, at $4.44 per share, pursuant to a Sale and Purchase Agreement, dated August 19, 2025, by which the Company purchased the property from which the Company currently operates from (the "Sale and Purchase Agreement"); (iii) 28,464 Class A Ordinary Shares, issued to Tan Chin Teong, at $4.44 per share, pursuant to the Sale and Purchase Agreement; (iv) 185,000 Class A Ordinary Shares, issued at $3 per share, to Goh Meng Keong, as settlement of a debt owed by the Company to Goh Meng Keong; (v) 3,261 Class A Ordinary Shares, issued at $6.48 per share, to Yasuka Infinity Sdn Bhd, as settlement of a debt owed by the Company to Yasuka Infinity Sdn Bhd; and (vi) 3,157,000 Class A Ordinary Shares issuable to International Liquidity, LLC ("ILP"), pursuant to a Master Loan Agreement and a Master Pledge Agreement entered into by the Company and ILP, dated October 16, 2025, by which the Company will issue such Class A Ordinary Shares as collateral for a loan of USD$7,000,000 made by ILP to the Company. |
| Class A Ordinary Shares Outstanding Prior to Exercise of the Warrants | 3,845,062 Class A Ordinary Shares |
| Class A Ordinary Shares Outstanding Assuming Exercise of the Warrants | 7,178,402 Class A Ordinary Shares |
| Exercise Price of Warrants | $3.30 |
| Use of Proceeds | We will not receive any proceeds from the sale of the Class A Ordinary Shares by the Selling Securityholders. If the Warrants held by Mr. Lee are exercised for cash, we will receive the cash proceeds from that exercise. |
| Market for Class A Ordinary Shares | Our Class A Ordinary Shares are currently traded on the OTC Markets under the symbol "GTIJF". |
| Lock-up Restrictions | Some of the Class A Ordinary Shares held by the Selling Securityholders are subject to restrictions on transfer until the termination of applicable lock-up periods. See "*Certain Relationships and Related Party Transactions - Graphjet Technology Related Party Transactions*" for further discussion. |
| Risk Factors | See "*Risk Factors*" and other information included in this prospectus for a discussion of factors you should consider before investing in our securities. |

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**SUMMARY RISK FACTORS**

An investment in shares of our equity securities involves a high degree of risk. If any of the factors enumerated below or in the section entitled "*Risk Factors*" occurs, our business, financial condition, liquidity, results of operations and prospects could be materially and adversely affected. Such risks include, but are not limited to:

*Risks Related to Our Business and Industry*

● Our business and growth strategy depend on our ability to maintain and expand a network of qualified providers. If we are unable to do so, our future growth would be limited and our business, financial condition and results of operations would be harmed.

● We may face intense competition, which could limit our ability to maintain or expand market share within our industry, and if we do not maintain or expand our market share, our business and operating results will be harmed.

● If we are not able to develop and release new products and meet demands for its products, our business could be adversely affected.

● Security breaches, loss of data and other disruptions could compromise sensitive information related to our business or members, or prevent us from accessing critical information and expose us to liability, which could adversely affect our business and reputation.

● If we are unable to maintain and enforce intellectual property protection for our technology and methods, or if the scope of our intellectual property protection is not sufficiently broad, others may be able to develop and commercialize technology substantially similar to ours, and our ability to successfully commercialize our technology may be adversely affected.

● We may in the future become subject to litigation or regulatory investigation, which could harm our business.

● We may acquire other businesses, form joint ventures or make other investments that could negatively affect its operating results, dilute shareholders' ownership, increase its debt or cause it to incur significant expenses.

● We are vulnerable to severe weather conditions and natural disasters, including earthquakes, fires, floods, hurricanes, as well as power outages and other industrial incidents, which could severely disrupt the normal operation of its business and adversely affect its results of operations.

● We conduct business in a heavily regulated industry and if we fail to comply with these laws and government regulations, or if the rules and regulations change or the approach that regulators take in classifying our products and services under such regulations change, we could incur penalties or be required to make significant changes to our operations, products, or services or experience adverse publicity, which could have a material adverse effect on our business, financial condition, and results of operations.

● We face uncertainty as to whether it will achieve its strategic initiatives including construction of its manufacturing plant and whether it will yield the expected benefits, and uncertainty as to the availability of financing or financing on favorable terms and will operate with a dependence on commodity prices, the impact of inflation on costs, the risks of obtaining the necessary permits, the operating performance of our assets and businesses, competitive factors in the graphite mining and production industry generally.

● Many countries have difficult and unpredictable legal systems and underdeveloped laws and regulations that are unclear and subject to corruption and inexperience, which may adversely impact our results of operations and financial condition.

● Many of the economies in Asia are experiencing substantial inflationary pressures which may prompt the governments to take action to control the growth of the economy and inflation that could lead to a significant decrease in our profitability.

● We depend on our talent to grow and operate our business, and currently relies on contractors in the production of our graphite, if we are unable to hire, integrate, develop, motivate and retain personnel, we may not be able to grow effectively.

*Risks Related to Our Organization and Structure, including:*

 

● We may change our operational policies, investment guidelines, and business and growth strategies without stockholder consent which may subject us to different and more significant risks in the future that may adversely impact our business and financial results.

● We are an "emerging growth company" and, as a result of the reduced disclosure and governance requirements applicable to emerging growth companies, our securities may be less attractive to investors.

● Any joint venture investments that we make could be adversely affected by our lack of sole decision- making authority, its reliance on co-ventures' financial conditions, and disputes between it and its co-ventures.

*Risks Related to an Investment in Our Securities, including:* 

 

● The market for our securities has been volatile and may continue to be volatile, which would adversely affect the liquidity and price of our securities.

● We will be subject to financial reporting and other requirements as a public company for which our accounting and other management systems and resources may not be adequately prepared, adversely impacting stock price.

● We have been informed that our ordinary shares will be delisted from Nasdaq and there can be no assurance that we will be able to comply with the listing standards of any U.S. stock exchange.

**RISK FACTORS**

 

*Investing in our securities involves risks. Before you make a decision to buy our securities, in addition to the risks and uncertainties discussed above under "Cautionary Note Regarding Forward-Looking Statements" and "Summary Risk Factors," you should carefully consider the specific risks set forth herein. If any of these risks actually occur, our business, financial condition, liquidity, results of operations and prospects could be materially and adversely affected. As a result, the market price of our securities could decline, and you could lose all or part of your investment. Additionally, the risks and uncertainties described in this prospectus, or any prospectus supplement are not the only risks and uncertainties that we face. Additional risks and uncertainties not presently known to us or that we currently believe to be immaterial may become material and adversely affect our business, financial condition, liquidity, results of operations and prospects.*

 

**Risks Related to Our Business and Industry**

***We have a very limited operating history, which may make it difficult for you to evaluate the success of our business to date and to assess our future viability.***

Graphjet was formed on December 23, 2019, and our objective is to become a manufacturer of artificial graphite and graphene using a waste product, palm kernel shell. To date, we have devoted substantially all of our resources to performing research and development and enabling manufacturing activities in support of our product development efforts, hiring personnel, acquiring and developing our technology, performing business planning, establishing our intellectual property portfolio and raising capital to support and expand such activities. Our production methods utilizing palm kernel shells to produce single layer graphene and artificial graphite is a new type of product in the industry. Predicting our future revenue and appropriately budgeting for our expenses is difficult, and we have limited insight into trends that may emerge and affect our business. If actual results differ from our estimates or we adjust our estimates in future periods, our operating results and financial position could be materially and adversely affected. You should consider our prospects in light of the risks and uncertainties emerging companies encounter when introducing a new product.

***Our independent registered public accounting firm's report contains an explanatory paragraph that expresses substantial doubt about our ability to continue as a "going concern."***

As of September 30, 2025, the Company incurred a net loss of approximately $16.4 million and, as of that date, the Company's current liabilities, exceeded its current assets by approximately $10.1 million. These factors, among others, raise substantial doubt about its ability to continue as a going concern.

***We face a variety of risks related to our proposed graphene/graphite manufacturing business.***

We plan to develop a graphene/graphite manufacturing business that produces low-cost, high-quality, and high-margin graphene/graphite. The proposed graphene and graphite manufacturing carries a number of risks, including, without limitation:

● unanticipated liabilities or contingencies, including those related to intellectual property;

● the need for additional capital and other resources to expand into the graphene/graphite manufacturing business; and

● competition from better-funded public and private companies, including from producers of natural graphite, artificial graphite, and competition from foreign companies that are not subject to the same environmental and other regulations as the Company

Entry into a new line of business may also subject us to new laws and regulations with which we are not familiar and may lead to increased litigation and regulatory risk. Further, our graphene/graphite manufacturing business model and strategy are still evolving and are continually being reviewed and revised, and we may not be able to successfully implement our business model and strategy. We may not be able to produce graphene or graphite with the characteristics needed for commercial use, and we may not be able to attract a sufficiently large number of customers. If we are unable to successfully implement our graphene/graphite manufacturing business, our revenue and profitability may not grow as we expect, our competitiveness may be materially and adversely affected, and our reputation and business may be harmed.

In developing our proposed graphene/graphite manufacturing business, we have and will continue to invest significant time and resources. Initial timetables for the development of our graphene/graphite manufacturing business may not be achieved. Failure to successfully manage these risks in the development and implementation of our new graphene/graphite manufacturing business could have a material adverse effect on our business, results of operations and financial condition.

***The graphene and graphite industry is highly competitive. Our market share, net sales or net income could decline due to vigorous price and other competition.***

Competition in the graphene and graphite industry is based primarily on market acceptance, material differentiation and quality, delivery reliability and customer service. Competition with respect to new material is, and is expected to continue to be, based primarily on price, performance and cost effectiveness, customer service and product innovation. Competition could prevent implementation of price increases, require price reductions or require increased spending on research and development, marketing and sales that could adversely affect us. In such a competitive market, changes in market conditions, including customer demand and technological development, could adversely affect our competitiveness, sales and/or profitability.

***We may or may not recoup expenditures associated with our growth.***

To keep pace with increasing market demand, we need to invest in expanding our production capacity. The manufacture of our graphene and graphite is capital-intensive, and equipment, once purchased, may break down or require costly maintenance or may become obsolete due to technological improvements or other factors. There can be no assurance that investments intended to increase production capacity will have the desired impact which could materially and adversely affect our operating results and financial position.

***We may not respond quickly and profitably to continued innovations in the graphene and graphite industry.***

We believe that technological advances in graphene and graphite manufacturing will continue to occur and new technologies will continue to develop. Advances in the manufacturing of graphene and graphite could allow our competitors to develop graphene and graphite faster or produce more efficiently or at lower cost than we can or they may have significantly greater sources in which to grow their graphene and graphite innovation more rapidly. If we are unable to adapt or incorporate technological advances into our operations, our production facilities could become less competitive. Further, it may be necessary for us to incur significant expenditures to acquire any new technologies and retrofit our current processes to remain competitive.

***If we do not effectively implement our sales, marketing and service plans, our sales will not grow and our results of operations will suffer.***

Our sales and marketing efforts may not achieve intended results and, therefore, may not generate the projected revenue we anticipate. As a result of our corporate strategies, we have decided to focus our resources on selected vertical markets. We may change our focus to other markets or applications in the future. There can be no assurance that our focus or our near-term plans will be successful. If we are not able to address markets for graphene and graphite successfully, we may not be able to grow our business, compete effectively or achieve profitability. Although we have secured the letter of intents from our potential customers, such letters are non-binding and can be terminated as and when they want. There can also be no assurance that we will be able to secure the contracts from our potential customers or any other customers.

We are unlikely to enter into any long-term contracts with its customers. The lack of long-term contracts is mainly due to the nature of the business that graphene and graphite prices fluctuate, the prevailing customer practices where the demand for graphene and graphite is subject to the customers' needs and business decisions, of which are difficult to secure any long- term contracts. The absence of long-term contracts may result in the fluctuation of our sales and result in uncertainties over the overall financial performance. Should our future customers cease purchasing from us, and if we are unable to replace these customers with new customers in a timely manner, our financial performance may be adversely affected. However, we believe that our customers are unlikely to switch to alternative competitors due to price and quality, that differentiate Graphjet to its competitors.

While we strive to ensure customer satisfaction by improving our graphene and graphite quality, strengthening existing business relationships and establishing relationships with new customers to expand our customer base, any adverse economic conditions or slowdowns in the demand graphene may negatively impact the sales, which will consequently result in a decline in our financial performance.

***We must continuously invest in research and development and devote significant resources to commercializing new products in the graphene and graphite industry.***

To remain competitive, we must continuously invest in research and development and our future growth depends on penetrating new markets, expansion in current markets, and introducing quality graphene and graphite that achieve market acceptance. Much of our technology and intellectual property portfolio is at an early stage of development, and we may not be able to continue to identify, develop, exploit, market and, in certain cases, secure regulatory approval for, innovative graphene and graphite in a timely manner or at all. Further, our graphene and graphite may not achieve market acceptance, create any additional revenue or become profitable, which could materially harm our business, prospects, financial results and liquidity.

***Because we have limited capital, inherent manufacturing risks pose a significant threat to us compared with our larger competitors.***

Because we have limited capital, we may be unable to withstand significant losses that can result from inherent risks associated with manufacturing graphene and graphite, including environmental hazards, industrial accidents, flooding, earthquake, interruptions due to weather conditions and other acts of nature which larger competitors could withstand. Such risks could result in damage to or destruction of our infrastructure and production facilities, as well as to adjacent properties, personal injury, environmental damage and processing and production delays, causing monetary losses and possible legal liability.

Any malfunction or system failure on the plant and machinery may interrupt the business operations, result in unavailability of its services and hinder the ability to manage the processing of graphene and graphite to meet its customers' order and expose us to other operational inefficiencies and risk that could materially and adversely affect the business, financial condition and results of operations.

***Risks of relationships with third parties in respect of commercialization, sales and marketing of our graphene and graphite products.***

Although we have resources and staff dedicated to research and development and market conditions, other factors such as management efficiencies may make it required or preferable for us to enter into collaboration arrangements with third parties for the commercialization, sales and marketing of our graphene and graphite. If we are not successful entering into appropriate collaboration arrangements or recruiting sales and marketing personnel or in building a sales and marketing infrastructure, we will have difficulty successfully commercializing our graphene and graphite, which would adversely affect our business, operating results and financial condition.

We may not be able to enter into collaboration agreements on terms acceptable to us or at all. In addition, even if we enter into such relationships, we may have limited or no control over the sales, marketing and commercialization activities of these third parties. Our future revenues may depend heavily on the success of the efforts of these third parties. If we elect to establish a sales and marketing infrastructure, we may not realize a positive return on this investment.

***Our failure to protect our intellectual property rights may undermine our competitive position, and litigation to protect our intellectual property rights may be costly.***

Although we have taken many protective measures to protect our technology with trade secrets, know-how and specialized domain expertise, including agreements, limited access, segregation of knowledge, password protections and other measures, policing unauthorized use of proprietary technology can be difficult and expensive.

Also, litigation may be necessary to enforce our intellectual property rights, protect our trade secrets, or determine the validity and scope of the proprietary rights of others. Such litigation may result in our intellectual property rights being challenged, limited in scope, or declared invalid or unenforceable. We cannot be certain that the outcome of any litigation will be in our favor, and an adverse determination in any such litigation could impair our intellectual property rights and may harm our business, prospects and reputation.

We rely primarily on know-how, specialized knowledge, domain expertise, trade secrets and non-disclosure, confidentiality and other types of contractual restrictions to establish, maintain, and enforce our intellectual property and proprietary rights. However, our rights under these laws and agreements afford us only limited protection and the actions we take to establish, maintain, and enforce our intellectual property rights may not be adequate. For example, our trade secrets and other confidential information could be disclosed in an unauthorized manner to third parties, our owned or licensed intellectual property rights could be challenged, invalidated, circumvented, infringed, or misappropriated or our intellectual property rights may not be sufficient to provide us with a competitive advantage, any of which could have a material adverse effect on our business, financial condition or operating results.

***We may need to defend ourselves against claims that we infringe, have misappropriated or otherwise violate the intellectual property rights of others, which may be time-consuming and would cause us to incur substantial costs.***

Companies, organizations, or individuals, including our competitors, and suppliers may hold or obtain patents, trademarks, or other proprietary rights that they may in the future believe are infringed by our products or services. Although we are not currently subject to any claims related to intellectual property, these companies holding patents or other intellectual property rights allegedly relating to our technologies could, in the future, make claims or bring suits alleging infringement, misappropriation, or other violations of such rights, or otherwise asserting their rights and seeking licenses or injunctions. In specific cases indemnify our customers or suppliers against claims that the products we supply infringe, misappropriate, or otherwise violate third party intellectual property rights, and we may therefore be required to defend our customers against such claims. If a claim is successfully brought in the future and we or our products are determined to have infringed, misappropriated, or otherwise violated a third party's intellectual property rights, we may be required to do one or more of the following:

● cease selling or using our products that incorporate the challenged intellectual property;

● pay substantial damages (including treble damages and attorneys' fees if our infringement is determined to be willful);

● obtain a license from the holder of the intellectual property right, which license may not be available on reasonable terms or at all; or

● redesign our graphene and graphite or means of production, which may not be possible or cost-effective.

Any of the foregoing could adversely affect our business, prospects, operating results and financial condition. In addition, any litigation or claims, whether or not valid, could harm our reputation, result in substantial costs, and divert resources and management attention.

***Our success will depend, among other factors, on our ability to obtain, maintain and protect our intellectual property rights.***

In order to remain competitive, we must develop, maintain and protect the proprietary aspects of our brands, technologies and data. We rely on a combination of contractual provisions, confidentiality procedures and patent, copyright, trademark, trade secret and other intellectual property laws to protect the proprietary aspects of our brands, technologies and data. These legal measures afford only limited protection, and competitors or others may gain access to or use our intellectual property and proprietary information. Our success will depend, in part, on preserving our trade secrets, maintaining the security of our data and know-how and obtaining and maintaining other intellectual property rights. We may not be able to obtain or maintain intellectual property or other proprietary rights necessary to our business or in a form that provides us with a competitive advantage.

In addition, our trade secrets, data and know-how could be subject to unauthorized use, misappropriation, or disclosure to unauthorized parties, despite our efforts to enter into confidentiality agreements with our employees, consultants, clients and other vendors who have access to such information, and could otherwise become known or be independently discovered by third parties. Our intellectual property, including trademarks, could be challenged, invalidated, infringed, and circumvented by third parties, and our trademarks could also be diluted, declared generic or found to be infringing on other marks. If any of the foregoing occurs, we could be forced to re-brand our products, resulting in loss of brand recognition and requiring us to devote resources to advertising and marketing new brands, and suffer other competitive harm. Third parties may also adopt trademarks similar to ours, which could harm our brand identity and lead to market confusion. Failure to obtain and maintain intellectual property rights necessary to our business and failure to protect, monitor and control the use of our intellectual property rights could negatively impact our ability to compete and cause us to incur significant expenses. The intellectual property laws and other statutory and contractual arrangements in the United States and other jurisdictions we depend upon may not provide sufficient protection in the future to prevent the infringement, use, violation or misappropriation of our trademarks, data, technology and other intellectual property and services, and may not provide an adequate remedy if our intellectual property rights are infringed, misappropriated or otherwise violated.

We rely, in part, on our ability to obtain, maintain, expand, enforce, and defend the scope of our intellectual property portfolio or other proprietary rights, including the amount and timing of any payments we may be required to make in connection with the licensing, filing, defense and enforcement of any patents or other intellectual property rights. The process of applying for and obtaining a patent is expensive, time consuming and complex, and we may not be able to file, prosecute, maintain, enforce or license all necessary or desirable patent applications at a reasonable cost, in a timely manner, or in all jurisdictions where protection may be commercially advantageous, or we may not be able to protect our proprietary rights at all. Despite our efforts to protect our proprietary rights, unauthorized parties may be able to obtain and use information that we regard as proprietary. In addition, the issuance of a patent does not ensure that it is valid or enforceable, so even if we obtain patents, they may not be valid or enforceable against third parties.

Graphjet received approval of its patent application (i) for a palm-based synthetic graphite and the preparation method thereof on September 22, 2022; and a palm-based synthetic graphene and the preparation method thereof on March 27, 2024. Our patents may not be sufficiently broad to protect our technology. Moreover, even if we are able to obtain patent protection for both productions, such patent protection may be of insufficient scope to achieve our business objectives. Issued patents may be challenged, narrowed, invalidated or circumvented. Decisions by courts and governmental patent agencies may introduce uncertainty in the enforceability or scope of patents owned by or licensed to us. Furthermore, the issuance of a patent does not give us the right to practice the patented invention. Third parties may have blocking patents that could prevent us from marketing our own products and practicing our own technology. Alternatively, third parties may seek approval to market their own products similar to or otherwise competitive with our products. In these circumstances, we may need to defend and/or assert our patents, including by filing lawsuits alleging patent infringement. In any of these types of proceedings, a court or agency with jurisdiction may find our patents invalid, unenforceable or not infringed; competitors may then be able to market products and use manufacturing and analytical processes that are substantially similar to ours. Even if we have valid and enforceable patents, these patents still may not provide protection against competing products or processes sufficient to achieve our business objectives.

***We depend on third parties for certain construction, maintenance, engineering, transportation, warehousing and logistics services.***

We contract, or will contract, with third parties for certain services relating to the design, construction and maintenance of various components of our production facilities and other systems. If these third parties fail to comply with their obligations, the facilities may not operate as intended, which may result in delays in the production of our products and materially adversely affect our ability to meet our production targets and satisfy customer requirements or we may be required to recognize impairment charges. In addition, production delays could cause us to miss deliveries and breach our contracts, which could damage our relationship with our customers and subject us to claims for damages under our contracts. Any of these events could have a material adverse effect on our business, financial condition, results of operations or cash flows.

We will also rely primarily on third parties for the transportation of our products. In particular, a significant portion of our goods are transported to different countries, which requires sophisticated warehousing, logistics and other resources. If any of the third parties that we use to transport products are unable to deliver the goods in a timely manner, we may be unable to sell these products at full value or at all, which could cause us to miss deliveries and breach our contracts, which could damage our relationships with our customers and subject us to claims for damages under our contracts. Any of these events could have a material adverse effect on our business, financial condition, results of operations or cash flows.

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***Our sales and results of operations could be materially and adversely impacted by risks inherent in international markets.***

As we expand in international markets, customers may have difficulty or be unable to integrate our products into their existing systems or may have difficulty complying with foreign regulatory and commercial requirements. As a result, our products may require redesign. Any redesign of the product may delay sales or cause quality issues. In addition, we may be subject to a variety of other risks associated with international business, including import/export restrictions, fluctuations in currency exchange rates and economic or political instability. In addition, doing business internationally subjects us to risks relating to political or social unrest, as well as corruption and government regulation, including U.S. laws such as the Foreign Corrupt Practices Act. If any of these events occur, our businesses may be adversely affected.

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***Our operations are subject to hazards which could result in significant liability to us.***

Our operations are subject to hazards associated with manufacturing and the related use, storage, transportation and disposal of raw materials, products and wastes. These hazards include explosions, fires, severe weather (including but not limited to hurricanes or other adverse weather that may be increasing as a result of climate change) and natural disasters, industrial accidents, mechanical failures, discharges or releases of toxic or hazardous substances or gases, transportation interruptions, human error and terrorist activities. These hazards can cause personal injury and loss of life, severe damage to or destruction of property and equipment as well as environmental damage, and may result in suspension of operations and the imposition of civil and criminal liabilities, including penalties and damage awards. While we believe our insurance policies are in accordance with customary industry practices, such insurance may not cover all risks associated with the hazards of our business and is subject to limitations, including deductibles and maximum liabilities covered. We may incur losses beyond the limits, or outside the coverage, of our insurance policies. In the future, we may not be able to obtain coverage at current levels, and our premiums may increase significantly on coverage that we maintain. Costs associated with unanticipated events in excess of our insurance coverage could have a material adverse effect on our business, competitive or financial position or our ongoing results of operations.

***Complying with numerous health, safety and environmental regulations is both complex and costly.***

Our business is subject to numerous health, safety, and environmental requirements in Malaysia. Such laws and regulations govern, among other matters, air emissions, wastewater discharges, solid and hazardous waste management and the use, composition, handling, distribution, and transportation of hazardous materials. Many such laws and regulations are becoming increasingly stringent (and may impose strict liability) and the cost of compliance with these requirements can be expected to increase over time. Although we believe that our operations comply with applicable regulations, any failure to comply with these laws and regulations could result in us incurring costs and /or liabilities, including as a result of regulatory enforcement, personal injury, property damage and claims and litigation resulting from such events, which could adversely affect our results of operations and financial condition.

***Industrial operations can be hazardous.***

Accidents involving the mishandling of heavy equipment or hazardous substances could cause severe or critical damage or injury to property and human health. Such an event could result in civil lawsuits and/or regulatory enforcement proceedings, both of which could lead to significant liabilities. Any damage to persons, equipment or property or other disruption of our business could result in significant additional costs to replace, repair and insure assets, which could negatively affect our business, prospects, operating results and financial condition.

***Our business may be impacted by international instability, war, terrorism, and geopolitical events.***

International political and economic instability or volatility, geopolitical regional conflicts, terrorist activity, political unrest, civil strife, acts of war, public corruption, expropriation and other economic or political uncertainties could interrupt and negatively affect the performance of our services, sale of our products or other business operations. A slowdown in economic growth in some emerging markets could result in long sales cycles, greater risk of uncollectible accounts and longer collection cycles. Fluctuations or devaluations in currency values, especially in emerging markets, could have an adverse effect on us, our suppliers, logistics providers and manufacturing vendors. Although our reporting currency is the U.S. dollar, we operate in different geographical areas and transact in a range of currencies in addition to the U.S. dollar, such as Malaysian Ringgit. As a result, movements in exchange rates may cause our revenue and expenses to fluctuate, impacting on our profitability, financial position and cash flows. All of these factors could result in increased costs or decreased revenues, and could materially and adversely affect our product sales, financial condition and results of operations.

***Our future success depends in part on our ability to increase our production capacity and we may not be able to do so in a cost-effective manner.***

We intend to begin construction on a manufacturing plant. Our ability to plan, construct and equip the manufacturing plant, and any future additional manufacturing plants, is subject to significant risks and uncertainties, including the following:

● The expansion or construction of any manufacturing facilities will be subject to the risks inherent in the development and construction of new facilities, including risks of delays and cost overruns as a result of factors outside our control, such as delays in government approvals, burdensome permitting conditions, and delays in the delivery of manufacturing equipment and subsystems that we manufacture or obtain from suppliers.

● Adding manufacturing capacity in any international location will subject us to new laws and regulations including those pertaining to labor and employment, environmental and export import. In addition, it brings with it the risk of managing larger scale foreign operations.

● We may be unable to achieve the production throughput necessary to achieve our target annualized production run rate at our current and future manufacturing facilities.

● Manufacturing equipment may take longer and cost more to engineer and build than expected and may not operate as required to meet our production plans.

● We may depend on third-party relationships in the development and operation of additional production capacity, which may subject us to the risk that such third parties do not fulfill their obligations to us under our arrangements with them.

● We may be unable to attract or retain qualified personnel.

● Natural disaster events, such as earthquakes, tsunamis, floods, monsoon seasons, severe weather conditions, and landslides, which could have an adverse effect on the progress of the construction of the manufacturing plant.

● We use external freight shipping and transportation services to transport and deliver materials and equipment for our manufacturing plant. Adverse fluctuations in freight costs, limitations on shipping and receiving capacity, and other disruptions in the transportation and shipping infrastructure at important shipping and delivery points could materially adversely affect the progress of the manufacturing plant.

● Our equipment for the production will be imported from China to Malaysia, in which this will be subjected to the legislations, regulations and/or policy regarding importation, exportation and customs in Malaysia and China.

● Labor shortage or work stoppages would also affect the progress, as such, we will source available workforce locally and/or from the surrounding community.

● Delays in construction of our manufacturing plant.

● We are subject to laws, regulations and standards, related to building and operation of the manufacturing plant, including product safety, health and safety and environmental matters. We may also face unexpected delays in obtaining permits and approvals required under relevant laws in connection with the construction and operation of the manufacturing plant.

If we are unable to expand our manufacturing facilities, we may be unable to further scale our business. If the demand for our product or our production output decreases or does not rise as expected, we may not be able to spread a significant amount of our fixed costs over the production volume, thereby increasing our per unit fixed cost, which would have a negative impact on our financial condition and results of operations.

***If we fail to manage our growth effectively, our business and operating results may suffer.***

Our current growth and future growth plans may make it difficult for us to efficiently operate our business, challenging us to effectively manage our capital expenditures and control our costs while we expand our operations to increase our revenue. If we experience significant growth in orders, without improvements in automation and efficiency, we may need additional manufacturing capacity and we and some of our suppliers may need additional and capital intensive equipment. Any growth in manufacturing must include a scaling of quality control as the increase in production increases the possible impact of manufacturing defects. In addition, any growth in the volume of sales of our products may outpace our ability to engage sufficient and experienced personnel to manage the higher number of installations and to engage contractors to complete installations on a timely basis and in accordance with our expectations and standards. Any failure to manage our growth effectively could materially and adversely affect our business, prospects, operating results and financial condition. Our future operating results depend to a large extent on our ability to manage this expansion and growth successfully.

***If we are unable to attract and retain key employees and hire qualified management, technical, engineering, and sales personnel, our ability to compete and successfully grow our business could be harmed.***

We believe that our success and our ability to reach our strategic objectives are highly dependent on the contributions of our key management, technical, engineering and sales personnel. The performance of the business operation, implementation of on-going projects and successful execution on the business strategy will depend on the expertise, experience, and contribution of the management team. The loss of the services of any of our key executives or employees could disrupt our operations, delay the development and introduction of our products and services, and negatively impact on our business, prospects and operating results. We cannot assure you that we will be able to successfully attract and retain senior leadership necessary to grow our business. Furthermore, there is increasing competition for talented individuals in our field. We cannot assure that we will be able to afford the compensation packages customary in our field, which may lead to inability to attract and retain leadership and talent. Our failure to attract and retain our executive officers and other key technology, sales, marketing and support personnel, could adversely impact on our business, prospects, financial condition, and operating results. In addition, we do not have "key person" life insurance policies covering any of our officers or other key employees.

***Future litigation or administrative proceedings could have a material adverse effect on our business, financial condition and results of operations.***

We may be involved in legal proceedings, administrative proceedings, claims and other litigation that arise in the ordinary course of business. In addition, since our products are a new type of graphene and graphite product, we may in the future need to seek the amendment of existing regulations or, in some cases, the creation of new regulations, in order to operate our business in some jurisdictions. Such regulatory processes may require public hearings concerning our business, which could expose us to subsequent litigation.

Shareholders have also filed dozens of nuisance claims alleging misleading disclosures in proxy statements soliciting shareholder approval of de-SPAC merger transactions. These kinds of proxy statement challenges, which are common in the public M&A setting, are frequently brought under Section 14 of the Securities Exchange Act of 1934 (the "Exchange Act") and SEC Rule 14a-9. In these actions, plaintiffs' lawyers threaten to enjoin a shareholder vote until the issuer releases supplemental information. We settled one such lawsuit, and owe the plaintiff's counsel a de minimus "mootness fee".

Unfavorable outcomes or developments relating to proceedings to which we are a party or transactions involving our products, such as judgments for monetary damages, injunctions, or denial or revocation of permits, could have a material adverse effect on our business, financial condition, and results of operations. In addition, settlement of claims could adversely affect our financial condition and results of operations.

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***Cyber-attacks or other failures in our telecommunications or information technology systems, or those of our collaborators, third-party logistics providers, distributors or other contractors or consultants, could result in information theft, data corruption and significant disruption of our business operations.***

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We, our programs, our collaborators, third-party logistics providers, distributors and other contractors and consultants utilize information technology, or IT, systems and networks to process, transmit and store electronic information, including but not limited to intellectual property, proprietary business information and personal information, in connection with our business activities. Our internal IT systems and those of current and future third parties on which we rely may fail and are vulnerable to breakdown, breach, interruption or damage from cyber incidents, employee error or malfeasance, theft or misuse, sophisticated nation-state and nation-state-supported actors, unauthorized access, natural disasters, terrorism, war, telecommunication and electrical failures or other compromises. As use of digital technologies has increased, cyber incidents, including third parties gaining access to employee accounts using stolen or inferred credentials, computer malware, viruses, spamming, phishing attacks, denial-of-service attacks or other means, and deliberate attacks and attempts to gain unauthorized access to computer systems and networks, have increased in frequency, intensity, and sophistication. These threats pose a risk to the security of our, our programs', our collaborators', third-party logistics providers', distributors' and other contractors' and consultants' systems and networks, and the confidentiality, availability and integrity of our data. There can be no assurance that we will be successful in preventing cyber-attacks or successfully mitigating their effects. We may not be able to anticipate all types of security threats, and we may not be able to implement effective preventive measures effective against all such security threats. The techniques used by cyber criminals change frequently, may not be recognized until launched, and can originate from a wide variety of sources, including outside groups such as external service providers, organized crime affiliates, terrorist organizations or hostile foreign governments or agencies. Similarly, there can be no assurance that our collaborators, third-party logistics providers, distributors and other contractors and consultants will be successful in protecting our clinical and other data that is stored on their systems. Any loss of clinical trial data from our completed or ongoing clinical trials for any of our product candidates could result in delays in our development and regulatory approval efforts and significantly increase our costs to recover or reproduce the data. Although to our knowledge we have not experienced any such material system failure or material security breach to date, if such an event were to occur and cause interruptions in our operations, it could result in a material disruption of development programs and business operations.

Any cyber-attack that leads to unauthorized access, use, or disclosure of personal information, data breach or destruction or loss of data could result in a violation of applicable U.S. and international privacy, data protection and other laws and regulations, subject us to litigation and governmental investigations, proceedings and regulatory actions by federal, state and local regulatory entities in the United States and by international regulatory entities, resulting in exposure to material civil and/or criminal liability, cause us to breach our contractual obligations, which could result in significant legal and financial exposure and reputational damages. As cyber threats continue to evolve, we may be required to incur significant additional expenses in order to implement further data protection measures or to remediate any information security vulnerability. Further, our general liability insurance and corporate risk program may not cover all potential claims to which we are exposed and may not be adequate to indemnify us for all liability that maybe imposed, which could have a material adverse effect on our business and prospects. There can be no assurance that the limitations of liability in our contracts would be enforceable or adequate or would otherwise protect us from liabilities or damages as a result of the events referenced above.

***We are dependent on the Palm Oil Industry for Availability of Raw Material***

Any fluctuation of the selling price could materially, either positively or negatively, affect our business and financial condition. The processing of graphene is contingent on the availability of raw material such as palm kernel shell, which is a natural commodity that is exposed to price volatility as a result of market demand and supply conditions. As such, we are exposed to the price volatility of raw material. We are also dependent on the palm oil industry to source the raw material such as the palm kernels for our products to ensure successful business operations and financial performance. A slowdown in the palm oil industry due to, among others, a fall in the global market prices of crude palm oil and crude palm kernel oil, a decline in demand for palm oil and palm oil product due to among others, trade barriers and restrictions, actions by pressure groups and changing customer preference, adverse changes in the countries where palm oil plantations are located, natural disasters, changes to climatic conditions that adversely affect oil palm cultivation and crop production or other factors that may affect oil palm cultivation, crop production and demand for palm oil and its derivatives and product would have a material adverse effect on our business operations and financial performance if we are not be able to source for sufficient raw material elsewhere.

***Our business, financial condition and results of operations may be materially adversely affected by risks associated with our international operations.***

An important part of targeting international markets is increasing our brand awareness and establishing relationships with customers internationally. However, there are certain risks inherent in doing business in international market, which is heavily regulated in many jurisdictions. These risks include:

● local economic, political and social conditions, including the possibility of economic slowdowns, hyperinflationary conditions, political instability, social unrest or outbreaks of pandemic or contagious diseases, such as Ebola, Zika, avian flu, severe acute respiratory syndrome (SARS), H1N1 (swine flu), the disease caused by the SARS-CoV-2 novel coronavirus (COVID-19), and Middle East Respiratory Syndrome (MERS);

● multiple, conflicting and changing laws and regulations such as tax laws, privacy and data protection laws and regulations, export and import restrictions, employment laws, regulatory requirements and other governmental approvals, permits and licenses;

● obtaining regulatory approvals or clearances where required for the sale of our products in various countries; requirements to maintain data and the processing of that data on servers located in countries in which we may operate;

● protecting and enforcing our intellectual property rights;

● competition from companies with significant market share in our market, with greater resources than we have and with a better understanding of user preferences;

● financial risks, such as longer payment cycles, difficulty collecting accounts receivable, the effect of local and regional financial pressures on demand and payment for our products and services; the inability to manage and coordinate the various legal and regulatory requirements of multiple jurisdictions that are constantly evolving and subject to change;

● currency exchange rate fluctuations, changes in currency policies or practices and restrictions on currency conversion;

● limitations or restrictions on the repatriation or other transfer of funds;

● the inability to enforce agreements, collect payments or seek recourse under or comply with differing commercial laws;

● natural disasters, political and economic instability, including wars, terrorism, political unrest, disease outbreak, boycotts, curtailment of trade, and other market restrictions; and

● managing the potential conflicts between locally accepted business practices and our obligations to comply with laws and regulations, including anti-corruption and anti-money laundering laws and regulations.

Our overall success and ability to continue to expand our business depends, in part, on our ability to anticipate and effectively manage these risks and there can be no assurance that we will be able to do so without incurring unexpected or increased costs. If we are not able to manage the risks related to our international operations, our business, financial condition and results of operations may be materially adversely affected. In certain regions, the degree of these risks may be higher due to more volatile economic, political or social conditions, less developed and predictable legal and regulatory regimes and increased potential for various types of adverse governmental action. Our ability to continue to expand our business and to attract talented employees, customers and members in various international markets will require considerable management attention and resources and is subject to the particular challenges of supporting a rapidly growing business. Entering new international markets is expensive, our ability to successfully gain market acceptance or establish a robust customer base in any particular market is uncertain. Further, the potential distraction this could cause our senior management team could lead to other areas of our operations being neglected and harm our business, financial condition and results of operations.

***We may make investments into or acquire other companies or technologies, which could divert our management's attention, result in dilution to our shareholders, and otherwise disrupt our operations, and we may have difficulty integrating any such acquisitions successfully or realizing the anticipated benefits therefrom, any of which could have an adverse effect on our business, financial condition and results of operations.***

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The pursuit of potential acquisitions may divert the attention of management and cause us to incur various expenses in identifying, investigating, and pursuing suitable acquisitions, whether or not they are consummated. In addition, we have limited experience in acquiring other businesses and may have difficulty integrating acquired businesses or assets, or otherwise realizing any of the anticipated benefits of acquisitions. If we acquire additional businesses, we may not be able to integrate the acquired operations and technologies successfully, or effectively manage the combined business following the acquisition. Integration may prove to be difficult due to the necessity of integrating personnel with disparate business backgrounds, different geographical locations and who may be accustomed to different corporate cultures.

We also may not achieve the anticipated benefits from any acquired business due to a number of factors, including:

● inability to integrate or benefit from acquired technologies or services in a profitable manner;

● unanticipated costs or liabilities, including legal liabilities, associated with the acquisition;

● difficulties and additional expenses associated with supporting legacy products and hosting infrastructure of the acquired business;

● difficulty converting the customers of the acquired business into our current and future offerings and contract terms, including disparities in the revenue model of the acquired company;

● diversion of management's attention or resources from other business concerns;

● adverse effects on our existing business relationships or strategic partners as a result of the acquisition;

● complexities associated with managing the geographic separation of the combined businesses and consolidating multiple physical locations;

● the potential loss of key employees;

● acquisition targets not having as robust internal controls over financial reporting as would be expected of a public company;

● possible cash flow interruption or loss of revenue as a result of transitional matters; and

● use of substantial portions of our available cash to consummate the acquisition.

We may issue equity securities or incur indebtedness to pay for any such acquisition or investment, which could adversely affect our business, financial condition or results of operations. Any such issuances of additional shares may cause shareholders to experience significant dilution of their ownership interests and the per share value of our Class A Ordinary Shares to decline. In addition, a significant portion of the purchase price of any companies we acquire may be allocated to acquire goodwill and other intangible assets, which must be assessed for impairment at least annually. In the future, if our acquisitions do not yield expected returns, we may be required to take charges to our results of operations based on this impairment assessment process, which could adversely affect our results of operations.

***We may be subject to export and import control laws and regulations that could impair our ability to compete in international markets or subject us to liability if we violate such laws and regulations.***

We and our products may be import and export controls and trade and economic sanctions regulations, which prohibit the shipment or provision of certain products and solutions to certain countries, governments and persons. We are also subject laws and regulations governing our operations, including regulations administered by the governments of Malaysia, including applicable export control regulations, economic sanctions and embargoes on certain countries and persons, anti-money laundering laws, import and customs requirements and currency exchange regulations. While we have mechanisms to identify high-risk individuals and entities before contracting with them, an instance of non-compliance with all such applicable laws could result in our being subject to criminal and civil penalties, disgorgement and other sanctions and remedial measures, and legal expenses. Likewise, any investigation of any potential violations of such laws could also have an adverse impact on our reputation, our business, results of operations and financial condition.

**Risks Related to our Intellectual Property**

***We may not be able to prevent others from unauthorized use of our intellectual property, which could harm our business and competitive position.***

We may not be able to prevent others from unauthorized use of our intellectual property, which could harm our business and competitive position. We rely on a combination of patents, trade secrets (including know-how), employee and third-party nondisclosure agreements, copyrights, trademarks, intellectual property licenses, and other contractual rights to establish and protect our rights in our technology. Despite our efforts to protect our proprietary rights, third parties may attempt to copy or otherwise obtain and use our intellectual property or seek court declarations that they do not infringe upon our intellectual property rights or those rights are not enforceable. Monitoring unauthorized use of our intellectual property is difficult and costly, and the steps we have taken or will take are aimed to prevent misappropriation. From time to time, we may have to resort to litigation to enforce our intellectual property rights, which could result in substantial costs and diversion of our resources, including significant amounts of time from our key executives and management, and may not have the desired outcome.

Patent, trademark, and trade secret laws vary significantly throughout the world. Some countries do not protect intellectual property rights to the same extent as do the laws of the United States and European Union. Therefore, we may not be able to secure certain intellectual property rights in some jurisdictions, and our intellectual property rights may not be as strong or as easily enforced outside of the United States and the European Union. Failure to adequately protect our intellectual property rights could result in our competitors offering similar products, potentially resulting in the loss of some of our competitive advantage and a decrease in our revenue which, would adversely affect our business, prospects, financial condition and operating results.

***As our patents may expire and may not be extended, and our patent rights may be contested, circumvented, invalidated or limited in scope, our patent rights may not protect we effectively. In particular, we may not be able to prevent others from developing or exploiting competing technologies.***

Our patents could be contested, circumvented or invalidated in the future. In addition, the rights granted under any issued patents may not provide we with meaningful protection or competitive advantages. The claims under any patents that issue from our patent applications may not be broad enough to prevent others from developing technologies that are similar or that achieve results similar to us. The intellectual property rights of others could also bar us from licensing and exploiting any patents that issue from our pending applications. Numerous patents and pending patent applications owned by others exist in the fields in which we have developed and are developing our technology. These patents and patent applications might have priority over our patent applications and could result in refusal of or invalidation of our patent applications. Finally, in addition to those who may claim priority, any of our existing or pending patents may also be challenged by others on the basis that they are otherwise invalid or unenforceable.

***We may need to defend ourselves against patent or trademark infringement claims, which may be time-consuming and would cause us to incur substantial costs.***

Companies, organizations, or individuals, including our competitors, may hold or obtain patents, trademarks or other proprietary rights that would prevent, limit or interfere with our ability to make, use, develop, sell, leasing or market our vehicles or components, which could make it more difficult for us to operate our business. From time to time, we may receive communications from holders of patents (including non-practicing entities or other patent licensing organizations), trademarks or other intellectual property regarding their proprietary rights. Companies holding patents or other intellectual property rights may bring suits alleging infringement of such rights or otherwise assert their rights and urge us to take licenses. Our applications and uses of trademarks relating to our design, software or artificial intelligence technologies could be found to infringe upon existing trademark ownership and rights. In addition, if we are determined to have infringed upon a third party's intellectual property rights, we may be required to do one or more of the following:

● cease manufacturing our aircraft, or discontinue use of certain components in our aircraft, or offering services that incorporate or use the challenged intellectual property;

● pay substantial damages;

● seek a license from the holder of the infringed intellectual property right, which license may not be available on reasonable terms, or at all;

● redesign our aircraft; or

● establish and maintain alternative branding for our aircraft or services.

In the event of a successful claim of infringement against us and our failure or inability to obtain a license to the infringed technology or other intellectual property right, our business, prospects, operating results and financial condition could be materially and adversely affected. In addition, any litigation or claims, whether or not valid, could result in substantial costs, negative publicity and diversion of resources and management attention.

***We may be subject to damages resulting from claims that we or our employees have wrongfully used or disclosed alleged trade secrets of our employees' former employers.***

Many of our employees were previously employed by other companies or by suppliers to companies in the same industry we operate. We may be subject to claims that us or these employees have inadvertently or otherwise used or disclosed trade secrets or other proprietary information of our former employers. Litigation may be necessary to defend against these claims. If we fail in defending such claims, in addition to paying monetary damages, we may lose valuable intellectual property rights or personnel. A loss of key personnel or our work product could hamper or prevent our ability to commercialize our products, which could severely harm our business. Even if we are successful in defending against these claims, litigation could result in substantial costs and demand on management resources.

**Risks Related to the Regulatory Environment in Which We Operate**

***Our sales and results of operations could be materially and adversely impacted by risks inherent in international markets.***

As we expand in international markets, customers may have difficulty or be unable to integrate our products into their existing systems or may have difficulty complying with foreign regulatory and commercial requirements. As a result, our products may require redesign. Any redesign of the product may delay sales or cause quality issues. In addition, we may be subject to a variety of other risks associated with international business, including import/export restrictions, fluctuations in currency exchange rates and economic or political instability. In addition, doing business internationally subjects us to risks relating to political or social unrest, as well as corruption and government regulation, including U.S. laws such as the Foreign Corrupt Practices Act. If any of these events occur, our businesses may be adversely affected.

***Our operations are subject to hazards which could result in significant liability to us.***

Our operations are subject to hazards associated with manufacturing and the related use, storage, transportation and disposal of raw materials, products and wastes. These hazards include explosions, fires, severe weather (including but not limited to hurricanes or other adverse weather that may be increasing as a result of climate change) and natural disasters, industrial accidents, mechanical failures, discharges or releases of toxic or hazardous substances or gases, transportation interruptions, human error and terrorist activities. These hazards can cause personal injury and loss of life, severe damage to or destruction of property and equipment as well as environmental damage, and may result in suspension of operations and the imposition of civil and criminal liabilities, including penalties and damage awards. While we believe our insurance policies are in accordance with customary industry practices, such insurance may not cover all risks associated with the hazards of our business and is subject to limitations, including deductibles and maximum liabilities covered. We may incur losses beyond the limits, or outside the coverage, of our insurance policies. In the future, we may not be able to obtain coverage at current levels, and our premiums may increase significantly on coverage that we maintain. Costs associated with unanticipated events in excess of our insurance coverage could have a material adverse effect on our business, competitive or financial position or our ongoing results of operations.

***Complying with numerous health, safety and environmental regulations is both complex and costly.***

Our business is subject to numerous health, safety, and environmental requirements in Malaysia. Such laws and regulations govern, among other matters, air emissions, wastewater discharges, solid and hazardous waste management and the use, composition, handling, distribution, and transportation of hazardous materials. Many such laws and regulations are becoming increasingly stringent (and may impose strict liability) and the cost of compliance with these requirements can be expected to increase over time. Although we believe that our operations comply with applicable regulations, any failure to comply with these laws and regulations could result in us incurring costs and /or liabilities, including as a result of regulatory enforcement, personal injury, property damage and claims and litigation resulting from such events, which could adversely affect our results of operations and financial condition.

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***Industrial operations can be hazardous.***

Accidents involving the mishandling of heavy equipment or hazardous substances could cause severe or critical damage or injury to property and human health. Such an event could result in civil lawsuits and/or regulatory enforcement proceedings, both of which could lead to significant liabilities. Any damage to persons, equipment or property or other disruption of our business could result in significant additional costs to replace, repair and insure assets, which could negatively affect our business, prospects, operating results and financial condition.

***We may be subject to export and import control laws and regulations that could impair our ability to compete in international markets or subject us to liability if we violate such laws and regulations.***

We and our products may be import and export controls and trade and economic sanctions regulations, which prohibit the shipment or provision of certain products and solutions to certain countries, governments and persons. We are also subject laws and regulations governing our operations, including regulations administered by the governments of Malaysia, including applicable export control regulations, economic sanctions and embargoes on certain countries and persons, anti-money laundering laws, import and customs requirements and currency exchange regulations. While we have mechanisms to identify high-risk individuals and entities before contracting with them, an instance of non-compliance with all such applicable laws could result in our being subject to criminal and civil penalties, disgorgement and other sanctions and remedial measures, and legal expenses. Likewise, any investigation of any potential violations of such laws could also have an adverse impact on our reputation, our business, results of operations and financial condition.

**Risks Related to Ownership of Our Securities**

***An active market for our securities may not develop, which would adversely affect the liquidity and price of our securities.***

The price of our securities may vary significantly due to factors specific to us as well as to general market or economic conditions. Furthermore, an active trading market for our securities may never develop or, if developed, it may not be sustained. You may be unable to sell your securities unless a market can be established and sustained.

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***If securities or industry analysts publish reports that are interpreted negatively by the investment community or publish negative research reports about our business, our share price and trading volume could decline.***

The trading market for our Class A Ordinary Shares depends, to some extent, on the research and reports that securities or industry analysts publish about us or our business. We do not have any control over these analysts, or the information contained in their reports. If one or more analysts publish research reports that are interpreted negatively by the investment community, or have a negative tone regarding our business, financial condition or results of operations, industry or end-markets, our share price could decline. In addition, if a majority of these analysts cease coverage of our company or fail to regularly publish reports on us, we could lose visibility in the financial markets, which could cause our share price or trading volume to decline.

***Future sales of our Class A Ordinary Shares, or the perception of such sales, by us or our shareholders in the public market could cause the market price for our Class A Ordinary Shares to decline.***

The sale of our Class A Ordinary Shares in the public market, or the perception that such sales could occur, could harm the prevailing market price of our Class A Ordinary Shares. These sales, or the possibility that these sales may occur, also might make it more difficult for us to sell equity securities in the future at a time and at a price that it deems appropriate.

In addition, the Class A Ordinary Shares reserved for future issuance under the Equity Incentive Plan will become eligible for sale in the public market once those shares are issued, subject to any applicable vesting requirements, lockup agreements and other restrictions imposed by law. A total number of shares equal to 248,385 have been reserved for future issuance under the Equity Incentive Plan. We intend to file a registration statement on Form S-8 under the Securities Act to register Class A Ordinary Shares or securities convertible into or exchangeable for Class A Ordinary Shares issued pursuant to the Equity Incentive Plan, which registration statement will automatically become effective upon filing. Accordingly, shares registered under the registration statements will be available for sale in the open market.

In the future, we may also issue its securities in connection with investments or acquisitions. The amount of Class A Ordinary Shares issued in connection with an investment or acquisition could constitute a material portion of the then-outstanding Class A Ordinary Shares. Any issuance of additional securities in connection with investments or acquisitions may result in additional dilution to our shareholders.

***Our Class A Ordinary Share price may decline, and you could lose all or part of your investment as a result.***

Broad market and industry factors may materially harm the market price of Graphjet Technology's securities irrespective of its operating performance. The stock market in general has experienced price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of the particular companies affected. The trading prices and valuations of these stocks, and of Graphjet Technology's securities, may not be predictable. A loss of investor confidence in the market for retail stocks or the stocks of other companies which investors perceive to be similar to Graphjet Technology could depress Graphjet Technology's share price regardless of its business, prospects, financial conditions or results of operations. You may not be able to resell your Class A Ordinary Shares at an attractive price due to a number of factors such as those listed in "— *Risks Related to Our Business and Industry*" and the following:

● actual or anticipated fluctuations in Graphjet Technology's quarterly financial results or the quarterly financial results of companies perceived to be similar to it;

● changes in the market's expectations about Graphjet Technology's operating results;

● success or entry of competitors;

● Graphjet Technology's operating results failing to meet the expectation of securities analysts or investors in a particular period;

● changes in financial estimates and recommendations by securities analysts concerning Graphjet Technology or the homebuilding industry in general;

● operating and share price performance of other companies that investors deem comparable to Graphjet Technology;

● Graphjet Technology's ability to bring its products and technologies to market on a timely basis, or at all;

● changes in laws and regulations affecting Graphjet Technology's business;

● Graphjet Technology's ability to meet compliance requirements;

● commencement of, or involvement in, litigation involving Graphjet Technology;

● changes in Graphjet Technology's capital structure, such as future issuances of securities or the incurrence of additional debt;

● the volume of Graphjet Technology's Class A Ordinary Shares available for public sale;

● any major change in the Board or management;

● sales of substantial amounts of Graphjet Technology's Class A Ordinary Shares by its directors, executive officers or significant stockholders or the perception that such sales could occur;

● general economic and political conditions such as recessions, interest rates, fuel prices, international currency fluctuations, and acts of war or terrorism, inflation and market liquidity; and

● the other risk factors set forth in the "*Risks Related to Our Business and Industry*."

A decline in the market price of Graphjet Technology's securities also could adversely affect its ability to issue additional securities and its ability to obtain additional financing in the future. In the past, following periods of market volatility, stockholders have initiated derivative actions. If we are involved in derivative litigation, it could have a substantial cost and divert resources and the attention of management from our business regardless of the outcome of the litigation

***Because there are no current plans to pay cash dividends on our Class A Ordinary Shares for the foreseeable future, you may not receive any return on investment unless you sell your Class A Ordinary Shares at a price greater than what you paid for it.***

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We intend to retain future earnings, if any, for future operations, expansion and debt repayment, and there are no current plans to pay any cash dividends for the foreseeable future. The declaration, amount and payment of any future dividends on our Class A Ordinary Shares will be at the sole discretion of our Board. Our Board may take into account general and economic conditions, our financial condition and results of operations, our available cash and current and anticipated cash needs, capital requirements, contractual, legal, tax and regulatory restrictions, implications of the payment of dividends by us to our shareholders or by our subsidiaries to us and such other factors as our Board may deem relevant. As a result, you may not receive any return on an investment in our Class A Ordinary Shares unless you sell your Class A Ordinary Shares for a price greater than that which you paid for them.

***Our shareholders may experience dilution in the future.***

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The percentage of our Class A Ordinary Shares owned by current shareholders may be diluted in the future because of equity issuances for acquisitions, capital market transactions or otherwise, including, without limitation, equity awards that we may grant to our directors, officers and employees, and exercise of our warrants. Such issuances may have a dilutive effect on our earnings per share, which could adversely affect the market price of our Class A Ordinary Shares.

***Changes in laws, regulations or rules, or a failure to comply with any laws, regulations or rules, may adversely affect our business, investments and results of operations.***

We are subject to laws, regulations and rules enacted by national, regional and local governments. In particular, we are required to comply with certain SEC and other legal or regulatory requirements of businesses providing financial services. Compliance with, and monitoring of, applicable laws, regulations and rules may be difficult, time consuming and costly. These laws, regulations, and rules include, without limitation, the following:

● As an employer, we will be subject to state and federal laws relating to employment practices, health and safety of employees, employee benefits and other employment-related matters.

● We are an SEC reporting company and therefore we are required to comply with the various rules and regulations of the SEC that relate to, among other things, the timing and content of annual, quarterly and current reports, the process to register additional shares for sale to the public or for resale by existing investors, and disclosures in connection with meetings of our stockholders. Changes in these rules and regulations can have a significant impact on us.

As our business expands to additional states, we will be required to review and comply with those states' laws that apply to our services and business activities. We will also be required to determine whether we will become subject to additional areas of regulation if we expand the types of activities in which we engage. For example, because we do not hold customer deposits or offer loans for consumer or personal purposes, we are not currently required to have a financial institution charter or lending license in the states in which we currently provide services or loans. If we do not identify activities that would require a regulatory application, license or other approval, or if the interpretation and application of the laws to which we are currently subject change, those additional laws, rules, and regulations or changes therein could have a material adverse effect on our business, investments and results of operations. A failure to comply with any applicable laws, regulations or rules, as interpreted and applied, could have a material adverse effect on our business and results of operations.

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***We may be required to take write-downs or write-offs, restructuring and impairment or other charges that could have a significant negative effect on our financial condition, results of operations and our stock price, which could cause you to lose some or all of your investment.***

We cannot assure you that as a result of factors outside of Graphjet Technology's business and outside of Graphjet Technology's control issues may arise. As a result of these factors, we may be forced to later write down or write off assets, restructure operations, or incur impairment or other charges that could result in losses. Unexpected risks may arise, and previously known risks may materialize in a manner not consistent with our preliminary risk analysis. Even though these charges may be non-cash items and not have an immediate impact on our liquidity, the fact that we report charges of this nature could contribute to negative market perceptions about Graphjet Technology or its securities. Accordingly, our shareholders could suffer a reduction in the value of their shares. Such stockholders are unlikely to have a remedy for such reduction in value.

***Graphjet Technology is subject to financial reporting and other requirements as a public company for which its accounting and other management systems and resources may not be adequately prepared adversely impacting stock price.***

As a public company with listed equity securities, Graphjet Technology will need to comply with laws, regulations, and requirements, including the requirements of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), certain corporate governance provisions of the Sarbanes-Oxley Act, and related regulations of the SEC, with which it was not required to comply as a private company. The Exchange Act requires that Graphjet Technology file annually, quarterly, and current reports with respect to its business and financial condition. Graphjet Technology did not timely file a Form 10-K for the year ended September 30, 2024 and Forms 10-Q for the quarters ended December 31, 2024, March 31, 2025 and June 30, 2025. As of the date of this Prospectus, we have filed all its required annual, quarterly, and current reports with the SEC. Graphjet Technology might not be able to file timely reports in the future, or its reported financial results may be materially misstated and result in the loss of investor confidence and cause the market price of its securities to decline.

The Sarbanes-Oxley Act requires, among other things, that Graphjet Technology establish and maintain effective internal controls and procedures for financial reporting. Section 404 of the Sarbanes-Oxley Act requires Graphjet Technology's management and independent auditors to report annually on the effectiveness of its internal control over financial reporting. However, Graphjet Technology is an "emerging growth company," as defined in the JOBS Act, and, for as long as it continues to be an emerging growth company, it intends to take advantage of certain exemptions from various reporting requirements applicable to other public companies that are not emerging growth companies, including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404. Once Graphjet Technology is no longer an emerging growth company or, if prior to such date, it opts to no longer take advantage of the applicable exemptions, it will be required to include an opinion from its independent auditors on the effectiveness of its internal control over financial reporting.

Graphjet Technology will cease to be an "emerging growth company" upon the earliest of (i) the last day of the fiscal year (A) following the fifth anniversary of the closing of the Energem Initial Public Offering (the "IPO"), September 30, 2027, (B) in which we have total annual gross revenue of at least $1.235 billion, or (C) in which we are deemed to be a large accelerated filer, which means the market value of our outstanding ordinary shares that are held by non-affiliates exceeds $700 million as of the prior June 30, and (ii) the date on which we have issued more than $1.0 billion in non-convertible debt during the prior three year period. These reporting and other obligations will place significant demands on management, administrative, operational, and accounting resources and will cause Graphjet Technology to incur significant expenses. It may need to upgrade its systems or create new systems, implement additional financial and management controls, reporting systems and procedures, create or outsource an internal audit function, and hire additional accounting and finance staff. If it is unable to accomplish these objectives in a timely and effective fashion, its ability to comply with the financial reporting requirements and other rules that apply to reporting companies could be impaired. Any failure to maintain effective internal control over financial reporting could have a material adverse effect on Graphjet Technology's business, prospects, liquidity, financial condition, and results of operations.

As a public company, these rules and regulations make it more expensive for Graphjet Technology to obtain director and officer liability insurance. These factors could also make it more difficult to attract and retain qualified members to the Board, particularly to serve on the audit committee and compensation committee, and qualified executive officers.

As a result of disclosure of information in this prospectus and in filings required of a public company, Graphjet Technology's business and financial condition is more visible, which it believes may result in threatened or actual litigation, including by competitors and other third parties. If such claims are successful, Graphjet Technology's business and operating results could be adversely affected, and even if the claims do not result in litigation or are resolved in Graphjet Technology's favor, these claims, and the time and resources necessary to resolve them, could divert the resources of Graphjet Technology's management and adversely affect its business and operating results.

As a public company, Graphjet Technology is obligated to develop and maintain proper and effective internal control over financial reporting. Graphjet Technology may not complete its analysis of its internal control over financial reporting in a timely manner, or these internal controls may not be determined to be effective, which may adversely affect investor confidence in Graphjet Technology and, as a result, the value of its securities.

Graphjet Technology is required, pursuant to Section 404 of the Sarbanes-Oxley Act, to furnish a report by management on, among other things, the effectiveness of its internal control over financial reporting as of the end of its fiscal year. This assessment will need to include disclosure of any material weaknesses identified by Graphjet Technology's management in its internal control over financial reporting. Graphjet Technology is in the early stages of the costly and challenging process of compiling the system and processing documentation necessary to perform the evaluation needed to comply with Section 404 of the Sarbanes-Oxley Act. It may not be able to complete its evaluation, testing, and any required remediation in a timely fashion. During the evaluation and testing process, if Graphjet Technology identifies one or more material weaknesses in its internal control over financial reporting, it will be unable to assert that its internal controls are effective. If it is unable to assert that its internal control over financial reporting is effective, it could lose investor confidence in the accuracy and completeness of its financial reports, which would cause the price of its securities to decline, and it may be subject to investigation or sanctions by the SEC.

***Our quarterly operating results may fluctuate significantly and could fall below the expectations of securities analysts and investors due to seasonality and other factors, some of which are beyond our control, resulting in a decline in our stock price.***

Our quarterly operating results may fluctuate significantly because of several factors, including:

● labor availability and costs for hourly and management personnel;

● profitability of our services, especially in new markets and due to seasonal fluctuations;

● macroeconomic conditions, both nationally and locally;

● negative publicity relating to products we serve;

● changes in consumer preferences and competitive conditions;

● expansion to new markets; and

● fluctuations in commodity prices.

***If securities or industry analysts do not publish or cease publishing research or reports about Graphjet Technology, its business, or its market, or if they change their recommendations regarding the Class A Ordinary Shares Graphjet Technology adversely, then the price and trading volume of the Class A Ordinary Shares of Graphjet Technology could decline.***

The trading market for our Class A Ordinary Share will be influenced by the research and reports that industry or securities analysts may publish about us, our business, our market, or our competitors. Securities and industry analysts do not currently, and may never, publish research on the Graphjet Technology. If no securities or industry analysts commence coverage of Graphjet Technology, the stock price and trading volume of the Class A Ordinary Shares of Graphjet Technology would likely be negatively impacted. If any of the analysts who may cover Graphjet Technology change their recommendation regarding our stock adversely, or provide more favorable relative recommendations about our competitors, the price of the Class A Ordinary Shares would likely decline. If any analyst who may cover the Company were to cease coverage of Graphjet Technology or fail to regularly publish reports on it, we could lose visibility in the financial markets, which could cause the stock price or trading volume of the Class A Ordinary Shares to decline,

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***We may be unable to obtain additional financing to fund the operations and growth of Graphjet Technology.***

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We may require additional financing to fund the operations or growth of Graphjet Technology. We expect from time to time need additional financing to fund operations and to expand our business. We may, from time to time, explore additional financing sources to lower our cost of capital, which could include equity, equity-linked and debt financing. In addition, from time to time, we may evaluate acquisitions and other strategic opportunities. If we elect to pursue any such investments, we may fund them with internally generated funds, bank financing, the issuance of other debt or equity or a combination thereof. There is no assurance that any such financing or funding would be available to us on acceptable terms or at all. Sales of securities registered under the registration statement to which this prospectus forms a part could lower the market price of our Class A Ordinary Shares. We do not believe this would harm our chances of raising capital, but could affect the sale price and number of securities we need to issue.

The failure to secure additional financing could have a material adverse effect on the continued development or growth of Graphjet Technology.

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***Our internal controls over financial reporting may not be effective and our independent registered public accounting firm may not be able to certify as to their effectiveness, which could have a significant and adverse effect on our business and reputation.***

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As a public company, we are required to comply with the SEC's rules implementing Sections 302 and 404 of the Sarbanes-Oxley Act, which require management to certify financial and other information in our quarterly and annual reports and provide an annual management report on the effectiveness of internal control over financial reporting. To comply with the requirements of being a public company, and we may need to undertake various actions, such as implementing additional internal controls and procedures and hiring additional accounting or internal audit staff. The standards required for a public company under Section 404 of the Sarbanes-Oxley Act are significantly more stringent than those required of Graphjet Technology as a privately-held company. Further, as an emerging growth company, our independent registered public accounting firm is not required to formally attest to the effectiveness of our internal controls over financial reporting pursuant to Section 404 until the date we are no longer an emerging growth company. At such time, our independent registered public accounting firm may issue a report that is adverse in the event that it is not satisfied with the level at which the controls of Graphjet Technology are documented, designed or operating.

Testing and maintaining these controls can divert our management's attention from other matters that are important to the operation of our business. If we identify material weaknesses in the internal control over financial reporting of Graphjet Technology or are unable to comply with the requirements of Section 404 or assert that our internal control over financial reporting is effective, or if our independent registered public accounting firm is unable to express an opinion as to the effectiveness of our internal controls over financial reporting when we no longer qualify as an emerging growth company, investors may lose confidence in the accuracy and completeness of our financial reports and the market price of our ordinary share could be negatively affected, and we could become subject to investigations by the SEC or other regulatory authorities, which could require additional financial and management resources.

***There can be no assurance that we will be able to comply with the continued listing standards of any U.S. stock exchange.***

The trading of our Class A ordinary shares on the Nasdaq Global Market was suspended on November 13, 2025, and is currently quoted on the OTC Pink Limited marketplace under the symbol "GTIJF".

On May 30, 2024, Graphjet Technology received a notice (the "10-Q Notice") from Nasdaq Listing Qualifications ("Nasdaq") notifying the Company that as it has not yet filed its Form 10-Q for the period ended March 31, 2024 (the "Form 10-Q"), and the Company no longer complies with Listing Rule 5250(c)(1) for continued listing on Nasdaq. The Company has 60 calendar to submit to Nasdaq a plan to regain compliance, and if such plan is accepted, Nasdaq may grant the Company an exception of up to 180 calendar days from the prescribed due date for filing the Form 10-Q, or until November 18, 2024, to regain compliance. If Nasdaq does not accept the Company's plan, the Company will have the opportunity to appeal that decision to a Hearings Panel. The 10-Q Notice from Nasdaq has no immediate effect on the listing of the Company's ordinary shares. The Company is working diligently with its independent registered public accounting firm to complete the Form 10-Q. There can be no assurance that the Company will regain compliance with the Nasdaq's rules or maintain compliance with any of the other Nasdaq continued listing requirements.

On February 21, 2025, the Company received written notice (the "Minimum Bid Price Notice") from Nasdaq indicating that the Company no longer complies with Nasdaq Listing Rule 5550(a)(2) requiring that listed securities maintain a minimum bid price of $1 per share (the "Minimum Bid Price Rule") based upon the Company's closing bid price for the last 32 consecutive days. Additionally, the Minimum Bid Price Notice confirms that Rule 5550(a)(2) grants the Company 180 calendar days, or until August 20, 2025, to regain compliance. Further, the Minimum Bid Price Notice states that Nasdaq will provide confirmation of compliance and close the matter if the Company's listed securities maintain the Minimum Bid Price for ten consecutive days at any time during the compliance period. The Minimum Bid Price Notice serves only as a notification of deficiency, not of imminent delisting, and has no current effect on the listing or trading of the Company's securities. Though there can be no assurance that the Company will regain or maintain compliance with the Minimum Bid Price Rule, the Company is exercising diligent efforts and intends to regain compliance with the Minimum Bid Price Rule within the compliance period.

On February 28, 2025, the Company received a notification letter (the "Reports Notice") from Nasdaq indicating that, as a result of (i) the Company's delay in filing its Quarterly Report on Form 10-K for the period ended September 30, 2024 (the "Initial Delinquent Filing") with the SEC and (ii) the Company's delay in filing its Annual Report on Form 10-Q for the period ended December 31, 2024 (the "Second Delinquent Filing"), the Company is not in compliance with the requirements for continued listing under Nasdaq Listing Rule 5250(c)(1). The Reports Notice states that the Company has 60 calendar days, or until April 29, 2025, to submit a plan to regain compliance with Rule 5250(c)(1) with respect to the delinquent reports. If Nasdaq accepts the Company's plan to regain compliance, then Nasdaq may grant the Company up to 180 calendar days from the prescribed due date of the Initial Delinquent Filing, or until July 14, 2025, to regain compliance. The Company continues to work diligently to complete the Form 10-K and the Form 10-Q. The Reports Notice has no immediate effect on the listing or trading of the Company's ordinary shares on the Nasdaq Global Market.

On March 5, 2025, the Company received a notification letter (the "MVLS Notice") from Nasdaq which notified the Company that, for the 30 consecutive business days, the Company's market value of listed securities ("MVLS") closed below the $50,000,000 MVLS threshold required for continued listing on the Nasdaq Global Market under Nasdaq Listing Rule 5450(b)(2)(A) (the "MVLS Rule"). In accordance with Nasdaq Listing Rule 5810(c)(3)(C), the Company has 180 calendar days, or until September 1, 2025 (the "MVLS Compliance Period"), to regain compliance with the MVLS Rule. The MVLS Notice notes that, to regain compliance, the Company's MVLS must close at or above $50,000,000 for a minimum of ten consecutive business days during the MVLS Compliance Period. The MVLS Notice further notes that if the Company is unable to satisfy the MVLS requirement prior to such date, the Company may be eligible to transfer the listing of its securities to The Nasdaq Capital Market (provided that the Company then satisfies the requirements for continued listing on that market). If the Company does not regain compliance by the end of the MVLS Compliance Period, Nasdaq staff will provide written notice to the Company that its securities are subject to delisting. At that time, the Company may appeal any such delisting determination to a hearings panel. The MVLS Notice has no immediate effect on the listing or trading of the Company's ordinary shares on the Nasdaq Global Market. While the Company is exercising diligent efforts to maintain the listing of its securities on Nasdaq, there can be no assurance that the Company will be able to regain or maintain compliance with Nasdaq listing standards.

On April 25, 2025, the Company received a notification letter (the "MVPHS Notice") from Nasdaq notifying the Company that, for the previous 30 consecutive business days, the Company's market value of publicly held shares ("MVPHS") closed below the $15,000,000 MVPHS threshold required for continued listing on the Nasdaq Global Market under Nasdaq Listing Rule 5450(b)(2) (the "MVPHS Rule"). In accordance with Nasdaq Listing Rule 5810(c)(3)(D), the Company has 180 calendar days, or until October 22, 2025 (the "MVPHS Compliance Period"), to regain compliance with the MVPHS Rule. The MVPHS Notice notes that, to regain compliance, the Company's MVPHS must close at or above $15,000,000 for a minimum of ten consecutive business days during the MVPHS Compliance Period. The MVPHS Notice further notes that if the Company is unable to satisfy the MVPHS requirement prior to such date, the Company may be eligible to transfer the listing of its securities to The Nasdaq Capital Market (provided that the Company then satisfies the requirements for continued listing on that market). If the Company does not regain compliance by the end of the MVPHS Compliance Period, Nasdaq staff will provide written notice to the Company that its securities are subject to delisting. At that time, the Company may appeal any such delisting determination to a hearings panel. The MVPHS Notice has no immediate effect on the listing or trading of the Company's ordinary shares on the Nasdaq Global Market. The notice does not affect the Company's ongoing business operations or its reporting requirements with the SEC. The Company intends to actively monitor the Company's MVPHS between now and October 22, 2025, and may, if appropriate, evaluate available options to resolve the deficiencies and regain compliance with the MVPHS Rule. While the Company is exercising diligent efforts to maintain the listing of its securities on Nasdaq, there can be no assurance that the Company will be able to regain or maintain compliance with Nasdaq listing standards.

In connection with the Reports Notice received on February 28, 2025, on June 4, 2025, the Company received a determination letter (the "Determination") from Nasdaq stating that Nasdaq had determined that the Company did not provide a definitive plan evidencing its ability to achieve compliance with the Listing Rule before July 15, 2025, or 180 days following the due date of the Initial Delinquent Filing. The Determination stated that, as a result, the Company's request for continued listing on Nasdaq was denied and that trading of the Company's ordinary shares will be suspended at the opening of business on June 13, 2025 and that a Form 25-NSE will be filed with the SEC, which will remove the Company's securities from listing and registration on Nasdaq. The Determination also stated that the Company is not in compliance with Listing Rule 5250(c)(1) due to the Company's delay in filing its Quarterly Report on Form 10-Q for the period ended March 31, 2025. The Determination informed the Company that it may appeal the decision to a Hearings Panel (the "Panel").

On June 11, 2025, the Company submitted an appeal to Nasdaq requesting a hearing before the Panel pursuant to the procedures set forth in the Nasdaq Listing Rule 5800 Series. The Company intends to present to the Panel its plan to regain and thereafter maintain compliance with the Listing Rule. The hearing request stays the suspension of the Company's securities and the filing of the Form 25-NSE for a period of 15 days from the date of the request. In connection with the hearing request, the Company also requested a stay of the suspension pending the hearing (the "Additional Stay"). The Company submitted the payment of a hearing fee in the amount of $20,000.00 payable to Nasdaq.

On June 12, 2025, the Company received a letter that the Staff's determination has been stayed, pending a final written decision by the Panel. The hearing will be held on July 17, 2025. Thus, the Company's Class A Ordinary Shares will continue to trade at least until the Company receives the written response to hearing.

On June 18, 2025, the Company received a written notice from Nasdaq indicating that the Company no longer complied with Nasdaq Listing Rule 5450(a)(1) ("Rule 5450(a)(1)") requiring that listed securities maintain a minimum bid price of $0.10 per share based upon the Company's closing bid price for the last 10 consecutive trading days prior to the notice. The notice also stated that the noncompliance with Rule 5450(a)(1) serves as an additional basis for delisting the Company's securities from Nasdaq, and that the matter will be considered at the hearing to be held on July 17, 2025. This notice served only as a notification of deficiency, not of imminent delisting, and has no current effect on the listing or trading of the Company's securities. The suspension of the Company's securities due to its noncompliance with Rule 5450(a)(1) has been stayed pending the July 17, 2025 hearing.

On July 17, 2025, Chris Lai, the Company's CEO/CFO attended the hearing with the Nadsaq Hearing Panel (the "Hearing Panel") and, together with the Company's attorney, presented the Company's case to the Hearing Panel. During the hearing, Chris Lai made a commitment to the Hearing Panel that the Company's Forms 10Q for the three months ended December 31, 2024, March 31, 2025, and June 30, 2025 would be filed by the middle of September 2025.

On July 25, 2025, the Company received a decision letter from the Nasdaq Hearings Panel granting the Company's request to continue its listing on The Nasdaq Stock. The decision is conditioned on the Company (i) demonstrating compliance with Nasdaq Listing Rule 5450(a)(1) (the "Bid Price Rule") on or before August 29, 2025, (ii) demonstrating compliance with Nasdaq Listing Rule 5450(c)(1) (the "Periodic Filing Rule") on or before September 15, 2025, and (iii) providing the Panel with an update regarding the Company's fundraising plans on or before September 30, 2025.

On August 7, 2025, the Company held an extraordinary general meeting of the shareholders of the Company to vote and approve 1) The Share Capital Reorganization Proposal 2) The Share Consolidation Proposal 3) The Charter Amendment Proposal and 4) The Adjournment Proposal. On the same day, the Board approved the implementation of the share consolidation at a ratio of 1-for-60 (the "Share Consolidation").

On August 25, 2025, the Share Consolidation became effective, causing every 60 ordinary shares of $0.0001 issued and outstanding to automatically be combined into one ordinary share of $0.006. The Share Consolidation did not affect any shareholder's percentage of ownership, except for adjustments that resulted from the treatment of fractional shares, which were rounded up to the nearest whole share. Further, the par value of the ordinary shares was reduced from $0.0001 per share to $0.006 per share.

On September 2, 2025, the Company received a written notice from Nasdaq indicating that because the Company did not regain compliance with the MVLS Rule, requiring that the Company maintain a minimum market value of its listed securities of $50,000,000 for 30 consecutive trading days, by September 1, 2025, Nasdaq will consider this deficiency in their decision regarding the Company's continued listing on The Nasdaq Global Market. The notice has no immediate effect on the listing of the Company's ordinary shares on The Nasdaq Global Market. However, Nasdaq has requested the Company to present its views with respect to this notice to Nasdaq in writing no later than September 9, 2025. The Company has previously agreed with Nasdaq that it would provide Nasdaq with an update regarding the Company's fundraising plans on or before September 30, 2025. On September 26, 2025, the Company provided Nasdaq with an update regarding its fundraising plans.

On September 24, 2025, the Company received a written notice from Nasdaq indicating the Company has regained compliance with the Period Filing Rule, which requires all listed companies to timely file all required period financial reports with U.S. Securities and Exchange Commission, and the Bid Price Rule, which requires listed companies to maintain a minimum bid price of at least $1.00 per share for their primary equity security to remain listed, as required by the July 25, 2025 decision in this matter determined by the Panel. The notice further stated that the Company will be subject to a Mandatory Panel Monitor for a period of one year from the date of the notice, which means that if within that one-year monitoring period, Nasdaq finds that the Company is out of compliance with the Periodic Filing Rule, the Company will not be permitted to provide Nasdaq with a plan of compliance with respect to that deficiency and Nasdaq will not be permitted to grant additional time for the Company to regain compliance with respect to that deficiency. Instead, Nasdaq will issue a Delist Determination Letter, and the Company will then have an opportunity to request a new hearing with the Panel or a newly convened Hearings Panel, if the Panel is unavailable. The Company's securities may be delisted from Nasdaq at that time.

On October 29, 2025, the Company received a written notice from Nadaq indicating that because the Company did not regain compliance with Nasdaq Listing Rule 5450(b)(2)(C), requiring that the Company maintain a minimum market value of its publicly held shares of $15,000,000 for 30 consecutive trading days (the "MVPHS Requirement"), by October 22, 2025, Nasdaq will consider this deficiency in their decision regarding the Company's continued listing on the Nasdaq Global Market. The Notice further stated that the Company also does not currently satisfy the continued listing requirements under the Nasdaq Global Market's Maintenance Standard 2, which includes the MVPHS Requirement described above. Further, the Company, at the request of Nasdaq, has been providing updates to Nasdaq's Hearings Panel regarding its fundraising plans and also plans to regain compliance with its continued listing requirements. The Notice has no immediate effect on the listing of the Company's ordinary shares on The Nasdaq Global Market. However, Nasdaq has requested the Company to present its views with respect to this Notice to Nasdaq in writing no later than November 5, 2025.

On November 11, 2025, the Company received a written notice from a Hearings Advisor from the Office of the General Counsel of The Nasdaq Stock Market LLC indicating that the Nasdaq Hearings Panel (the "Panel") determined to delist Graphjet's securities from The Nasdaq Global Market. The Panel's determination was based on Graphjet's failure to regain compliance with Nasdaq Listing Rules 5450(b)(2&3)(C) and 5450(b)(2)(A), the market value of publicly held shares and market value of listed securities, respectively. Accordingly, Graphjet's securities were suspended from trading at the open of trading on November 13, 2025. Effective on November 13, 2025, Graphjet's Class A ordinary shares commenced trading on the OTC Markets under the ticker symbol "GTIJF".

On November 25, 2025, the Company appealed to the Nasdaq Listing and Hearing Review Council under Nasdaq Listing Rule 5820, requested that (i) review and reverse the Panel's delisting decision of November 11, 2025; and (ii) grant a stay of the Panel's decision pending the Council's review of the Company's appeal in order to allow the Company to complete and present a detailed, evidence-based compliance plan demonstrating a clear and credible path to regain compliance with the Nasdaq Listing Rules. Nasdaq acknowledged the appeal on November 26, 2025, and requested the Company's plan and supporting documents by December 10, 2025.

On December 10, 2025, the Company submitted its formal appeal together with an updated, documentation-backed compliance plan requesting that the Council (i) review and reverse the Panel's decision and (ii) authorize a provisional relisting of the Company's Class A ordinary shares on The Nasdaq Global Market during the pendency of the Council's review to facilitate implementation of the compliance plan.

***Our Class A ordinary shares now trade on the OTC Pink Limited, which may limit liquidity and make it difficult for shareholders to sell shares at a favorable price.***

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Following the decision to delist our securities from Nasdaq on November 11, 2025, our Class A ordinary shares now trade on the OTC Pink Limited marketplace under the symbol "GTIJF". Trading on OTC Pink may result in lower trading volumes and reduced liquidity compared to our prior listing, which could make it more difficult for shareholders to sell their shares at a favorable price or at all.

***Trading on OTC Pink Limited may result in greater price volatility than when our stock was listed on a national exchange.***

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Securities quoted on OTC Pink are often subject to greater price volatility than securities on national exchanges. The limited liquidity and market depth may result in wide bid-ask spreads and significant fluctuations in the trading price of our Class A ordinary shares.

***The delisting of our Class A ordinary shares could negatively affect investor perception and reduce demand of our shares.***

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Certain investors may view a delisting as a negative signal regarding our performance or prospects. Additionally, some institutional investors or funds are restricted from investing in OTC Pink securities, which could reduce demand and adversely affect the market price.

***Our ability to raise additional capital may limited due to trading on OTC Pink Limited.***

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Trading on OTC Pink may reduce the attractiveness of our securities in public offerings. The perceived higher risk of OTC Pink securities and potential limitations on institutional investment could reduce demand for our securities in equity offerings.

**USE OF PROCEEDS**

All of the Class A Ordinary Shares offered by the Selling Securityholders pursuant to this prospectus will be sold by the Selling Securityholders for their respective accounts. We will not receive any of the proceeds from these sales.

We will receive up to an aggregate of approximately $1.1 million from the exercise of the Warrants, assuming the exercise in full of all of the Warrants for cash. We expect to use the net proceeds from the exercise of the Warrants for general corporate purposes. We will have broad discretion over the use of proceeds from the exercise of the Warrants. There is no assurance that the holder of the Warrants will elect to exercise any or all of such Warrants. To the extent that the Warrants are exercised on a "cashless basis," the amount of cash we would receive from the exercise of the Warrants will decrease. We believe the likelihood that Warrant holder will exercise their Warrants, and therefore the amount of cash proceeds that we would receive is, among other things, dependent upon the market price of our Class A Ordinary Shares. If the market price for our Class A Ordinary Shares is less than the applicable exercise price of $3.30, subject to adjustment as described herein, we believe such holder will be unlikely to exercise their Warrants. To the extent that the Warrants are exercised on a "cashless basis," the amount of cash we would receive from the exercise of the Warrants will decrease.

**DETERMINATION OF OFFERING PRICE**

We cannot currently determine the price or prices at which our Class A Ordinary Shares may be sold by the Selling Securityholders under this prospectus.

**MARKET INFORMATION FOR ORDINARY SHARE AND DIVIDEND POLICY**

**Market Information**

The trading of our Class A ordinary shares on the Nasdaq Global Market was suspended on November 13, 2025, and is currently quoted on the OTC Pink Limited marketplace under the symbol "GTIJF".

**Dividend Policy**

We have not paid any cash dividends on our Class A Ordinary Shares to date. We may retain future earnings, if any, for future operations, expansion and debt repayment and have no current plans to pay cash dividends for the foreseeable future. Any decision to declare and pay dividends in the future will be made at the discretion of the Board and will depend on, among other things, our results of operations, financial condition, cash requirements, contractual restrictions and other factors that the Board may deem relevant. In addition, our ability to pay dividends may be limited by covenants of any existing and future outstanding indebtedness we or our subsidiaries incur. We do not anticipate declaring any cash dividends to holders of the Class A Ordinary Shares in the foreseeable future.

**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

*The following discussion and analysis of the financial condition and results of operations of Graphjet Technology should be read in conjunction with the audited financial statements of Graphjet as of September 30, 2024 and 2023, and the unaudited condensed consolidated financial statements as of June 30, 2025 and 2024, together with the related notes thereto, included in this prospectus. In addition to historical information, the following discussion contains forward- looking statements that reflect Graphjet Technology's future plans, estimates, beliefs and expected performance. Graphjet Technology's estimates are based on its assumptions about future events. These statements may be preceded by, followed by or include the words "believes," "estimates", "expects", "projects", "forecasts", "may", "might", "will", "should", "seeks", "plans", "scheduled", "possible", "anticipates", "intends", "aims", "works", "focuses", "aspires", "strives" or "sets out" or similar expressions.*

 

*The forward-looking statements are dependent upon events, risks and uncertainties that may be outside Graphjet Technology's control. Graphjet Technology's actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those discussed in the sections entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" included in this prospectus.*

**Overview**

Graphjet Technology (the "Company", "Graphjet", "we," "us" or "our"), is a former blank check company incorporated under the laws of the Cayman Islands on August 6, 2021 under the name Energem Corp., ("Energem"), and formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses.

**Business Combination**

On November 18, 2021, we consummated an initial public offering ("IPO"). On March 14, 2024 (the "Closing Date"), we consummated a series of transactions that resulted in the combination (the "Merger") with Graphjet Technology Sdn. Bhd., a Malaysian private limited company ("Graphjet"), pursuant to a share purchase agreement, dated as of August 1, 2022 (the "SPA") by and among Energem, Graphjet, Swee Guan Hoo, solely in his capacity as the representative for the shareholders of Energem after the closing of the sale and purchase of the Graphjet Pre-Transaction Shares (the "Closing") for Energem's shareholders (the "Purchaser Representative"), the individuals listed on the signature page of the SPA under the heading "Selling Shareholders" (each, a "Selling Shareholder" and together, the "Selling Shareholders"), and Lee Ping Wei in his additional capacity as representative for the Selling Shareholders (the "Shareholder Representative").

The Merger and other transactions contemplated thereby (collectively, the "Business Combination") closed on March 14, 2024 when pursuant to the SPA, Energem acquired all of the issued and outstanding shares Graphjet Pre-Transaction Shares from the Selling Shareholders and Graphjet became a wholly owned subsidiary of Energem. Pursuant to the SPA, Energem changed its name to "Graphjet Technology" and the business of the Company became the business of Graphjet.

The Business Combination was accounted for as a reverse recapitalization in accordance with U.S. GAAP. Under this method of accounting, Energem was treated as the acquired company and Graphjet was treated as the acquirer for financial statement reporting purposes.

**Organization and Nature of Business**

The Company is the owner of the state-of-the-art patented technology for the manufacture of high-quality graphene and graphite, critical raw materials utilized across various industries including energy storage, electronics, aerospace and advanced manufacturing. For graphene, is an extraordinary material that has sparked a global rush in industry. Graphjet Technology produces graphite, graphene and graphene-based anode battery material with over 98% similarity and greater consistency compared to other synthetic graphite and graphene which are produced from petroleum coke and coal. The breakthrough technology transforms a sustainable, abundant and renewable agricultural waste product, palm kernel shells into highly valuable artificial graphene and graphite, significantly reducing carbon emissions in the process. For research and development in graphite and graphene applications, Graphjet Technology collaborates closely with prestigious institutions such as the National University of Malaysia (UKM) and University Teknikal Malaysia Melaka (UTEM), which serve as the Company's Technology Advisor Panel, providing expect insights and guidance in technology advisory for the applications. Additionally, Graphjet's strategic membership in the Industrial Liaison Program (ILP) at Massachusetts Institute of Technology (MIT) underscores its commitment to continuous innovation and cutting-edge research partnership.

Positioning itself as a leader in cost efficiency, Graphjet aims to be the foremost low-cost producer of premium artificial graphite and graphene. The Company holds a patent for its proprietary bio-mass conversion process and graphite production method, and its graphene manufacturing technique. This unique capability positions Graphjet as the sole producer capable of mass-scale production of graphite and graphene using sustainable biomass sources, setting it apart from competitor worldwide.

Since Graphjet Technology uses a widely available waste product as their source, they are able to produce a higher quality product at a significantly lower cost than other graphite and graphene production methods currently in use worldwide.

Leveraging this innovative approach, Graphjet Technology aims to produce superior products at a significantly reduced cost compared to conventional graphite and graphene production methods that rely on non-renewable sources. This competitive advantage ensures the company's products not only meet but exceed industry standards for quality and sustainability.

As for now, Graphjet Technology has not commenced commercial sales, but plans to strategically sample its products to leading multinational companies to gain market acceptance and facilitate procurement. The Company's ultimate goal is to displace high-cost suppliers with its competitively priced, eco-friendly alternatives. To date, the Company has funded its operations primarily with proceeds through equity investments provided by its current shareholders.

In July 2023, the Company secured a production facility in Kampung Baru Subang, Selangor State, Central Malaysia. Machinery commissioning was completed, and production was started. The Company has generated revenue from selling side products since June 2025.

**Key Factors Affecting Operating Results**

The Company believes the key factors affecting the financial condition and results of operations include the following:

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***Delisting***

The delisting has resulted in tightened credit terms or additional due diligence requirements from certain suppliers and partners, which may impact on procurement timelines and working capital needs. In addition, the availability of capital influences our ability to meet keep operational milestones, including the completion of plant construction, installation and commissioning of production equipment, production of synthetic graphite samples for customer testing and qualification and advancing commercial discussion with potential battery and materials partners. Any delays in securing financing may postpone the commencement of production activities or the Company's ability to meet customer qualification schedules. Nonetheless, our core technology, business model and strategic objectives remain unchanged, and we continue to work with external engineering, procurement, and customer partners to progress optional readiness where possible.

***Intellectual Property***

On March 28, 2022, the Company entered into a Deed of Assignment, as supplemented by the Supplemental Deed dated July 29, 2022, with ZhongHe Tiancheng Technology Development (Beijing) Co. Ltd, pursuant to which Graphjet Technology acquired a palm-based synthetic graphite and the preparation method thereof with the application no. PI2021002802, a palm-based synthetic graphite and the preparation method thereof with the application no. CN111892048A and a preparation system of palm-based synthetic graphite with the application no. CN111675214A and all the intellectual property rights attached thereto. On March 10, 2022, the Company entered into Intellectual Property Sales Agreement with Liu Yu for $6.3 million payable within the 19th to 36th month period from July 29, 2022, as supplemented by the letter from Liu Yu to Graphjet Technology dated July 29, 2022, pursuant to which the Company purchased the process for producing palm-based graphene. The Company currently owns all of the intellectual property rights to its technology and manufacturing process and the Company's technology is not subject to any ownership, intellectual property, or other rights of any parties other than Graphjet Technology.

**During the year, Liu Yu did not own any of the Company's ordinary shares (2024: 24.3%)**. The transfers of IP to the Company by Mr. Liu Yu in exchange for stock prior to or at the time of the Company's IPO through merging with a US SPAC should be recorded at the transferors' historical cost. Based upon the Company's records, there is no historical basis of the IP. The excess paid over the IP carrying basis of approximately $6.3 million should be charged as a compensation payable in accordance with ASC 805-50-30-5.

As of September 30, 2022, the Company repaid approximately $0.5 million in cash to Mr. Liu Yu. On March 11, 2024, the Company entered the debt-to-equity conversion agreements with Mr. Liu Yu. The Company issued 1,275,000 ordinary shares at $4.00 per share amounting $5,100,000 to partially settle the outstanding balance. The fair value of those ordinary shares was $2.70 per share, and the difference between the share price per agreement and the fair value is considered as shareholder contribution and charged to additional paid-in-capital.

The approximately $5.8 million outstanding compensation payable was discounted at an imputed interest rate of 12% per annum, and the amortization expense of debt discount is included in the interest expenses. During the years ended September 30, 2025 and 2024, the Company recorded $308,586 and $350,084 interest expense for the amortization, respectively. As of September 30, 2025 and 2024, the outstanding balance on the payable is $1,296,307 and $737,894, respectively.

The Company's innovative technology offers a strong alternative option in the artificial graphite market. Traditionally, artificial graphite is preferred by the technology industry due to its superior quality over mineral graphite. Conventional artificial graphite is usually sourced from coal or petroleum coke, which is a byproduct in its respective industry. Therefore, conventional artificial graphite may be limited by shortages or supply chain issues related to coal and petroleum coke. At this time, there are no similar supply chain issues that would affect Graphjet Technology's access to palm kernel shells used to produce its version of artificial graphite.

The Company's success hinges on sourcing, maintaining, and enforcing strong intellectual property protections for its technology and methodologies. Should we fail to achieve comprehensive protection, others could potentially duplicate and commercialize similar technologies, undermining our competitive advantages and hindering our ability to successfully market our innovations or strategies.

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***Graphite Pricing***

Graphite Prices have receded since the introduction of export licensing requirement by China in December 2023, and with further declines of approximately 20% for fine-flake graphite in the first ten months of 2024. Meanwhile, in Q3 2025 the graphite price index in North America fell by around 2.7% quarter on quarter due to subdued demand pressure. Tariff measures reduced Chinese supply flows, prompting buyers to reassess sourcing and creating near-term tightness. In addition, high energy and shipping costs elevated production and freight expenses, resulting in constraints in competitive imports and margins.

China has expanded its controls effective November 8, 2025, which mandates export licenses for artificial graphite anode materials and related technology adding a new layer of supply chain and regulatory risk. Our business, financial condition and operating results could be materially and adversely affected to the extent of graphite prices declining, or if supply disruption due to export licensing or trade dynamic translate into higher landed costs or qualification delays.

In addition, the reduction in the price of critical minerals reflect broader market softness, which poses significant challenges for industry growth and revenue stability. As responsible stewards of market expansion and resilience, we continue to monitor these pricing and regulatory developments closely. We are committed to recalibrating our financial forecast and operational strategies to ensure sustainable business practices and competitiveness.

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***Supply of Palm Kernel Shells***

The Company proprietary process relies on palm kernel shells as the primary raw material. While PKS are abundant and sustainable resources, its supply and pricing are influenced by agricultural output, logistics conditions, and competition from other biomass industries. Since initiating the merger exercise in August 2022, we have witnessed a surge in palm kernel shell prices driven by heightened demand, adversely impacting our operational performance due to increased raw material cost. Any further fluctuations in palm kernel shells availability or price could affect production continuity and cost efficiency.

***Customer and Border Control Issues between Malaysia and China***

The recent border control measures implemented by Malaysia and China have disrupted critical raw material supply chains. These restrictions have impacted on our ability to transport and trade graphite efficiently, resulting in delays to qualification timelines, production schedule and timelines and overall costs escalations.

In addition, China's ban on graphite exports has significant impact on the global supply chain. Graphite, a critical raw material in anode materials and battery production, has seen supply constraints that have led to production slowdowns across the electric vehicle (EV) industry. While we are actively exploring alternative sourcing channels to maintain our supply, we acknowledge the widespread challenges posed by the reduced global graphite demand. Our resolve to navigate these disruptions remains steadfast, as we continuously adapt to evolving market conditions to support sustainable growth and resilience.

***US-China Trade War and China Banning Export of Graphite and Graphene and its related machineries***

The ongoing trade tensions between the US and China continue to reshape global economic landscapes, with critical implications for strategic materials. Graphite, being a critical raw material, sourcing for its machineries amidst trade war is not immune to these effects. In response, we are proactively diversifying our sourcing strategy to mitigate risks associated with this trade war. China's restriction on graphite exports, coupled with the EU's regulations limiting the use of graphite and graphene due to environmental concerns, underscore the need for strategic adaptation. While the potential of these materials remains significant, we are committed to balancing their advantages with sustainable and responsible practices.

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***Conflicts and Geopolitical Positions***

The complex geopolitical landscape, particularly the ongoing conflicts, further escalation of the war, as well as further escalation of tensions between various countries could result in a global economic slowdown and long-term changes to global trade, which continues affects global supply chains and trade dynamics. As a result, the Company's ability to procure raw materials at the desired price may be affected. Furthermore, the Company's ability to raise equity and debt financing may be impacted by these events, including as a result of increased market volatility, or decreased market liquidity in third-party financing being unavailable on terms acceptable to the Company or at all. The impact of these events on the world economy and the specific impact on the Company's financial position, results of operations and its cash flows are not yet determinable. We remain acutely aware of these developments and prepared to pivot our strategy to mitigate their impact on our operation.

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***Competition***

The competitive landscape in the graphene and graphite industry is driven by several factors, including market acceptance, material differentiation and quality, delivery reliability and customer service. The competition is expected to remain fierce, based primarily on price, performance and cost effectiveness, customer service and product innovation. Competition could prevent implementation of price increases, require price reductions or require increased spending on research and development, marketing and sales that could adversely affect us. Market shifts, such as changing customer preferences and advancements in technology, could directly affect our ability to remain competitive and sustain profitability. Failure to achieve anticipated sales volumes and customers adoption rates could have a detrimental impact on Graphjet Technology's business, financial health, operating results and future prospects.

***Regulatory Environment***

The graphene and graphite industry is governed by laws, which continue to evolve and change over time. The costs and resources necessary to comply with these laws are significant. Our profitability depends in part upon our ability, and that of our affiliated providers and independent contractors, to operate in compliance with applicable laws and to maintain all applicable licenses. To the extent any of our employees or third-party contractors engages in any misconduct or activity in violation of an applicable law, we may be subject to increased liability under the law or increased government scrutiny. If any such action is instituted against us, and we are not successful in defending ourselves or asserting our rights, such action could have a significant impact on our business, including the imposition of significant fines or other sanctions. Complying with any new legislation and regulations could be time-intensive and expensive, resulting in a material adverse effect on our business, prospects, financial condition and/or results of operations.

***Impact of U.S. Government Shutdown or Disruptions***

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The Company' access to international capital and regulatory processing may be affected by disruptions in US government operations. During periods of US government shutdown, agencies such as the Securities and Exchange Commission (SEC) operate with limited staffing or temporary closure. This situation may delay corporate filings, regulatory reviews, and approvals needed for fundraising activities or listing related processes. As a result, inflow of funds, investor onboarding, and compliance submissions may be postponed, affecting Graphjet's financing timeline and strategic execution. Extended shutdown periods may also contribute to increased administrative costs, uncertainty in capital markets, and delays in cross-border investment activities. As a growing company, Graphjet's financial standing will be adversely affected by any delay in raising funds.

***Business Development and Marketing***

Our commitment to excellence extends well beyond production. We recognize that robust business development and effective marketing strategies are fundamental for sustained success. To ensure our position in the competitive market, we are dedicating ample resources to enhance our business developing various strategies to better reach our customers with new marketing tools. The focus of our business development is the development of quality products that is able to meet the demand of our customers, building trust with customers and foster long term business relationship with our customers.

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***Qualification Process Duration***

The qualification process for our products by prospective customers is a rigorous and necessary step, in line with industry standards. Industry standards dictate that this process generally spans 12 to 18 months, involves comprehensive testing, stringent quality assurance protocols, and detailed compliance checks. Our commitment during this period is to uphold the highest standards of performance and reliability in our product to our customers. While the timeline may seem extended, it represents a strategic investment in ensuring that our offerings consistently meet or exceed industry expectations.

***Political and Regulatory Risks for Green Energy Policies***

Graphjet may face significant uncertainty stemming from changing political landscapes and shifting green energy policies. Lawmakers' shifting position on supporting green energy initiative make it difficult for company to project revenues and make investment decision confidently. This inconsistent support affects innovation and the adoption of sustainable materials like graphite and graphene. In addition, the lack of a consistent approach to subsidies and incentives poses a considerable challenge. Company may face reduced funding and stalled research and development efforts, limiting their ability to stay competitive and innovate. Election cycles and new government leadership can result in abrupt changes in policy, impacting strategic plans and long-term investments. Companies must continuously adapt to these policy shifts, which can be resource-intensive and disrupt operation. ****

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***Environmental Compliance and Regulation***

Strict and evolving environment regulations are necessary for sustainability but add complexity to operations. Company must invest significantly in eco-friendly technologies and production methods to comply, which can increase operating costs and lengthen production cycles. Failure to comply can lead to penalties, legal challenges and reputational damage. The financial burden of compliance diverts funds from other growth-oriented activities, putting smaller companies at risk of failing behind larger competitors with more resources.

***Geopolitical Tensions and Policy Shifts***

Geopolitical tensions, such as presidential elections and policy shifts, affect trade relations, market access, and the availability of key raw materials. The uncertainty surrounding these events can cause delays in corporate decision-making, hinder expansion plans, and affect operational efficiency. Graphjet Technology may experience disrupted supply chains, unpredictable regulatory changes, and an inability to plan for long term growth, impacting profitability and stability. ****

***Export and Import Regulations***

Stringent import and export regulations in key markets such as Malaysia and US pose significant operational challenges. Company needs to navigate complex customs procedures and adapt to frequent policy changes that can delay shipments and increase costs. Political tensions further complicate this, leading to uncertainty in international trade. Regulatory barriers can lead to delays in product delivery, increased logistical expenses, and missed business opportunities.

***Semiconductor Industry Challenge***

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The slowdown in the semiconductor industry, highlighted by Intel's financial struggles, has a domino effect on industries reliant on high-tech components. Graphjet, which supplies critical materials for chip production may face reduced demand and disrupted partnership. The heavy reliance of Nvidia and AMD on TSMC, alongside China's influence over Taiwan, creates additional risks. Graphjet Technology may find it harder to secure contracts and partnerships within the semiconductor sector, leading to decreased revenue streams and limited market reach.

***Impact of Raw Material Shortages on Industry Leaders***

Major players such as Posco and Samsung SDI have scaled back operation due to raw material shortages and political uncertainties. This reflects broader market challenges that we faced, including securing a steady supply chain and maintaining production levels. Reduced availability of raw materials drives up cost and forces production cuts, which could weaken company's market position and profitability.

***Market Pricing and Global Control***

China's dominance over raw materials supply chains continues to influence global market pricing. This control not only adds prices volatility but also creates uncertainty around supply continuity. Graphjet may find it difficult to compete on cost and scale, impacting their bottom line. High dependency on a single, dominant supplier exposes companies to price fluctuations and potential shortages, threatening their ability to meet contractual obligation and remain competitive.

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***Access to Market and Strategic Partnership***

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Developing direct relationships with EV battery manufacturers is essential for growth, yet remain challenging due to competitive pressures, regional economic uncertainties and frequent management changes driven by financial pressures. Graphjet aims to bridge this gap by ensuring a reliable supply of essential materials to these manufacturers. Despite this, barriers without strategic support and government cooperation make it difficult to access these key contacts and establish long-term partnership. This inability to secure partnerships limits market penetration, slow revenue growth, and hinders Graphjet's ability to showcase its capacity to supply high quality materials, thus impacting overall market growth and resilience.

***Government Disruptions and Ceased Operations***

Raw materials shortages and supply chain disruptions have led some industry leaders to reduce or cease operations. The lack of cohesive government support exacerbates these issues, making it challenging for company to sustain the operation and meet market demand. The Company may risk reduced output, lost revenues, and potential closure, underscoring the need for a diversified supply chain and strategic support from both industry and government. ****

***Operational Disruptions and Ceased Operations***

The industry has witnessed significant operational halts, with major players such as LG and GM ceasing certain operations due to persistent raw materials shortages. This highlights the fragility of current supply chains and the pressing need for robust, diversified sourcing strategies. Graphjet is well-positioned to support these industries by providing alternative sources that can bridge these supply chain gaps. However, without sufficient government backing, it becomes challenging to form strategic alliances with major manufacturers like GM and LG to secure consistent materials flow and ensure stability in the markets.

***Supply Chain Disruptions and Strategic Support Challenges***

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Global supply chain vulnerabilities can significantly disrupt the availability of raw materials essential for graphite and graphene production. Factor such as natural disasters, geopolitical tensions, and pandemic can create instability in supply chains. Additionally, the challenge of developing effective supply chain strategies and partnership adds complexity. Without strategic support from suppliers and stakeholders, Graphjet may struggle to secure reliable sources for critical materials. Disruptions in the supply chain can lead to production delays, increased operational costs, and potential revenue loss. If key materials become unavailable, Graphjet may be unable to meet customer demand, leading to damaged relationship and reduced market share. Additionally, the inability to establish robust supply chain partnerships could hinder Graphjet's operational efficiency and long-term growth, ultimately impacting stakeholder confidence and overall financial performance.

***Investor Sentiment and Market Stability***

Political uncertainty during election periods can lead to fluctuations in investor confidence and market stability. A deadline in investor sentiment may result in reduced capital ability to fund growth initiatives and research. Market volatility could also impact stock prices, making it challenging to raise funds through equity financing.

***Regulatory Compliance Burdens***

New political leadership can lead to the introduction of additional regulations that require compliance. Increased regulatory burdens could result in higher operational costs and divert resources from core business activities to compliance-related functions. This can strain financial resources and impact profitability.

***International Investments and Compliance***

The SEC' global cooperation stance under Gensler could be altered, affecting international agreement and compliance protocols, impacting how Graphjet interacts with global markets and U.S. based investors.

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***Specific Policy Areas***

The directions of policies around ESG (Environmental, Social, and Governance) disclosure requirements and oversight on innovative technologies may change, influencing how Graphjet and similar companies navigate these evolving regulatory expectations.

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***Shift in Enforcement Priorities***

A new SEC chair may shift focus away from Gensler's emphasis on transparency and investor protection, potentially leading to lighter regulatory burdens or heightened scrutiny, depending on the new leadership's priorities.

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***Increased Global Supply and Price Volatility***

A removal of export restrictions could flood the global market with cheaper Chinese graphite and graphene, leading to price volatility. Companies like Graphjet could face margin pressures due to increased competitions and potential price war, particularly in market where they rely on high value or premium materials.

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***Market Saturation***

With China being one of the largest producers of graphite and graphene, lifting export restrictions could lead to market oversupply, driving down prices and potentially reducing the demand for alternative suppliers, affecting the sales and market positioning of companies.

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***Business Continuity Risk***

Without cross-functional backups or a succession plan, the company could face significant challenges in maintaining operational continuity, potentially impacting on customer satisfaction and company performance. The lack of a contingency plan may lead to halted operations, revenue loss, or reduced market confidence during transitions.

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***Technology Transfer and Training Gaps***

A lack of knowledge transfer leads to skill gaps, inefficiencies, and increased reliance on external consultants. The absence of structured training processes for employees on the Company's technology creates a reliance on the China technician and increases risks during transitions or expansions.

***Foreign Currency Exchange Rate Fluctuations***

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The financial performance is exposed to movement in foreign currency exchange rates, primarily between the Malaysian Ringgit, U.S. Dollar and Chinese Renmenbi. As certain machinery, raw materials, and technical services are procured internationally, unfavorable exchange rate movements could increase import costs and compress profit margins. Exchange rate volatility also affects the revaluation for foreign-denominated assets and liabilities.

***Challenges in Sourcing Equipment and Spare Parts***

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The manufacturing of synthetic graphite and graphene required highly specialized equipment sourced from limited global suppliers. Disruptions in international logistics, regulatory constraints may delay the delivery of critical components and increase maintenance costs. These challenges can affect production efficiency and reliability.

***Challenges in Machinery Maintenance and Repairing Work***

The production machinery is highly technical and requires professional servicing and calibration by specialized and competent engineers. Due to the lack equivalent local expertise, maintenance and repair works often necessitate overseas technicians to travel to Malaysia. This results in higher costs arising from international travel, accommodation, and service fees, as well as potential downtime during the repair period. Extended repair cycles can adversely impact production schedules and output levels. To address this, Graphjet is progressively developing in-house technical talent and establishing long term service contracts with equipment manufacturers.

***Material Wastage During Research and Development Stage***

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During the research and development (R&D) phase, a certain degree of material wastage is unavoidable as the Company continues to optimize production processes and improve product quality. Experimental trials, testing of new parameters and process calibration may result in higher consumption of raw materials and energy without corresponding commercial output. These inefficiencies contribute to increased short term operating costs and may affects gross margins during the early stages of technological development. Nonetheless, such R&D activities are essential for long term process innovation, yield enhancement, and product customization to cater to the needs of the customers.

***Limited Exposure to Investor and Capital Markets***

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As a technology driven company in the advanced materials sector, Graphjet's growth depends significantly on access to investors and funding sources. Limited visibility in global capital markets may constrain opportunities to attract strategic investors or secure competitive financing. Broader market volatility and risk-averse investor sentiment in the renewable and materials sectors could further delay investment inflows and expansion initiatives.

***Technological Performance and Process Efficiency***

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Graphjet's profitability depends on the operational stability and efficiency of its proprietary graphite and graphene production technology. Any technical challenges that reduce conversion yield, product uniformity, or process consistency could increase operating costs and lower production output. Continuous process improvement, technical audits, and equipment are critical to maintaining stable and efficient operations.

***Regulatory and Environmental Compliance***

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Graphjet operate under stringent environmental and industrial regulations. Changes in local or international environmental laws, waste disposal standards, or carbon emission policies could require additional investment in compliance that may result in financial penalties, production delays, or reputational damage. The Group continues to adopt best practices in environmental management and sustainability.

***Market Demand and Industry Trends***

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The global demand for graphite and graphene is closely linked to the growth of electric vehicles (EV), renewable energy storage and semiconductor manufacturing industries. Any slowdown in these sectors, or changes in government incentives supporting green technologies, may influence sales volume and product pricing. Maintaining market adaptability and expanding into new applications are key to sustaining long term growth.

***Operational and Human Resources Factors***

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Graphjet relies heavily on a skilled and stable workforce, particularly in technical, engineering, and production roles. Shortages of qualified manpower, turnover, or occupational safety incidents may affect productivity and operational continuity. The Company prioritizes workforce training, retention programs, and occupational safety standards to mitigate these risks.

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***Dependence on External Funding at Pre Revenue Stage***

As the Company is currently in its early commercialization phase and has not yet generated operational revenue, continued funding is essential to support general operations, including plant commissioning, R&D activities, compliance commitments, and working capital requirements. The Company is dependently on timely capital injections from investors to sustain operating expenditure and execute strategic growth plans. Any delays or limitations in securing external financing whether due to market conditions, regulatory processes, or macroeconomic factors may affect the Company's liquidity position, project timelines, and overall business continuity. Ensuring stable funding access remains critical until commercial production and revenue generation reach a self-sustaining level.

***Loss of Key Technical Person***

Our operation depends significantly on the expertise of key technical personnel involved in process development, engineering, and technology execution. The loss of any such individual could disrupt operations, delay project milestones, and adversely impact our technology development and commercialization efforts. Competition for qualified technical talent in intense, and we may experience difficulty in replacing critical personnel on a timely basis, which could materially and adversely affect our business and operating results.

**Management Opportunities**

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***Sustainability Practices***

Enhancing the company's ESG profile by adopting green manufacturing methods and contributing to sustainable innovations. Company' commitments to excellence in environmental, quality and health & safety management, driving operational, financial, and reputational gains that aligns with global best practices. In Malaysia, approximately 5 million tons of palm kernel shells (PKS) annually, but we only utilized a small fraction of that amount. Increasing the usage of palm kernel shells in producing graphene and graphite could significantly help reduce waste in Malaysia. Graphjet's award-winning proprietary manufacturing technology achieved up to an 83% reduction in carbon footprint and up to an 80% reduction in production costs, setting a new benchmark for sustainability and efficiency in the industry.

***Leadership in Graphene and Graphite Production***

The Company is uniquely positioned to become a global leader in the production of high-quality graphene and graphite materials. With its state-of -the-art manufacturing processes, the company is poised to meet the increasing demand for these materials, which are integral to advanced technology sectors.

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***Diverse Market Applications***

The Company's products are essential for numerous high-growth industries, including biomedical advancements such as medical sensors and drug delivery system, automotive innovations like electric vehicle batteries and lightweight composites, semiconductor and sensor technologies critical for modern digital devices, and energy storage solutions, particularly in batteries for renewable energy systems. This wide range of applications ensures the company's relevance across multiple billion-dollar markets.

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***Cost and Quality Advantage***

The Company's patented production technology and its use of low- cost raw materials, such as palm kernel shells, give it a significant edge over traditional suppliers. The Company can offer graphene and graphite at a lower production cost while maintaining higher quality standards, enhancing its higher quality standards, enhancing its competitiveness in the market.

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***Experienced Leadership Driving Sustainability***

The Company's experienced management team brings a proven track record in clean and sustainable manufacturing. Their dedication to using renewable waste materials reflects a strong commitment to environmental stewardship, positioning the company as a responsible leader in the graphene and graphite sector. This expertise also ensures operational excellence and drives investor confidence.

**Components of Results of Operations**

**Results of Operations**

The following information includes, in Graphjet Technology's opinion, all adjustments necessary to state fairly its consolidated results of operations for these periods. This data should be read in conjunction with Graphjet Technology's unaudited condensed consolidated financial statements and notes thereto.

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***Comparison for the three months ended June 30, 2025 and 2024***

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended<br> June 30,** | **For the Three Months Ended<br> June 30,** | **Changes** | **Changes** |
|  | **2025** | **2024** | **Amount** | **%** |
|  | **USD** | **USD** | **USD** | |
| Revenues | 49316 |  | 49316 | 100% |
| Cost of revenues | (76005) |  | 76005 | 100% |
| **Gross loss** | (26689) |  | 26689 | 100% |
| **Operating expenses** |  |  |  |  |
| General and administrative expenses | (1672011) | (2012938) | 340927 | (16.9)% |
| Share compensation expense | (19200000) |  | (19200000) | 100% |
| **Loss from operations** | (20898700) | (2012938) | (18885762) | 938.2% |
| Other expenses, net | (603257) | (5593) | (597664) | 10685.9% |
| **Net loss** | (21501957) | (2018531) | (19483426) | 965.2% |

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***Revenues***

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Our revenues increased by approximately $49,000, or 100% for the three months ended June 30, 2025. The increase had resulted from selling side products since June 2025.

***Cost of Revenues***

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Cost of revenues mainly consists of cost to manufacture products, primarily includes the cost to purchase raw materials, direct labor, and other related costs that are attributable to production. Our cost of revenues increased by approximately $76,000, or 100% for the three months ended June 30, 2025. The increase in cost of revenues was consistent with the increase in products revenue.

***Gross Loss***

Our gross loss was approximately $27,000 for the three months ended June 30, 2025, mainly because we have not commenced commercial sales as our production line was operated at a low productivity level and the side products were also sold for a discount due to the deterioration in quality because of prolonged storage time. We expect to have a better gross margin when we begin our official graphite production.

***Operating Expenses***

Operating expenses included only general and administrative expenses in the three months ended June 30, 2025 and 2024 as we had no selling expenses.

General and administrative expenses consist of a range of critical business activities, including staff cost, marketing initiatives, audit fees, consulting and legal fees. Additionally, these expenses cover the depreciation of property and equipment. This diverse allocation reflects our commitment to maintaining robust operations, supporting strategic business functions, and ensuring compliance and transparency across all facets of our organization.

General and administrative expenses decreased by approximately $0.3 million, or 16.9%, from approximately $2.0 million for the three months ended June 30, 2024, to approximately $1.7 million for the three months ended June 30, 2025. The decrease was primarily driven by a decrease in professional fees of approximately $0.9 million and a decrease in travel expense, meals and entertainment expense of approximately $0.2 million, both of which were due to less fees associated with the business combination. The decrease was partially offset by an increase in staff costs of approximately $0.9 million due to headcount increased and the increased salaries and compensation expense for management personnels.

Share compensation expense increased by $19.2 million for the three months ended June 30, 2025 compared to the same period in 2024 due to issuance of warrants to a shareholder.

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***Other Expenses, net***

Other expenses mainly include loan interest, the amortization of imputed interest of compensation payable to shareholders and loss on debt settlement of approximately $0.6 million and approximately $6,000 for the three months ended June 30, 2025 and 2024, respectively.

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***Net Loss***

Net loss increased by approximately $19.5 million, or 965.2%, from approximately $2.0 million for the three months ended June 30, 2024, to approximately $21.5 million for the three months ended June 30, 2025. Such change was mainly due to the reasons discussed above.

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***Comparison for the nine months ended June 30, 2025 and 2024***

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Nine Months Ended June 30,** | **For the Nine Months Ended June 30,** | **Changes** | **Changes** |
|  | **2025** | **2024** | **Amount** | **%** |
|  | **USD** | **USD** | **USD** | |
| Revenues | 49316 |  | 49316 | 100% |
| Cost of revenues | (76005) |  | 76005 | 100% |
| **Gross loss** | (26689) |  | 26689 | 100% |
| **Operating expenses** |  |  |  |  |
| General and administrative expenses | (2877016) | (16328960) | 13451944 | (82.4)% |
| Share compensation expense | (19200000) |  | (19200000) | 100% |
| **Loss from operations** | (22103705) | (16328960) | (5774745) | 35.4% |
| Other expenses, net | (664430) | (363847) | (300583) | 82.6% |
| **Net loss** | (22768135) | (16692807) | (6075328) | 36.4% |

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***Revenues***

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Our revenues increased by approximately $49,000, or 100% for the nine months ended June 30, 2025. The increase had resulted from selling side products since June 2025.

***Cost of Revenues***

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Cost of revenues mainly consists of cost to manufacture products, primarily includes the cost to purchase raw materials, direct labor, and other related costs that are attributable to production. Our cost of revenues increased by approximately $76,000, or 100% for the nine months ended June 30, 2025. The increase in cost of revenues was consistent with the increase in products revenue.

***Gross Loss***

Our gross loss was approximately $27,000 for the nine months ended June 30, 2025, mainly because we have not commenced commercial sales as our production line was operated at a low productivity level and the side products were also sold for a discount due to the deterioration in quality because of prolonged storage time. We expect to have a better gross margin when we begin our official graphite production.

***Operating Expenses***

Operating expenses included only general and administrative expenses in the nine months ended June 30, 2025 and 2024 as we had no sales or selling expenses.

General and administrative expenses consist of a range of critical business activities, including staff cost, marketing initiatives, audit fees, consulting and legal fees. Additionally, these expenses cover the depreciation of property and equipment. This diverse allocation reflects our commitment to maintaining robust operations, supporting strategic business functions, and ensuring compliance and transparency across all facets of our organization.

General and administrative expenses decreased by approximately $13.4 million, or 82.4%, from approximately $16.3 million for the nine months ended June 30, 2024, to approximately $2.9 million for the nine months ended June 30, 2025. The decrease was primarily driven by the decrease in provision for bonus of $13.8 million incurred during the nine months ended June 30, 2024. On February 29, 2024, the Board of Directors of Graphjet approved the proposed bonus plan to reward the senior management team of Graphjet for the successful business combination and corporate listing. The total provision made is $13,800,000 according to the plan. During the nine months ended June 30, 2024, the provision was recorded under the general and administrative expenses, and the full balance of $13.8 million is to be provided by December 2025. The decrease was also due to a decrease in professional fees of approximately $0.9 million due to less fees associated with the business combination. The decrease was partially offset by an increase in staff costs of approximately $1.3 million due to headcount increased and the increased salaries and compensation expense for management personnels.

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Share compensation expense increased by $19.2 million for the nine months ended June 30, 2025 compared to the same period in 2024 due to issuance of warrants to a shareholder.

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***Other Expenses, net***

Other expenses mainly include loan interest, the amortization of imputed interest of compensation payable to shareholders and loss on debt settlement of approximately $0.7 million and approximately $0.4 million for the nine months ended June 30, 2025 and 2024, respectively.

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***Net Loss***

Net loss increased by approximately $6.1 million, or 36.4%, from approximately $16.7 million for the nine months ended June 30, 2024, to approximately $22.8 million for the nine months ended June 30, 2025. Such change was mainly due to the reasons discussed above.

**Liquidity and Capital Resources**

We currently finance our internal operations primarily with self-funding. Our fundamental principles are to build and maintain a financial base for the purpose of maintaining soundness and efficiency of operations and achieving sustainable growth. Our liquidity requirements are primarily to fund our business operations, including capital expenditures and working capital requirements. Our primary sources of liquidity are additional capital investment and debt.

The source, timing and availability of any future financing will depend principally upon market conditions, and, more specifically, on the market acceptance of our products. Funding may not be available when needed, at all, or on terms acceptable to us. Lack of necessary funds may require us to, among other things, delay, scale back or eliminate expenses including some or all of our planned development, including the production of plant.

Through June 30, 2025, we have incurred cumulative losses from operations, negative cash flows from operating activities, and have an accumulated deficit of $48.6 million. We are a pre-revenue organization possess patented technologies and in production testing phase of operation at the factory located at Kampung Baru Subang district of Selangor State in Central Malaysia. While management expects that the proceeds from fundraising from new external shareholders and the net impact of the Business Combination along with our cash balances held prior to the Closing Date will be sufficient to fund our current operating plan for next 12 months from the date these consolidated financial statements were available to be issued, there is significant uncertainty around our ability to meet the going concern assumption beyond that period without raising additional capital.

Our short-term liquidity requirements are primarily linked to the business operations, including payments for operating costs, production costs, staffing expenses and marketing expenses. Our long-term liquidity requirements are primarily linked to the expenses incurred in connection with our contract manufacturing facility and the construction of our manufacturing facility. We successfully completed the Business Combination on March 14, 2024, and received the $2,500,000 PIPE Investment pursuant to the PIPE Investment Purchase Agreement. On November 1, 2024, we successfully completed a fundraising exercise amounting to approximately $1.0 million (MYR 4.4 million) net proceeds from new external shareholders. On April 30, 2025, we signed debt settlement agreements with our prior director and shareholder to settle the debts with them. We believe we will have sufficient working capital for the next 12 months. If additional funds are required to support our working capital requirements, construction plans, and other purposes, we may seek to raise additional funds through equity and debt financing or from other sources. If we raise additional funds by obtaining loans from third parties, the terms of those financing arrangements may include negative covenants or other restrictions on our business that could impair our operating flexibility and would also require us to incur interest expense. If we raise additional funds through the issuance of equity, the percentage ownership of our equity holders could be diluted. We can provide no assurance that additional financing will be available at all or, if available, that we would be able to obtain additional financing on terms favorable to us.

The following tables set forth a summary of our key components of cash flows for the nine months ended June 30, 2025 and 2024.

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| | | |
|:---|:---|:---|
|  | **For the Nine Months<br> Ended<br> June 30,** | **For the Nine Months<br> Ended<br> June 30,** |
|  | **2025** | **2024** |
|  | **USD** | **USD** |
| Net cash used in operating activities | $(1813635) | $(2578471) |
| Net cash used in investing activities | (32277) | (1271734) |
| Net cash provided by financing activities | 1568062 | 4059793 |
| Effect of exchange rate changes | (19491) | (122809) |
| Net change in cash | (297341) | 86779 |
| Cash, beginning of period | 348655 | 1430 |
| Cash, end of period | $51314 | $88209 |

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***Operating activities***

Net cash used in operating activities for the nine months ended June 30, 2025 was approximately $1.8 million and was primarily attributable to a net loss of approximately $22.8 million with non-cash expenses of approximately $20.3 million. Cash outflow was also attributable to the increase in advance in purchase of machinery of approximately $0.1 million. Cash outflow was partially offset by the increase in payable to shareholders of approximately $0.6 million, and the increase in other payables and accrued expenses of approximately $0.1 million.

Net cash used in operating activities for the nine months ended June 30, 2024 was approximately $2.6 million and was primarily attributable to net loss of approximately $16.7 million. Cash outflow was partially offset by the provision for bonus of $13.8 million and the increase in other payables and accrued expenses of approximately $0.2 million.

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***Investing activities***

Net cash used in investing activities for the nine months ended June 30, 2025 was approximately $32,000, which was due to purchases of fixed assets and intangible assets.

Net cash used in investing activities for the nine months ended June 30, 2024 was approximately $1.3 million, which was due to purchase of fixed assets.

***Financing activities***

Net cash provided by financing activities for the nine months ended June 30, 2025 was approximately $1.6 million which consisted of proceeds from issuance of ordinary shares of approximately $1.0 million, and proceeds from short-term related-party loans of approximately $0.6 million.

Net cash provided by financing activities for the nine months ended June 30, 2024 was approximately $4.1 million, which consisted of proceeds from long-term related-party loans of approximately $2.6 million, and proceeds from PIPE investment of $2.5 million. The cash provided by financing activities was partially offset by the payments of deferred merger costs of approximately $0.9 million, and repayments to long-term related-party loans of approximately $0.1 million.

**Off-Balance Sheet Arrangements**

As of June 30, 2025, we did not have any off-balance sheet arrangements, including arrangements that would affect our liquidity, capital resources, market risk support, and credit risk support, or other benefits.

**Critical Accounting Estimates**

This management's discussion and analysis of our financial condition and results of operations is based on our unaudited condensed consolidated financial statements, which have been prepared in accordance with United States generally accepted accounting principles ("U.S. GAAP"). The preparation of these unaudited condensed consolidated financial statements and accompanying notes requires us to make estimates and judgements that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates and judgements, including those related to fair value of financial instruments and accrued expenses. We base our estimates on historical experience, known trends and events and various other factors that we believed to be reasonable under the circumstances, the results of which form the basis for making judgements about the carrying values of assets and liabilities that are not readily apparent from other sources. We have identified certain accounting estimates that are critical to the preparation of financial statements. Certain accounting estimates are particularly sensitive because of their significance to financial statements and because of the possibility that future events affecting the estimate may differ significantly from management's current judgments. We believe that the critical accounting estimates, assumptions, and judgments that have the most significant impact on our consolidated financial statements are described below.

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***Impairment for long-lived assets***

Long-lived assets, including property and equipment and intangible assets with finite lives are reviewed for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be recoverable. We assess the recoverability of the assets based on the undiscounted future cash flows the assets are expected to generate and recognize an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. If an impairment is identified, we would reduce the carrying amount of the asset to its estimated fair value based on a discounted cash flows approach or, when available and appropriate, to comparable market values.

These estimates and assumptions can include, but are not limited to, the cash flows that an asset is expected to generate in the future and the estimated useful lives. Changes in these assumptions could affect the carrying value of these assets. Our estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and, as a result, actual results may differ from estimates.

**BUSINESS**

*Unless the context otherwise requires, for purposes of this section, the terms "we," "us," "the Company" or "Graphjet Technology" refer to Graphjet and its subsidiaries prior to the Business Combination and to the Company and Graphjet, on a consolidated basis, after giving effect to the Business Combination.*

 

**Overview**

Graphjet is the owner of the state-of-the-art technology for the manufacture of artificial graphene and graphite, critical raw materials used in a variety of industries. The technology was developed through Graphjet's collaboration with UKM and UTEM. Graphjet's breakthrough technology transforms an abundant and renewable waste product, palm kernel shells, into highly valued artificial graphene and graphite. Graphjet prepared patent applications on its bio-mass processes and production methods, and it believes it is the only producer currently capable of using biomass to produce graphite and graphene in mass production scale. Graphjet received approval of its patent application (i) for a palm-based synthetic graphite and the preparation method thereof on September 22, 2022; and (ii) a palm-based synthetic graphene and the preparation method thereof on March 27, 2024.

Graphjet's innovative manufacturing process controls the quality of both the graphite and the resulting graphene, resulting in higher quality products than are produced using either mined graphite or artificial graphite derived from coal -based or petroleum-based production. Since Graphjet uses a widely available waste product as its source, Graphjet expects to be able to produce a higher quality product at a significantly lower cost than other graphite and graphene production methods currently in use worldwide.

**Market Opportunity**

Graphite is a mineral form of the element carbon and is either mined as a naturally occurring mineral or artificially produced. Presently, the largest producer and consumer of graphite is China. To date, artificial graphite has been predominantly produced by either using coal-based or petroleum-based methods. Mined graphite is a naturally occurring resource, however, the cost of mined graphite is high and while widely available, it is concentrated in certain geographic regions. Coal or petroleum-based graphite is even more costly than natural graphite, and the market price is highly volatile, as it tracks the price of the underlying raw material. This makes graphite difficult to obtain under long-term contracts for users. Recently, there have been several biomass-based graphite products, but none of them have been able to mass produce graphite or produce at industry standard.

Graphene was discovered in 2004 by Andre Geim and Konstantin Novoselov, who received the Nobel Prize in Physics for this in 2010. It is a material made of a single layer of carbon atoms arranged in a hexagonal lattice, bound together by overlapping sp2 hybrid bonds. Being a million times thinner than a human hair, it is the thinnest object ever created. Not only is graphene lightweight and flexible, but it is also the world's strongest material, being 200 times stronger than steel and conducts electricity faster than most other materials and if stacked in layers it forms graphite.<sup>4</sup> Graphene has been called the "miracle nanomaterial," the "king of new materials" as well as "black gold," indicating strong prospects for the graphene industry. Given graphene's downstream demand in areas of energy, anti-corrosion coating, and sensors, it is critical that graphene be as pure as possible. Graphene's technological application is dependent on its purity. Graphene's purity is highly dependent on the quality of the graphite from which it is derived. Natural graphite is not the most efficient source for carbon production because only about 10 to 15% of naturally occurring graphite is graphitic carbon. Graphene can be processed from graphite using multiple different processes, such as chemical vapor deposition ("CVD") or exfoliation. While the use of artificial graphite derived from petroleum coke has not been extensively explored, petroleum coke may provide an additional source of graphite for graphene production.

Driven by demand from the lithium-ion battery industry, where graphite is the single largest component, the global graphite market is anticipated to grow at a compound annual growth rate ("CAGR") of 15.1% over the period from 2024 to 2030, to $36.40 billion, from $15.67 billion in 2021. According to Insight Partners, the global graphene market is expected to grow more rapidly from $1.53 billion in 2023 to $8.58 billion in 2031, a CAGR of 24.0%. With the rise of 5G networks, graphene-based materials are being explored for antennas and high-frequency components, enhancing signal speed and efficiency. Additionally, flexible and wearable electronics benefit from graphene's lightweight and highly conductive properties. In addition to that, with the passage of the *Inflation Reduction Act* of 2022 in the United States, which provides a tax credit on personal electric vehicles ("EV") of up to $7,500, the demand for EV and the graphite and graphene to construct them is expected to follow.

At this critical time, Graphjet intends to fill this supply gap for graphite and graphene, which EVs require; EV batteries contain four basic components, an anode, cathode (*e.g.,* lithium, nickel, cobalt, manganese, etc.), electrolyte, and separator. The predominant anode material used in virtually all EV batteries is graphite. Considering the supply chain for graphite, historically, 70-80% of the natural graphite used in EV batteries has been sourced in China, and almost all midstream processing of graphite has been done in China. Without graphite, the EV car industry will be facing a bottleneck. Therefore, EV companies must be able to source the material to produce anode for the battery, which makes up approximately 25-35% of the overall cost of an EV. Graphjet seeks to be one of the suppliers or producers that will be able to consistently supply high-quality graphite in mass quantities at lower cost, as compared to its competitors.

**Supply of Raw Materials for Production**

Graphjet's technology allows it to produce graphite and graphene from palm kernel shells, which are a by-product of the production of palm seed oil. Each year, Malaysia alone produces approximately five million tons of palm kernel shells. This would be sufficient to produce approximately 1.67 tons of graphite and 10,000 tons of graphene. Agricultural waste, such as palm kernel shell, can generally not be exported or imported. However, Graphjet is currently producing graphite and graphene on a small scale. Thus, Graphjet has the strategy and manufacturing process in place to mass produce high quality and consistent graphite and graphene at competitive prices. Graphjet intends to construct its first main production facility in Malaysia to cater to the needs of its customers.

Graphjet intends to be a low-cost producer of the highest quality artificial graphite and graphene. Graphjet has patents on its bio-mass process and production method for graphite and graphene, and it believes it is the only producer currently capable of using biomass to produce graphite and graphene in mass production scale.

To date, Graphjet has not had any sales of its products, but plans to sample its product to multinational companies within the industry for market acceptance and procurement purposes, intending to replace current high cost suppliers.

On December 27, 2022, Graphjet executed its first supply agreement with Toyoda. This supply agreement provides that Graphjet will supply graphite and graphene amounting to $30 million annually to Toyoda for use on their carbon neutral mobility product. In light of the recent tightening of export controls over export of graphite by China, we were unable to export graphite from China in 2023, therefore we did not produce any revenue pursuant to the supply agreement in 2023. Graphjet is working towards completing a production facility in Malaysia that is capable of producing sufficient graphite and graphene to Toyoda.

**Industry Overview**

Graphite is a naturally occurring material with deposits all around the world. For naturally recoverable graphite, the 2025 United States Geological Survey indicated the world's current inferred resources exceed 800 million short tons. China has the most reserves and ranks first in excavation. In 2020, the global production of natural graphite was around 1.6 million short tons, and China accounted for approximately 79% of the world's total. Generally, the market cost of a ton of graphite ranges between $8,000 and $11,000, depending on market conditions and the quality of the mineral in question.<sup>8</sup>

Artificial graphite can also be produced from coal or crude oil in the refinery process. However, it is of limited utility and cannot be processed into higher value products, like graphene. The price of artificial graphite is even higher, and given the volatility in the oil markets, is approximately $20,000 per ton.<sup>9</sup> Graphite is used in the production of pencils, steel manufacturing, electronics, such as smartphones and as a lubricant for machinery. Graphjet's most important application is currently lithium-ion batteries. Rising demand for lithium-ion batteries, from the growing number of end-users in sectors such as transportation, energy, and others that require battery-grade graphite, is driving demand for spherical graphite. A major driving force of growth is from the market for electric vehicles. Industry analysts estimate that a typical Li-ion High-Energy (100 Ah) cell of around 3,400 grams requires over 650 grams of graphite and each electric vehicle contains approximately 70 kilograms of graphite.

Currently, over 70% of the graphite used in electric vehicles is produced in China. The COVID-19 pandemic demonstrated the consequences of supply chain namely making products unavailable and causing global inflation spikes. General concerns over supply chains have also led to growing geopolitical concerns regarding a global dependence on China for rare earth elements and other materials that are necessary for producing the advanced products of the 21<sup>st</sup> century. The Inflation Reduction Act of 2022 that provides a credit of $7,500 for the purchase of electric vehicles requires that the materials must be produced in the United States to be eligible for the credit. These are only two of the many factors driving a desire for diversification in graphite production.

Graphene is processed from natural graphite in a variety of methods. However, generally graphene is still sold as graphite, just at a purer level than naturally occurring graphite. Graphene conducts electricity 100 times more efficiently than silicon or nano-carbon; conducts heat 10 times better than metals such as copper and aluminium; its strength exceeds diamonds, and its fracture strength is 100 times that of steel. It is highly transparent transmitting up to 97.7% of light and has a high specific surface area, which is important for industrial processes and chemical reactions. These properties make graphene a critical product for a variety of uses.

Graphene can be used in dozens of biomedical devices and drug delivery applications. It can be used in automobiles, paint and tires, and it has numerous applications in electronics and home appliances. Graphene also has a superconductor property, making it a useful electrical engineering material. Ultra-sensitive sensors made from graphene can detect very fine and minute particles allowing such sensors to notify humans of dangerous environments and can be used in image sensing to detect ultra-violet, infrared and even terahertz frequencies. Graphene can also be used to enhance the strength of materials while reducing product weight, making it a useful material in the production of aviation products. However, its principal initial use will be to improve energy storage and batteries for electric vehicles and for storing wind and solar power. It will help to make possible the green economy, in addition to its other uses.

However, graphene remains costly. At an acceptable purity level, the market price of graphene ranges from $167 to $450 per gram. The cost of the raw materials, as well as the equipment and technology used to manufacture graphene are the principal factors behind its cost.

**Graphjet's Products**

Graphjet produces its artificial graphite and graphene from palm kernel shell, a waste product widely available in Malaysia and other countries that produce palm seed oil. Unlike mineral or coal-based or petroleum-based graphite that is ultimately limited and must be mined and processed to produce commercial grade graphite, Graphjet's raw materials are renewable, and effectively unlimited. Graphjet makes use of waste from a product that is used in food production and would otherwise need to be disposed. Graphjet's proven technology produces graphite at cost of approximately $4,500 per ton making it significantly cheaper than both natural and other sources of artificial graphite.

Graphjet's process to produce graphene from palm kernel shell-based graphite is also simpler. Taking advantage of the purer graphite produced from palmitoylation, Graphjet can produce highly consistent graphene at a higher purity level, in excess of 99.99% purity. Its other physical and chemical properties of Graphjet's graphene are more consistent than graphene produced from natural graphite as well. The end result is that Graphjet can sell a better product at a lower price.

While it is not possible under current laws to ship the raw palm kernel shells overseas, it is possible to transfer the intermediate product overseas, which would allow manufacturers to meet domestic production requirements. Import and export restriction can be different for different country, due to the regulations regarding different handling practices of palm kernel seeds, one concern being inadvertently introducing foreign bacteria into a country.

Graphjet will be able to obtain all the raw materials it needs from local sources in Malaysia. Malaysia is the second largest producer of palm seed oil globally, producing approximately 24% of global palm seed oil. As a result, the Malaysian palm seed industry produces over five million tons of palm kernel shells annually. While Graphjet is in the process of finalizing agreements with suppliers for long term contracts to secure its raw materials, Graphjet believes palm kernel shells will remain readily available as there are currently no other users of palm kernel shells and Malaysia produces 5 million tons of palm kernel shell yearly. Considering Graphjet's planned production would be way below the amount of palm kernel shell produced annually, Graphjet does not foresee obstacles sourcing its raw materials.

Graphjet believes that its cost and quality will allow an acceleration of the growth of the graphite and graphene market, and will make graphite and graphene available for more uses than is possible at current prices and quality. This will allow Graphjet's customers to offer their products at lower prices accelerating their market adoption.

**Graphjet's Strategy**

On December 27, 2022, Graphjet entered into a supply agreement with Toyoda. Pursuant to the supply agreement, Graphjet will supply Toyoda with graphite and graphene in an aggregate amount of revenue of $30 million to Toyoda for their carbon neutral mobility product. Toyoda's main business is to develop, manufacture and sell hydrogen energy vehicles, pure electric vehicles, electric bicycles (including electric motorcycles), drones, electric agriculture vehicles, yachts and hydrogen internal combustion engine vehicle. Toyoda possess all the proprietary and patent right pertaining to such technology. In light of the recent tightening of export controls over export of graphite by China, we were unable to export graphite from China in 2023, therefore we did not produce any revenue pursuant to the supply agreement in 2023. Graphjet is working towards completing a production facility in Malaysia that is capable of producing sufficient graphite and graphene to Toyoda.

Graphjet is currently seeking a suitable location to open its first main manufacturing plant in Malaysia. This will give Graphjet compete control of the manufacturing process. As Graphjet grows, we will construct additional manufacturing plants in different states of Malaysia and also take consider building a manufacturing plant in North America to work with EV automakers in the United States of America.

Graphjet intends to differentiate itself from its competitors based on the quality and price of graphite and graphene, as well as sustainability. To accomplish this, it will continue to invest in research and development and build out its sales and marketing team. It currently delivers high quality graphite and graphene at the lowest cost and with the only sustainable manufacturing process currently in use.

Upon completion of the manufacturing plants, Graphjet management projects the capacity for graphite and graphene will be approximately 10,000 to 50,000 tons and 60 to 200 tons per annum, respectively

In addition to the planned manufacturing plant, Graphjet Technology plans to build a commercial artificial graphite production facility in Nevada. The plant is expected to be capable of recycling up to 30,000 metric tons of palm kernel shells equivalent - a widely abundant agricultural waste product in Malaysia - to produce up to 10,000 metric tons of battery-grade, artificial graphite per year. This level of production is expected to be able to support the production of enough batteries to power more 100,000 electric vehicles (EVs) per year.

**Graphjet's Manufacturing Process**

Graphjet uses palm kernel shell, a biomass waste product that is abundant in Malaysia, as its raw material for producing graphite and graphene. The palm kernel shells are washed to remove the debris, water and oil. The cleaned palm kernel shells are then dried before adding Graphjet's formula to the palm kernel shells to go through a catalyzation to prepare for the pyrolysis process. Then the pyrolysis process, known as thermal cracking process, extracts the carbon content out from the catalyzed palm kernel shell, producing graphite raw material. The graphite then goes through a process known as material shaping, followed by graphitization process to obtain the palm-based synthetic graphite. This will be Graphjet's product to be sold to the customers or used as raw material as to make palm kernel-based graphene through graphitization preparation process.

**Research and Development**

Graphjet has developed its technology in collaboration with UKM and UTEM. This allowed it to bring the technology to commercialization faster for more graphene applications, and at a lower cost than would have been possible. While Graphjet does not have a formal agreement with UTEM, Graphjet signed a Memorandum of Understanding with UKM, which is ranked 129<sup>th</sup> in the world for best university, for the purpose of research and development collaboration, on February 1, 2021. The Memorandum of Understanding with UKM provides for the following collaborative activities, synthesis and characterization of palm kernel shells biomass-based precursors to produce graphite and graphene; project of preparing high quality and high purity man-made graphite from palm-based biomass; project on biomass man-made graphite as raw material to produce high-quality single-layer graphene; and diversified research and development based on man-made graphene application products, amongst other.

In addition, Graphjet appointed UKM UTEM, ranked 450<sup>th</sup>, Kwansei Gakuin University, ranked 1350<sup>th</sup>, and Shibaura Institute of Technology, rank 1201<sup>th</sup>, as technology representatives for the Japan region, Imperial College London, world ranked 7<sup>th</sup>, for the United Kingdom region and Massachusetts Institute of Technology, ranked number 1 in the world, for the United States region, Graphjet is also involved in joint research and development in graphite and graphene applications for various types of batteries.

**Sales and Marketing**

On December 27, 2022, Graphjet entered into a supply agreement with Toyoda. Pursuant to the supply agreement, Graphjet will supply Toyoda with graphite and graphene in an aggregate amount of revenue of $30 million to Toyoda for their carbon neutral mobility product. We were unable to export graphite from China in 2023, therefore we did not produce any revenue pursuant to the supply agreement in 2023.

Graphjet uses technology that drives the cost advantage to produce graphite and graphene. With the cost advantage, Graphjet can penetrate the graphene market, offering higher quality graphene at about 80-90% less than the current market price (market price USD $200 to $450 per gram) offered by the existing suppliers. Furthermore, Graphjet can produce higher quality graphene which provides customers with a superior product for downstream production uses such as for energy storage, and the production of supercapacitors and graphene batteries.

**Intellectual Property**

On March 28, 2022, Graphjet entered into a Deed of Assignment, as supplemented by the Supplemental Deed dated July 29, 2022, with ZhongHe Tiancheng Technology Development (Beijing) Co. Ltd, pursuant to which Graphjet acquired a palm-based synthetic graphite and the preparation method thereof with the application no. PI2021002802, a palm-based synthetic graphite and the preparation method thereof with the application no. CN111892048A and a preparation system of palm-based synthetic graphite with the application no. CN111675214A and all the intellectual property rights attached thereto. On March 10, 2022, Graphjet entered into Intellectual Property Sales Agreement with Liu Yu, as supplemented by the letter from Liu Yu to Graphjet dated July 29, 2022, pursuant to which Graphjet purchased the process for producing palm-based graphene. Graphjet currently owns all of the intellectual property rights to its technology and manufacturing process and Graphjet's technology is not subject to any ownership, intellectual property, or other rights of any parties other than Graphjet.

Graphjet's technology will provide a strong alternative option in the artificial graphite market. Traditionally in the market, artificial graphite is preferred by the technology industry due to its higher quality as compared to mineral graphite. Artificial graphite is usually sourced from coal or petroleum coke, which is a byproduct in its respective industry. Therefore, traditional artificial graphite may be limited by shortages or supply chain issues related to coal and petroleum coke. At this time, there are no similar supply chain issues that would affect Graphjet's access to palm kernel shells used to produce its version of artificial graphite.

**Employees**

Graphjet has 20 employees in the following departments: research and development, production, sales and marketing, administration, and believes its relationship with its employees is cooperative and its employees share the same goals as management to industrialize palm kernel shell-based graphite and graphene, making the products available worldwide.

As Graphjet expands, it believes it will be able to source personnel that can contribute to the technical, marketing and business development aspects of the Company.

**Facilities**

Graphjet leases an office space in Selangor that is approximately 90,000 sq. ft. Graphjet is currently seeking a suitable location to open its first main manufacturing plant in Malaysia. This will give Graphjet compete control of the manufacturing process.

In addition to the planned manufacturing plant, Graphjet Technology plans to build a commercial artificial graphite production facility in Nevada. The plant is expected to be capable of recycling up to 30,000 metric tons of palm kernel material equivalent - a widely abundant agricultural waste product in Malaysia - to produce up to 10,000 metric tons of battery-grade, artificial graphite per year. This level of production is expected to be able to support the production of enough batteries to power more 100,000 electric vehicles (EVs) per year.

**Regulatory Environment**

The graphene and graphite industry are governed by laws, which continue to evolve and change over time. The costs and resources necessary to comply with these laws are significant. Our profitability depends in part upon our ability, and that of our affiliated providers and independent contractors, to operate in compliance with applicable laws and to maintain all applicable licenses. To the extent any of our employees or third-party contractors engages in any misconduct or activity in violation of an applicable law, we may be subject to increased liability under the law or increased government scrutiny. If any such action is instituted against us, and we are not successful in defending ourselves or asserting our rights, such action could have a significant impact on our business, including the imposition of significant fines or other sanctions. Complying with any new legislation and regulations could be time-intensive and expensive, resulting in a material adverse effect on our business.

**Legal Proceedings**

From time to time, we may become a party to various lawsuits, claims and other legal proceedings that arise in the ordinary course of our business. While the outcomes of these matters are uncertain, management does not expect that the ultimate costs to resolve these matters will have a material adverse effect on our consolidated financial position, results of operations or cash flows.

**MANAGEMENT**

**Management and Board of Directors**

Our directors and executive officers (as of December 22, 2025) are as follows:

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| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
| ***Executive Officers*** |  |  |
| Chris Lai Ther Wei <sup>(1)</sup> | 42 | Chief Executive Officer, Chief Financial Officer, Chairman, and Director |
| ***Non-Executive Directors*** |  |  |
| Tan Song Jie <sup>(2)</sup> | 37 | Director |
| Ang Chee Yong <sup>(2)</sup> | 42 | Director |
| Chen Siow Woon <sup>(3)</sup> | 45 | Director |
| Pwa Yee Guo <sup>(3)</sup> | 35 | Director |

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<sup>(1)</sup> Class I Director <br> <sup>(2)</sup> Class II Director <br> <sup>(3)</sup> Class III Director

**Background of Directors and Executive Officers**

***Executive Officers***

***Chris Lai Ther Wei*** has served as Graphjet's Chief Executive Officer, Chief Financial Officer and member of the Board since April 2025 and Executive Director since its inception. Prior to joining the Company, he served as Director at Mercury Securities Sdn Bhd from June 2019 until October 2021 and then Director, Head of Capital Markets, from November 2021 to February 2025. Since 2017, he has advised companies on corporate finance at several notable investment banks in Malaysia, including RHB Investment Bank Berhad and OSK Investment Bank Berhad. During this time, he provided a diverse range of corporate finance advisory services including initial public offering, secondary fund raising, mergers and acquisitions, privatization, independent advice and valuation. He graduated with a Diploma in Business Studies (Accounting) from Kolej Tunku Abdul Rahman in 2002 and a Bachelor of Science in Applied Accounting from Oxford Brookes University in 2006. He was admitted as a member of the ACCA (UK) on June 30, 2008 and became an ACCA (UK) Fellow on June 30, 2013.

***Non-Executive Directors***

***Tan Song Jie*** is a Chartered Accountant qualified with the Association of Chartered Certified Accountants ("ACCA") with over 12 years of experience in accounting, auditing, taxation, and financial analysis. He has worked across various industries, including private equity, fund investment, oil and gas, and IT services, and has demonstrated adaptability in managing complex financial matters and supporting business growth. Most recently, he was a Fund Accountant and Project Manager at Argyle Street Management Limited in Hong Kong from 2019 to 2023. He managed a $600 million plantation asset portfolio, oversaw private equity investments, and handled investor reporting, funding, and restructuring. Before that, he worked at Hewlett Packard Enterprise from 2017 to 2019 as a Financial Analyst for China, Hong Kong, and the Philippines, focusing on financial reporting, forecasting, transfer pricing, tax compliance, and mergers and acquisitions. Earlier in his career, he was a Statutory and Tax Accountant at Schlumberger in 2017, ensuring compliance with IFRS and tax regulations across North Africa. From 2013 to 2015, he worked as a Senior Executive at Grant Thornton Malaysia, handling audits, IPO assignments, and due diligence. Tan Song Jie is a member of ACCA and the Malaysian Institute of Accountants. He is also a licensed company secretary registered with the Companies Commission of Malaysia, which further strengthens his expertise in corporate governance and financial management.

***Ang Chee Yong*** is a Licensed Financial Planner with over 15 years of experience in the financial services industry. He has helped over 500 clients and managed more than $10 million in investment assets, guiding individuals, families, and business owners toward financial security. As the Founder and Managing Director of Axeable Strategy Sdn Bhd, he has grown the company, built successful sales teams, and provided strategic business consulting to improve client operations. Beyond financial advising, Ang is a certified trainer with the Malaysian Financial Planning Council ("MFPC") and Lions International. He is an external lecturer at Changchun Finance College, China, specializing in Business Management, Entrepreneurship, and Microeconomics. His expertise in financial planning and business development has made him a sought-after speaker and mentor. He previously held leadership roles at VKA Wealth Planners Sdn Bhd, where he led business development and client acquisition, winning the Best Business Development Director award for three consecutive years. Before that, he worked at VKA Business Advisory Sdn Bhd and Allianz Life Insurance (M) Bhd, consistently ranking as a top performer. Ang is currently pursuing a Master's Degree in Financial Planning at the Universiti Putra Malaysia. He holds a Bachelor of Business Information Systems from the Universiti Tunku Abdul Rahmanand ("UTAR") and a Registered Financial Planner certification from MFPC. He is also an accredited trainer and an active member of professional organizations, including Toastmasters International, Association of Financial Advisers Malaysia, and Lions International. His strengths include leadership, strategic planning, business development, sales training, and financial consulting, making him a key figure in the financial industry.

***Chen Siow Woon*** is a skilled professional with expertise in food science, biochemistry, and research and development. She holds a Master of Science in Food Science and a Bachelor of Science in Biochemistry from the University Kebangsaan Malaysia. Her academic research focused on producing resistant starch and using biochemical applications to slow down fruit ripening. With over 10 years of experience, she has worked in research and development, product management, and quality control. As an Assistant Research and Development Manager at NEP Malaysia Holdings Sdn Bhd from 2006 to 2017, she managed quality control, product evaluation, laboratory operations, and academic research collaborations. Her expertise includes experimental design, microbial analysis, in vitro toxicity testing, and enzymatic hydrolysis processes. She has also contributed to improving analytical techniques and water quality testing standards. Besides research, Chen has experience in sales and education. From 2017 to 2019, she worked as a Sales Executive at Yan Yung Tang Malaysia Sdn Bhd, promoting enzyme-based health products. Since 2019, she has been a home tutor, teaching Malay, Mathematics, and Science to primary and secondary students. She is also an art teacher, incorporating creative and sustainable materials into her lessons.

***Pwa Yee Guo*** is a highly experienced finance professional with expertise in corporate finance, financial advising, taxation, and accounting. As a Certified Practicing Accountant ("CPA"), he has a strong background in financial reporting, risk management, and audit oversight, helping businesses make informed financial decisions. He has held key leadership roles throughout his career. As a Partner and Co-founder of Takaro Enterprise from 2023 to 2024, he developed business strategies, managed operations, and led financial planning to improve profitability. While working at Hewlett Packard Enterprise from 2017 to 2022 he oversaw financial reporting across multiple countries, ensuring compliance and providing strategic insights. Earlier in his career, he worked as a Tax Accountant at Schlumberger in 2015 and as an Auditor at SJ Grant Thornton from 2012 to 2015, specializing in tax regulations, corporate policies, and financial audits. He holds a Bachelor of Accounting from UTAR and earned his CPA Australia certification in 2014. His strengths include leadership, team management, client relations, and deep financial expertise, making him a valuable asset in driving business growth.

**Director Independence**

As a result of our Class A Ordinary Shares initially being listed on Nasdaq, we continue to adhere to the listing rules of Nasdaq in affirmatively determining whether a director is independent. Our Board has consulted, and will consult, with its counsel to ensure that the board's determinations are consistent with those rules and all relevant securities and other laws and regulations regarding the independence of directors. The Nasdaq listing standards generally define an "independent director" as a person, other than an executive officer of a company or any other individual having a relationship which, in the opinion of the issuer's board of directors, would interfere with the exercise of independent judgment in carrying out the responsibilities of a director.

The directors Tan Song Jie, Chen Siow Woon, and Ang Chee Yong qualify as independent directors as defined under the listing rules of Nasdaq, and our board consists of a majority of independent directors, as defined under the rules of the SEC and Nasdaq Listing Rules relating to director independence requirements. In addition, we are subject to the rules of the SEC and Nasdaq relating to the membership, qualifications, and operations of the audit committee, the remuneration committee, and the nominating and corporate governance committee, as discussed below.

**Role of the Board in Risk Oversight**

One of the key functions of our Board will be informed oversight of its risk management process. The Board does not anticipate having a standing risk management committee, but rather anticipates administering this oversight function directly through the Board as a whole, as well as through various standing committees of the Board that address risks inherent in their respective areas of oversight. In particular, our Board will be responsible for monitoring and assessing strategic risk exposure and our audit committee will have the responsibility to consider and discuss the combined company's major financial risk exposures and the steps its management will take to monitor and control such exposures, including guidelines and policies to govern the process by which risk assessment and management is undertaken. The audit committee will also monitor compliance with legal and regulatory requirements. Our remuneration committee will also assess and monitor whether our compensation plans, policies and programs comply with applicable legal and regulatory requirements.

**Board Committees**

Our Board established an audit committee, a remuneration committee and a nominating and corporate governance committee. Our Board adopted a written charter for each of these committees, which complies with the applicable requirements of current Nasdaq Listing Rules. Copies of the charters for each committee are available on the investor relations portion of Graphjet Technology's website. The composition and function of each committee will comply with all applicable requirements of the Sarbanes-Oxley Act and all applicable SEC rules and regulations.

***Audit Committee***

The members of the audit committee are Tan Song Jie (Chair), Chen Siow Woon, and Ang Chee Yong. Our Board has determined that each of the members of the audit committee will be an "independent director" as defined by, and meet the other requirements of the Nasdaq Listing Rules applicable to members of an audit committee and Rule 10A-3(b)(i) under the Exchange Act, including that each member of the audit committee can read and understand fundamental financial statements in accordance with Nasdaq audit committee requirements. In arriving at this determination, the Board examined each audit committee member's scope of experience and the nature of their prior and current employment. The audit committee will meet on at least a quarterly basis. Both the Company's independent registered public accounting firm and management intend to periodically meet privately with our audit committee.

The primary purpose of the audit committee is to discharge the responsibilities of the Board with respect to our accounting, financial, and other reporting and internal control practices and to oversee our independent registered accounting firm. Specific responsibilities of our audit committee include:

● selecting a qualified firm to serve as the independent registered public accounting firm to audit our financial statements;

● helping to ensure the independence and performance of the independent registered public accounting firm;

● discussing the scope and results of the audit with the independent registered public accounting firm, and reviewing, with management and the independent accountants, our interim and year-end operating results;

● developing procedures for employees to submit concerns anonymously about questionable accounting or audit matters;

● reviewing policies on risk assessment and risk management;

● reviewing related party transactions;

● obtaining and reviewing a report by the independent registered public accounting firm at least annually, that describes our internal quality-control procedures, any material issues with such procedures, and any steps taken to deal with such issues when required by applicable law; and

● approving (or, as permitted, pre-approving) all audit and all permissible non-audit service to be performed by the independent registered public accounting firm.

***Audit Committee Financial Expert***

Our Board has determined that Tan Song Jie qualifies as an audit committee financial expert within the meaning of SEC regulations and meets the financial sophistication requirements of the Nasdaq Listing Rules. In making this determination, our Board considered Tan Song Jie's formal education, training, and previous experience in financial roles.

***Remuneration Committee***

The members of the remuneration committee are Chen Siow Woon (Chair), Tan Song Jie, and Ang Chee Yong. Our Board has determined that each of the members will be an "independent director" as defined by the Nasdaq Listing Rules applicable to members of a remuneration committee. The Board has determined that each of the members of the remuneration committee is a non-employee director, as defined in Rule 16b-3 promulgated under the Exchange Act and satisfy the independence requirements of the Nasdaq. The remuneration committee will meet from time to time to consider matters for which approval by the committee is desirable or is required by law.

Specific responsibilities of our remuneration committee include:

● reviewing and approving on an annual basis the corporate goals and objectives relevant to our Chief Executive Officer's compensation, evaluating our Chief Executive Officer's performance in light of such goals and objectives and determining and approving the remuneration (if any) of our Chief Executive Officer based on such evaluation;

● reviewing and approving the compensation of our other executive officers;

● reviewing and recommending our Board the compensation of our directors;

● reviewing our executive compensation policies and plans;

● reviewing and approving, or recommending that our Board approve, incentive compensation and equity plans, severance agreements, change-of-control protections and any other compensatory arrangements for our executive officers and other senior management, as appropriate;

● administering our incentive compensation equity-based incentive plans;

● selecting independent compensation consultants and assessing whether there are any conflicts of interest with any of the committee's compensation advisors;

● assisting management in complying with our proxy statement and annual report disclosure requirements;

● if required, producing a report on executive compensation to be included in our annual proxy statement;

● reviewing and establishing general policies relating to compensation and benefits of our employees; and

● reviewing our overall compensation philosophy.

***Nominating and Corporate Governance Committee***

The members of the nominating and corporate governance committee are Chen Siow Woon (Chair), Pwa Yee Guo, and Ang Chee Yong. The Board determined that each of the members will be an "independent director" as defined by the Nasdaq Listing Rules applicable to members of a nominating committee. The nominating and corporate governance committee will meet from time to time to consider matters for which approval by the committee is desirable or is required by law.

Specific responsibilities of our nominating and corporate governance committee include:

● identifying, evaluating and selecting, or recommending that our Board approve, nominees for election to our Board;

● evaluating the performance of our Board and of individual directors;

● reviewing developments in corporate governance practices;

● evaluating the adequacy of our corporate governance practices and reporting;

● reviewing management succession plans; and

● developing and making recommendations to our Board regarding corporate governance guidelines and matters.

***Code of Ethics***

We have adopted a code of ethics that applies to all of our directors, officers and employees. A copy of our code of ethics is available on its website. We also intend to disclose future amendments to, or waivers of, its code of ethics, as and to the extent required by SEC regulations, on its website.

***Remuneration Committee Interlocks and Insider Participation***

None of the members of the compensation committee was at any time one of Graphjet Technology's officers or employees. None of Graphjet Technology's executive officers currently serves, or has served during the last completed fiscal year, on the compensation committee or board of directors of any other entity that has one or more executive officers that will serve as a member of our Board or compensation committee.

***Shareholder and Interested Party Communications***

Shareholders and interested parties may communicate with our Board, any committee chairperson or the non-management directors as a group by writing to the board or committee chairperson. Each communication will be forwarded, depending on the subject matter, to the Board, the appropriate committee chairperson or all non-management directors.

***Limitations of Liability and Indemnification of Directors and Officers***

Cayman Islands law does not limit the extent to which a company's memorandum and articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as providing indemnification against willful default, fraud or the consequences of committing a crime. Our Amended and Restated Articles provide for indemnification of our officers and directors to the maximum extent permitted by law, including for any liability incurred in their capacities as such, except through their own actual fraud, willful default or willful neglect. We have purchased a policy of directors' and officers' liability insurance that insures our officers and directors against the cost of defense, settlement or payment of a judgment in some circumstances and insures us against our obligations to indemnify our officers and directors.

Our indemnification obligations may discourage shareholders from bringing a lawsuit against our officers or directors for breach of their fiduciary duty. These provisions also may have the effect of reducing the likelihood of derivative litigation against our officers and directors, even though such an action, if successful, might otherwise benefit us and our shareholders. Furthermore, a shareholder's investment may be adversely affected to the extent we pay the costs of settlement and damage awards against our officers and directors pursuant to these indemnification provisions.

We believe that these provisions, the insurance and the indemnity agreements are necessary to attract and retain talented and experienced officers and directors.

We have entered into agreements with our officers and directors to provide contractual indemnification in addition to the indemnification provided for in our amended and restated memorandum and articles of association. Our amended and restated memorandum and articles of association permit us to secure insurance on behalf of any officer, director or employee for any liability arising out of his or her actions, regardless of whether the Companies Act would permit such indemnification.

Our indemnification obligations may discourage shareholders from bringing a lawsuit against our officers or directors for breach of their fiduciary duty. These provisions also may have the effect of reducing the likelihood of derivative litigation against our officers and directors, even though such an action, if successful, might otherwise benefit us and our shareholders. Furthermore, a shareholder's investment may be adversely affected to the extent we pay the costs of settlement and damage awards against our officers and directors pursuant to these indemnification provisions.

We believe that these provisions, the insurance and the indemnity agreements are necessary to attract and retain talented and experienced officers and directors.

**Delinquent Section 16(a) Reports**

Section 16(a) of the Securities Exchange Act of 1934 requires our directors, certain officers and any beneficial owners of more than 10% of our common stock to file reports relating to their ownership and changes in ownership of our ordinary shares with the SEC by certain deadlines. Based on a review of Section 16 filings with respect to our Company made during or with respect to the preceding year, we are not aware of any late Section 16(a) filings.

**EXECUTIVE AND DIRECTOR COMPENSATION**

*References to the "Company," "Graphjet Technology," "Graphjet," "our," "us," or "we" in the following section refer to Graphjet prior to the Business Combination.*

 

**Summary Compensation Table**

The following table sets for the annual salary and other compensation for our named executive officer and non-employee directors for the fiscal year 2025. All amounts paid in Malaysian Ringgit (RM) have been converted to U.S. dollars using an exchange rate of 1 RM = 0.213 USD.

 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name and Position** | **Year** | **Salary <br> ($)** | **Bonus ($)** | **Stock<br> Awards ($)** | **Option Awards <br> ($)** | **All other Compensation<br> ($)** | **Total <br> ($)** |
| Chris Lai Ther Wei<sup>(1)</sup> | 2025 | 63900 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-<sup>(6)</sup> |  | 85200 | 149100 |
| Tan Song Jie<sup>(2)</sup> | 2025 | 6390 |  |  |  |  | 6390 |
| Ang Chee Yong<sup>(3)</sup> | 2025 | 6390 |  |  |  |  | 6390 |
| Chen Siow Woon<sup>(4)</sup> | 2025 | 6390 |  |  |  |  | 6390 |
| Pwa Yee Guo<sup>(5)</sup> | 2025 | 6390 |  |  |  |  | 6390 |

---

 

(1) Annual
 salary represents the full-year rate for 2025. Chris Lai Ther Wei commenced employment on
 April 4, 2025; therefore, only a portion of this salary has been earned as of the date of
 this prospectus.

(2) Annual
 salary represents the full-year rate for 2025. Tan Song Jie commenced employment on March
 20, 2025; therefore, only a portion of this salary has been earned as of the date of this
 prospectus.

(3) Annual
 salary represents the full-year rate for 2025. Ang Chee Yong commenced employment on March
 20, 2025; therefore, only a portion of this salary has been earned as of the date of this
 prospectus.

(4) Annual
 salary represents the full-year rate for 2025. Chen Siow Woon commenced employment on March
 20, 2025; therefore, only a portion of this salary has been earned as of the date of this
 prospectus.

(5) Annual
 salary represents the full-year rate for 2025. Pwa Yee Guo commenced employment on March
 20, 2025; therefore, only a portion of this salary has been earned as of the date of this
 prospectus.

(6) A
 part of his compensation, Chris Lai will be issued an amount of the Company's Class
 A Ordinary Shares, par value $0.006 per share, equal to RM 500,000.

 

 

**Executive Compensation**

Chris Lai was officially appointed as Chief Executive Officer on April 4, 2025, through a letter sent by the Company and signed by Aiden Lee Ping Wei, the Company's former Chief Executive Officer. Such letter included his responsibilities as Chief Executive Officer, in addition to his responsibilities as Chief Financial Officer. In connection with his appointment, Chris Lai will receive:

● an initial base salary of RM 300,000 per year;

● an initial allowance of RM 400,000 per year; and

● an amount of the Company's Class A Ordinary Shares, par value $0.006 per share, equal to RM 500,000. These shares have not been issued to Chris Lai.

**Director Compensation**

For their service on the Board, the members of the Board entered into the Company's customary indemnification agreement for non-employee directors and will receive RM 2,500 per month.

**Summary of the Equity Incentive Plan**

***Overview***

The Equity Incentive Plan allows Graphjet Technology to make equity and equity-based incentive awards to employees, directors and consultants of Graphjet Technology or any of its subsidiaries. The Board anticipates that providing such persons with a direct stake in Graphjet Technology will assure a closer alignment of the interests of such individuals with those of Graphjet Technology and its shareholders, thereby stimulating their efforts on Graphjet Technology's behalf and strengthening their desire to remain with Graphjet Technology.

The aggregate number of the Class A Ordinary Shares that may be issued or used for reference purposes under the Equity Incentive Plan or with respect to which Awards (as defined below), including but not limited to incentive equity options ("ISO"), may be granted by Graphjet Technology shall not exceed 248,385 Ordinary Shares (the "Share Reserve").

This section summarizes certain principal features of the Equity Incentive Plan, which may be subject to change.

***Purpose of the Equity Incentive Plan***

The purpose of the Equity Incentive Plan is to promote the long-term success of Graphjet Technology and the creation of shareholder value by (a) encouraging service providers to focus on critical long-range corporate objectives, (b) encouraging the attraction and retention of service providers with exceptional qualifications, and (c) linking service providers directly to shareholder interests through increased equity ownership.

***Eligibility and Administration***

Graphjet Technology's employees, consultants and directors, and employees, consultants and directors of its subsidiaries will be eligible to receive awards under the Equity Incentive Plan. The Equity Incentive Plan is expected to be administered by the Graphjet Technology Board with respect to awards to non-employee directors and by Graphjet Technology's remuneration committee with respect to other participants, each of which may delegate its duties and responsibilities to committees of Graphjet Technology directors and/or officers (referred to collectively as the "plan administrator" below), subject to certain limitations that may be imposed under stock exchange rules. The plan administrator will have the authority to interpret and adopt rules for the administration of the Equity Incentive Plan, subject to its express terms and conditions. The plan administrator will also set the terms and conditions of all awards under the Equity Incentive Plan, including any vesting and vesting acceleration conditions.

***Limitation on Awards and Shares Available***

The maximum number of Class A Ordinary Shares initially available for issuance under the Equity Incentive Plan will be equal to 10% of the fully diluted issued and outstanding Class A Ordinary Shares immediately after the Closing. Subject to the shareholders of Graphjet Technology resolving to increase the authorized share capital if required pursuant to applicable law and the memorandum and articles of association then in force, the Share Reserve (other than with respect to ISOs) will automatically increase on January 1<sup>st</sup> annually for the duration of the Equity Incentive Plan beginning on January 1<sup>st</sup> of the year following the year in which the Closing occurs, in an amount equal to 10% of the fully diluted issued and outstanding Class A Ordinary Shares outstanding on December 31<sup>st</sup> of the preceding calendar year, <u>provided,</u> that the Board may act prior to January 1<sup>st</sup> of a given year to provide that there will be no January 1<sup>st</sup> increase in the Share Reserve for such year or that the increase in the Share Reserve for such year will be a lesser number of Shares than would otherwise occur as provided above.

The Share Reserve shall in all events be subject to further adjustment as provided in the Equity Incentive Plan. In no event shall fractional Shares be issued under the Equity Incentive Plan. For clarity, the Share Reserve is a limitation on the number of Shares that may be issued pursuant to the Equity Incentive Plan. Shares may be issued in connection with a merger or acquisition as permitted by Nasdaq Listing Rule 5635(c) or other applicable exchange rule, and any such issuance will not reduce the number of Shares available for issuance under this Plan.

Subject to adjustment, as provided in the Equity Incentive Plan, the maximum dollar value of Shares underlying Awards that may be granted to a director in any financial year shall be $250,000, or during a director's initial financial year with Graphjet Technology or its Subsidiary, 200% of such amount. In addition, the Board may provide for a limit on the dollar value or maximum aggregate number of Shares underlying Awards that may be granted to any one Named Executive Officer (as defined in the Equity Incentive Plan) of the Graphjet Technology or any Subsidiary in any financial year, subject to adjustment as provided in the Equity Incentive Plan.

***Awards***

The Equity Incentive Plan will provide for the grant of Nonqualified Share Options, Incentive Share Options, Share Appreciation Rights, Restricted Shares, Restricted Share Units, Performance Shares, or Performance Units (collectively or individually, an "Award"). No determination has been made as to the types or amounts of Awards that will be granted to certain individuals pursuant to the Equity Incentive Plan. All awards under the Equity Incentive Plan will be set forth in an "Award Agreement," which will detail all terms and conditions of the awards, including any applicable vesting and payment terms and post-termination exercise limitations.

A brief description of each award type follows:

● *Nonqualified Share Options or "NSO"* means the right to purchase Shares pursuant to terms and conditions that are not intended to be, or do not qualify as, an Incentive Share Options;

● *Incentive Share Options or "ISO"* means the right to purchase Shares pursuant terms and conditions that are intended to qualify as, and that satisfy the requirements applicable to, an incentive equity option within the meaning of Code Section 422 of the United States Internal Revenue Code of 1986, as amended;

● *Share Appreciation Rights* or "*SAR*" means a right, designated as an SAR, to receive the appreciation in the Fair Market Value of Shares;

● *Restricted Shares* means an Award of Shares subject to vesting conditions;

● *Restricted Share Units* or "*RSUs*" shall mean a right to receive Shares or cash upon vesting;

● *Performance Shares* means an Award granted to a Participant that entitles the Participant to delivery of Shares upon achievement of performance goals; and

● *Performance Units* means an Award that entitles the Participant to a cash payment upon achievement of performance goals.

***Vesting and Holding Period***

As part of making any Award, the Remuneration Committee may determine the time and conditions under which the Award will vest and may specify partial vesting in one or more vesting Tranches, which may be based solely upon continued employment or service for a specified period of time or may be based upon the achievement of specific performance goals established by the Remuneration Committee in its discretion.

For all purposes of this Plan, "***vesting***" of an Award shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;(a) In
 the case of an Option or SAR, the time at which the Participant has the right to exercise
 the Award.

&nbsp;&nbsp;&nbsp;&nbsp;(b) In
 the case of Restricted Shares all conditions for vesting, as stated in the Award Agreement
 or the Equity Incentive Plan, are satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;(c) In
 the case of Restricted Share Units all conditions for vesting, as stated in the Award Agreement
 or the Equity Incentive Plan, are satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;(d) In
 the case of Performance Shares or Performance Units, the time at which the Participant has
 satisfied the requirements to receive payment on such Performance Shares or Performance Units,
 which shall not be less than one year from the grant date, except as otherwise provided in
 Section 10.2 of the Equity Incentive Plan.

Vesting need not be uniform among Awards granted at the same time or to persons similarly situated. Vesting requirements shall be set forth in the applicable Award Agreement. Each Award Agreement and each certificate representing securities granted pursuant to the Equity Incentive Plan may bear such restrictive legend(s) as Graphjet Technology deems necessary or advisable under applicable law. No participant shall have the right to defer the amount of Shares or cash payable upon the exercise or settlement of any Option or SAR, or the transfer of any Restricted Shares upon the vesting thereof.

With respect to an Award of Restricted Shares or RSU, the participant may direct that any withholding of taxes, domestic or foreign, resulting from vesting of such Award occur as set forth in the Equity Incentive Plan. If the date of the vesting of any Award, other than an Option or SAR, held by Participant who is subject to Graphjet Technology's policy regarding trading of its Shares by its officers and directors and Shares is not within a "window period" applicable to the Participant, then withholding shall be at the applicable statutory withholding amount accomplished by one or more of the methods provided for in the Equity Incentive Plan.

If the date of the vesting of any Award, other than an Option or SAR, held by participant who is subject to Graphjet Technology's policy regarding trading of its Shares by its officers and directors and Shares is not within a "window period" applicable to the participant, as determined by Graphjet Technology in accordance with such policy, then the vesting of such Award shall not occur on such original vesting date and shall instead occur on the first day of the next "window period" applicable to the participant pursuant to such policy.

***Certain Transactions***

Unless prohibited by applicable law, the Amended and Restated Articles or the applicable rules of a stock exchange, the Remuneration Committee may delegate all or some of its responsibilities and powers to any one or more of its members. The Remuneration Committee also may delegate some or all of its administrative duties to any officer of Graphjet Technology and may delegate some or all of its administrative powers to the CEO to grant Awards under the Plan to participants and potential participants who are not Directors or Named Executive Officers of Graphjet Technology or any Subsidiaries, provided that the terms and conditions of such Awards shall be set forth in an Award Agreement approved in substantial form by the Remuneration Committee prior to the grant of said Awards, the Remuneration Committee in its delegation shall specify the maximum Shares that may be awarded to one participant pursuant to such delegation in any calendar year, and the CEO shall report any such grants to the Committee at its next meeting.

***Subplans, Malus and Claw-Back Provisions, Transferability***

Graphjet Technology or any Subsidiary may, to the extent permitted by applicable law, deduct from and set off against any amounts Graphjet Technology or Subsidiary may owe to the participant from time to time, including amounts payable in connection with any Award, owed as wages, fringe benefits, or other compensation owed to the participant, such amounts as may be owed by the participant to Graphjet Technology or a Subsidiary, although the participant shall remain liable for any part of the participant's payment obligation not satisfied through such deduction and setoff. All Awards (including any proceeds, gains or other economic benefit the participant actually or constructively receives upon receipt or exercise of any Award) will be subject to any claw-back policy of Graphjet Technology, as set forth in such claw-back policy or the Award Agreement. By accepting any Award granted hereunder, the participant agrees to any deduction, claw-back or setoff under the Equity Incentive Plan, as set forth in the Award Agreement.

***Plan Amendment and Termination***

Except as otherwise provided in the Equity Incentive Plan, at any time the Board may wholly or partially amend, modify, suspend or terminate the Equity Incentive Plan or the Remuneration Committee's authority to grant Awards under the Equity Incentive Plan without the consent of shareholders or participants. However, without the approval of Graphjet Technology's shareholders given twelve months before or after the action by the Board if such shareholder approval is required by any federal or state law or regulation or the rules of any share exchange or automated quotation system on which the Shares may then be listed or quoted, no action of the Board may (i) increase the limit on the Share Reserve, (ii) reduce the exercise price per share of any outstanding Option or SAR granted under this Plan, (iii) cancel any Option or SAR in exchange for cash, another Award or an Option or SAR with a price per share that is less than the price per share of the original Option or SAR, or (iv) materially modify the requirements as to eligibility for participation in the Equity Incentive Plan. The Remuneration Committee shall have no authority to waive or modify any other Award term after the Award has been granted to the extent that the waived or modified term was mandatory under the Equity Incentive Plan.

**Remuneration Committee Interlocks and Insider Participation**

None of the members of the remuneration committee was at any time one of Graphjet Technology's officers or employees. None of Graphjet Technology's executive officers currently serves, or has served during the last completed fiscal year, on the compensation committee or board of directors of any other entity that has one or more executive officers that will serve as a member of our Board or compensation committee.

**Remuneration Committee Report**

The Remuneration Committee was formed in connection with the Closing of the Business Combination. As a result, the Remuneration Committee has not reviewed and discussed the Compensation Discussion and Analysis required by Item 402(b) of Regulation S-K with management.

*Submitted by the Remuneration Committee of the Board:*

● Chen Siow Woon (Chair)

● Ang Chee Yong

● Tan Song Jie

The material in this Remuneration Committee Report is deemed "furnished" in this Registration Statement and shall not be deemed to be "soliciting material" or to be "filed" with the SEC or subject to the liabilities of Section 18 of the Exchange Act, except to the extent that we specifically incorporate it by reference into a document filed under the Securities Act or the Exchange Act.

**CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS**

**Related Party Transactions**

On May 15, 2025, Graphjet Technology and Aiden Lee Ping Wei entered into a Warrant Subscription Agreement, pursuant to which Graphjet Technology issued 20,000,000 warrants to purchase up to 200,000,000 of the Company's Class A ordinary shares, at an exercise price of $0.055 to Aiden Lee Ping Wei. After the Share Consolidation, the amount of warrants now held by Aiden Lee Ping Wei is 333,334 warrants to purchase up to 3,333,340 Class A ordinary shares, at an exercise price of $3.30.

In May and June 2025, the Company entered five loan agreements with Mr. Lee Ping Wei for working capital purpose. Lee Ping Wei owned 48.5% and 6.1% of the Company's ordinary shares as of June 30, 2025 and September 30, 2024, respectively. The loans are unsecured, with interest bearing of 15% per annum and due on demand. As of June 30, 2025, total loans drawdown was $498,516. For the three months ended June 30, 2025, there was interest expense of $3,956. The principal amount, maturity date and interest rate for the loans are shown in the table below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Lender** | **Principal** | **Interest Rate** | **Lending Date** | **Due Date** |
| Lee Ping Wei | $118694 | 15 %p.a | May 28, 2025 | Due on demand |
| Lee Ping Wei | $71217 | 15%p.a | June 3, 2025 | Due on demand |
| Lee Ping Wei | $71217 | 15%p.a | June 10, 2025 | Due on demand |
| Lee Ping Wei | $118694 | 15%p.a | June 16, 2025 | Due on demand |
| Lee Ping Wei | $118694 | 15 %p.a | June 26, 2025 | Due on demand |

---

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025**<br>**(unaudited)** | **September 30,**<br>**2024** |
| Total interest payable | $4117 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Total debt and interest payable | 502633 |  |

---

**Policies and Procedures for Related Party Transactions**

Graphjet Technology's Nominating and Corporate Governance Committee is designated with the authority to review and approve related party transactions, defined as a transaction, arrangement or relationship that would require disclosure pursuant to Item 404 of Regulation S-K, or transaction between Graphjet Technology and (i) any director or executive officer of Graphjet Technology; (ii) any nominee for election as a director; (iii) any holder of Graphjet Technology securities owning more than 5% of any class of Graphjet Technology stock and (iv) any member of the immediate family of any of the foregoing. In evaluating related party transactions, Graphjet Technology's Nominating and Corporate Governance Committee considers the relevant facts and circumstances available and deemed relevant to Graphjet Technology's Nominating and Corporate Governance Committee, including whether the transaction is on terms no less favorable than terms generally available to an unaffiliated third party under the same or similar circumstances and the extent of the related party's interest in the transaction.

**Director Independence**

The information contained under the heading "Director Independence" in the "*Management*" section, which is incorporated by reference herein.

**PRINCIPAL SHAREHOLDERS**

The following table sets forth certain information regarding the beneficial ownership of the Company's Class A Ordinary Shares as of December 22, 2025, by: (i) each director; (ii) each of our named executive officers; (iii) all executive officers and directors of the Company as a group; and (iv) all those known by the Company to be beneficial owners of more than five percent of any class of our Class A Ordinary Shares.

We have determined beneficial ownership in accordance with the rules of the SEC. Except as indicated by the footnotes below, we believe, based on the information furnished to us, that the persons and entities named in the table below have sole voting and investment power with respect to all shares of common and/or preferred share that they beneficially own, subject to applicable community property laws. The table is based upon information supplied by officers, directors and principal shareholders, including information set forth in ownership reports filed with the SEC.

The percentages below are based on a total of 3,845,062 Ordinary Shares in issue as of December 22, 2025.

Unless otherwise indicated, we believe that all persons named in the table have sole voting and investment power with respect to all Class A ordinary shares beneficially owned by them. Unless otherwise noted, the business address of each of the following entities or individuals is Lot 3895, Lorong 6D, Kampung Baru Subang, Seksyen U6, 40150 Shah Alam, Selangor, Malaysia.

---

| | | |
|:---|:---|:---|
| **Name of Beneficial Owner** | **Number of Shares** | **% of<br> Class<sup>(1)</sup>** |
| ***Directors and Named Executive Officers*** | | |
| Chris Lai Ther Wei |  |  |
| Tan Song Jie |  |  |
| Ang Chee Yong |  |  |
| Chen Siow Woon |  |  |
| Pwa Yee Guo |  |  |
| ***Greater than 5% Holders*** |  |  |
| Aiden Lee Ping Wei | 2314823<sup>(2)</sup> | 60.20% |
| Fam Chee Way | 250000 | 6.50% |
| Farhash Wafa Salvador | 250000 | 6.50% |
| Goldman Sachs & Co. LLC<sup>(3)</sup> | 247493 | 6.44% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Percentage
 is calculated based on the 3,845,062 Ordinary Shares outstanding as of the December 22,
 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Consists
 of Class A Ordinary Shares beneficially owned by Aiden Lee Ping Wei, which includes:
 (i) 1,048,412 Class A Ordinary Shares, par value $0.006 issued to Aiden Lee Ping
 Wei in connection with Share Purchase Agreements dated April 22, 2025, between Aiden
 Lee Ping Wei and each of Lim Hooi Beng, Aw Jeen Rong, and Liu Yu; (ii) 148,081 Class A
 Ordinary Shares issued to Aiden Lee Ping Wei in connection with that certain Employment Agreement
 dated March 14, 2025 between the Company and Aiden Lee Ping Wei; (iii) 483,330
 Class A Ordinary Shares issuable upon exercise of a portion of the 333,334 warrants
 to purchase up to 3,333,340 Class Ordinary Shares, issued to Aiden Lee Ping Wei, pursuant
 to that certain Warrant Subscription Agreement dated May 15, 2025, between the Company
 and Aiden Lee Ping Wei. Such 483,330 Class A Ordinary Shares are deemed to be "beneficially
 owned" by Aiden Lee Ping Wei under applicable rules, and the remaining 2,850,010 Class A
 Ordinary Shares are subject to the shareholder approval requirement under Nasdaq Listing
 Rule 5635(d) and are not exercisable until such approval is obtained, and (iv)
 635,000 Class A Ordinary Shares that were issued to Aiden Lee Ping Wei pursuant to that certain
 Debt Settlement and Subscription Agreement dated December 1, 2025, between the Company and
 Aiden Lee Ping Wei.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The
 information regarding this shareholder's beneficial ownership is derived solely from
 the Schedule 13G filed with the SEC on November 14, 2025.

**SELLING SECURITYHOLDERS**

The Selling Securityholders may offer and sell, from time to time, any or all of the Class A Ordinary Shares offered for resale by this prospectus, which consist of:

● 3,333,340 Class A Ordinary Shares issuable upon the exercise of 333,334 warrants (the "Warrants") at an exercise price of $3.30, which were originally issued to Aiden Lee Ping Wei pursuant to a Warrant Subscription Agreement.

● 11,065,513 Class A Ordinary Shares issuable to Tan Chin Teong, at $4.44 per share, pursuant to a Sale and Purchase Agreement, dated August 19, 2025, by which the Company purchased the property from which the Company currently operates from (the "Sale and Purchase Agreement").

● 28,464 Class A Ordinary Shares, issued to Tan Chin Teong, at $4.44 per share, pursuant to the Sale and Purchase Agreement.

● 185,000 Class A Ordinary Shares, issued at $3 per share, to Goh Meng Keong, as settlement of a debt owed by the Company to Goh Meng Keong.

● 3,261 Class A Ordinary Shares, issued at $6.48 per share, to Yasuka Infinity Sdn Bhd, as settlement of a debt owed by the Company to Yasuka Infinity Sdn Bhd.

● 3,157,000 Class A Ordinary Shares issuable to International Liquidity, LLC ("ILP"), pursuant to a Master Loan Agreement and a Master Pledge Agreement entered into by the Company and ILP, dated October 16, 2025, by which the Company will issue such Class A Ordinary Shares as collateral for a loan of USD$7,000,000 made by ILP to the Company.

The Selling Securityholders may from time to time offer and sell any or all of the Class A Ordinary Shares set forth in the table below pursuant to this prospectus. When we refer to the "Selling Securityholders" in this prospectus, we refer to the persons listed in the table below, and the pledgees, donees, transferees, assignees, successors and other permitted transferees that hold any of the Selling Securityholders' interest in the Class A Ordinary Shares after the date of this prospectus.

The following tables provide, as of the date of this prospectus, information regarding the beneficial ownership of our Class A Ordinary Shares of each Selling Securityholder, the number of Class A Ordinary Shares that may be sold by each Selling Securityholder under this prospectus and that each Selling Securityholder will beneficially own after this offering. The immediately following table also sets forth the percentage of Class A Ordinary Shares beneficially owned by a Selling Securityholder after giving effect to the sale by the Selling Securityholder of all securities being offered hereby, based on 3,845,062 Class A Ordinary Shares outstanding as of December 22, 2025. The following table does not include the primary issuance of Class A Ordinary Shares and the Class A Ordinary Shares underlying the Warrants.

We cannot advise you as to whether the Selling Securityholders will in fact sell any or all of such Class A Ordinary Shares. In particular, the Selling Securityholders identified below may have sold, transferred or otherwise disposed of all or a portion of their securities after the date on which they provided us with information regarding their securities in transactions exempt from registration under the Securities Act.

The following table sets forth certain information provided by or on behalf of the Selling Securityholders as of December 22, 2025 concerning the Class A Ordinary Shares that may be offered from time to time by each Selling Securityholder with this prospectus. For the purposes of this following table, we have assumed that the Selling Securityholders will have sold all of the securities covered by this prospectus upon the completion of the offering. Please see the section entitled "Plan of Distribution" for further information regarding the Selling Securityholders' method of distributing these Class A Ordinary Shares.

Unless otherwise indicated below, the address of each beneficial owner listed in the tables below is c/o Graphjet Technology Lot 3895, Lorong 6D, Kampung Baru Subang Seksyen U6, 40150 Shah Alma Selangor, Malaysia.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of Selling Securityholder<sup>(1)</sup>** | **Number of<br> Class A<br> Ordinary<br> Shares<br> Owned<br> Prior to<br> the<br> Offering** | **Number of<br> Warrants<br> Owned<br> Prior to<br> the<br> Offering** | **Maximum<br> Number of<br> Class A<br> Ordinary<br> Shares to<br> be Sold<br> Pursuant<br> to this<br> Prospectus** | **Maximum<br> Number of<br> Warrants<br> to be Sold<br> Pursuant<br> to this<br> Prospectus** | **Number of<br> Class A<br> Ordinary<br> Shares<br> Owned<br> After the<br> Offering<sup>(13)</sup>** | **%<sup>(2)</sup>** | **Number of<br> Warrants<br> Owned<br> After the<br> Offering** | **%** |
| Goh Meng Keong | 185000<sup>(3)</sup> |  | 185000 |  |  |  |  |  |
| Yasuka Infinity Sdn Bhd | 3261<sup>(4)</sup> |  | 3261 |  |  |  |  |  |
| Tan Chin Teong | 28464<sup>(5)</sup> |  | 11093977<sup>(6)</sup> |  |  |  |  |  |
| International Liquidity, LLC<sup>(12)</sup> |  |  | 3157000<sup>(7)</sup> |  |  |  |  |  |
| Aiden Lee Ping Wei | 2314823<sup>(8)</sup> | 333334<sup>(9)</sup> | 3333340<sup>(10)</sup> |  |  |  |  |  |

---

(1) The Company
 implemented a share consolidation of its issued and outstanding Class A Ordinary Shares at a ratio
 of 1-for-60 on August 25, 2025 (the "Share Consolidation"). The Company entered into agreements
 with the Selling Securityholders who received or will receive Class A Ordinary Shares before the
 Share Consolidation. All agreements referencing the pre-Share Consolidation Class A Ordinary Shares,
 are subject to the split ratio of the Share Consolidation.

(2) Based on the assumption that the selling securityholder will resell
all of their respective Ordinary Shares.

(3) Consists of
 185,000 Class A Ordinary Shares, issued at $3 per share, to Goh Meng Keong pursuant to that certain
 Debt Settlement and Subscription Agreement dated August 14, 2025.

(4) Consists of
 3,261 Class A Ordinary Shares, issued at $6.48 per share, to Yasuka Infinity Sdn Bhd pursuant to that
 certain Debt Settlement and Subscription Agreement dated August 14, 2025.

(5) Consists of
 28,464 Class A Ordinary Shares, which are part of the 528,464 Class A Ordinary Shares originally issued
 to Tan Chin Teong, at $4.44 per share, on August 25, 2025, pursuant to a Sale and Purchase Agreement,
 dated August 19, 2025, by which the Company purchased the property from which the Company currently
 operates from (the "Sale and Purchase Agreement"). On September 5, 2025 and September 9,
 2025 Tan Chin Teong transferred 500,000 of his Class A Ordinary Shares to third parties.

(6) Consists
 of (i) 28,464 Class A Ordinary Shares held by Tan Chin Teong prior to the offering and (ii)
 11,065,513 Class A Ordinary Shares that are issuable to Tan Chin Teong pursuant to the Sale
 and Purchase Agreement, pursuant to which, as payment for the property, the Company agreed
to issue 97,462,455 ordinary shares of the Company at a per share price of USD$0.074, to Tan Chin Teong. Following the Share Consolidation,
the amount of Ordinary Shares issuable was 1,624,375 (the "Original Share Number") at a per share price of USD$4.44 (the
"Original Issue Price"). Moreover, Section 3.2 of the Sale and Purchase Agreement contains an adjustment provision stating
that additional shares will be issuable, pursuant to a formula set forth therein, if the market price of the Ordinary Shares falls below
the Original Issue Price. As the market price has fallen below the Original Issue Price, the number of shares issuable to Tan Chin Teong
has been adjusted from the Original Share Number to 11,593,977. As of the date of this Registration Statement, 528,464 Ordinary Shares
have been issued to Tan Chin Teong under the Sale and Purchase Agreement, and the Company will be seeking Shareholder approval for the
remaining 11,065,513, which are subject to the shareholder approval requirement under Nasdaq
 Listing Rule 5635(d).

(7) Consists
 of 3,157,000 Class A Ordinary Shares issuable to International Liquidity, LLC ("ILP"), pursuant to a Master Loan Agreement
 and a Master Pledge Agreement entered into by the Company and ILP, dated October 16, 2025, by which the Company will issue such Class
 A Ordinary Shares as collateral for a loan of USD$7,000,000 made by ILP to the Company. Such issuance is subject to the shareholder
 approval requirement under Nasdaq Listing Rule 5635(d).

(8) Consists
 of Class A Ordinary Shares beneficially owned by Aiden Lee Ping Wei, which includes: (i) 1,048,412
 Class A Ordinary Shares, par value $0.006 issued to Aiden Lee Ping Wei in connection with
 Share Purchase Agreements dated April 22, 2025, between Aiden Lee Ping Wei and each of
 Lim Hooi Beng, Aw Jeen Rong, and Liu Yu; (ii) 148,081 Class A Ordinary Shares issued
 to Aiden Lee Ping Wei in connection with that certain Employment Agreement dated March 14,
 2025 between the Company and Aiden Lee Ping Wei; (iii) 483,330 Class A Ordinary Shares
 issuable upon exercise of a portion of the 333,334 warrants to purchase up to 3,333,340
 Class Ordinary Shares, issued to Aiden Lee Ping Wei, pursuant to that certain Warrant Subscription
 Agreement dated May 15, 2025, between the Company and Aiden Lee Ping Wei. Such 483,330
 Class A Ordinary Shares are deemed to be "beneficially owned" by Aiden Lee
 Ping Wei under applicable rules, and the remaining 2,850,010 Class A Ordinary Shares are
 subject to the shareholder approval requirement under Nasdaq Listing Rule 5635(d) and
 are not exercisable until such approval is obtained, and (iv) 635,000 Class A Ordinary Shares
 that were issued to Aiden Lee Ping Wei pursuant to that certain Debt Settlement and Subscription
 Agreement dated December 1, 2025, between the Company and Aiden Lee Ping Wei.

(9) 333,334
 Warrants issued to Aiden Lee Ping Wei, pursuant to that certain Warrant Subscription Agreement
 dated May 15, 2025, between the Company and Aiden Lee Ping Wei.

(10) 3,333,340
 Class A Ordinary Shares upon the exercise of the Warrants issued to Aiden Lee Ping Wei at an exercise
 price of $3.30 per share, of which 2,850,000 Class A Ordinary Shares are not currently exercisable
 until after shareholder approval of the issuance, as required by Nasdaq Listing Rule 5635(d), has
 been obtained.

(11) 3,261 Class
 A Ordinary Shares are held by Yasuka Infinity Sdn Bhd. The natural person with voting and dispositive
 power over the shares held by Yasuka Infinity Sdn Bhd is Chan Keng Ann. Chan Keng Ann disclaims beneficial
 ownership of these Class A Ordinary Shares except to the extent of his pecuniary interest therein.

(12) 3,157,000
 Class A Ordinary Shares will be issued, subject to the shareholder approval requirement under Nasdaq Listing Rule 5635(d), to ILP.
 The natural person with voting and dispositive power over the shares held by ILP is Chanelle Woods. Chanelle Woods disclaims
 beneficial ownership of these Class A Ordinary Shares except to the extent of his pecuniary interest therein.

(13) Based on the assumption that the selling securityholder will resell all of their
 respective Ordinary Shares.

**PLAN OF DISTRIBUTION**

Each Selling Securityholder of the securities and any of their pledgees, assignees and successors-in- interest may, from time to time, sell any or all of their securities covered hereby on the principal trading market for such securities or any other stock exchange, market or trading facility on which the securities are traded or in private transactions. These sales may be at fixed or negotiated prices. A Selling Securityholder may use any one or more of the following methods when selling securities:

● ordinary brokerage transactions and transactions in which the broker-dealer solicits subscribers;

● block trades in which the broker-dealer will attempt to sell the securities as agent but may position and resell a portion of the block as principal to facilitate the transaction;

● purchases by a broker-dealer as principal and resale by the broker-dealer for its account;

● an exchange distribution in accordance with the rules of the applicable exchange;

● privately negotiated transactions;

● settlement of short sales;

● in transactions through broker-dealers that agree with the Selling Securityholders to sell a specified number of such securities at a stipulated price per security;

● through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;

● a combination of any such methods of sale; or

● any other method permitted pursuant to applicable law.

The Selling Securityholders may also sell securities under Rule 144 or any other exemption from registration under the Securities Act, if available, rather than under this prospectus.

Broker-dealers engaged by the Selling Securityholders may arrange for other brokers-dealers to participate in sales. Broker-dealers may receive commissions or discounts from the Selling Securityholders (or, if any broker-dealer acts as agent for the subscriber of securities, from the subscriber) in amounts to be negotiated, but except as set forth in a supplement to this prospectus, in the case of an agency transaction not in excess of a customary brokerage commission in compliance with FINRA Rule 2440; and in the case of a principal transaction a markup or markdown in compliance with FINRA IM-2440.

In connection with the sale of the securities or interests therein, the Selling Securityholders may enter into hedging transactions with broker-dealers or other financial institutions, which may in turn engage in short sales of the securities in the course of hedging the positions they assume. The Selling Securityholders may also sell securities short and deliver these securities to close out their short positions, or loan or pledge the securities to broker-dealers that in turn may sell these securities. The Selling Securityholders may also enter into option or other transactions with broker-dealers or other financial institutions or create one or more derivative securities which require the delivery to such broker-dealer or other financial institution of securities offered by this prospectus, which securities such broker-dealer or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction).

The Selling Securityholders and any broker-dealers or agents that are involved in selling the securities may be deemed to be "underwriters" within the meaning of the Securities Act in connection with such sales. In such event, any commissions received by such broker-dealers or agents and any profit on the resale of the securities purchased by them may be deemed to be underwriting commissions or discounts under the Securities Act.

Each Selling Securityholder has informed the Company that it does not have any written or oral agreement or understanding, directly or indirectly, with any person to distribute the securities, and to our knowledge, there are currently no plans, arrangements or understandings between the Selling Securityholders and any broker-dealer or agent regarding the sale of the securities by the Selling Securityholders. Upon our notification by a Selling Securityholder that any material arrangement has been entered into with an underwriter or broker-dealer for the sale of securities through a block trade, special offering, exchange distribution, secondary distribution or a purchase by an underwriter or broker-dealer, we will file, if required by applicable law or regulation, a post-effective amendment to this registration statement disclosing (i) the name of each such Selling Securityholder and of the participating broker-dealer(s), (ii) the number of shares involved, (iii) the price at which such Class A Ordinary Shares were sold, (iv) the commissions paid or discounts or concessions allowed to such broker-dealer(s), where applicable, (v) that such broker-dealer(s) did not conduct any investigation to verify the information set out or incorporated by reference in this prospectus, and (vi) other facts material to the transaction. A post-effective amendment to this prospectus disclosing such an agreement would require the suspension of sales by the Selling Securityholders until the post-effective amendment was declared effective.

The Company is required to pay certain fees and expenses incurred incident to the registration of the securities. The Company has agreed to indemnify the Selling Securityholders against certain losses, claims, damages and liabilities, including liabilities under the Securities Act.

We agreed to keep this prospectus effective until the earlier of (i) all of the securities have been sold pursuant to this prospectus or Rule 144 under the Securities Act or any other rule of similar effect, (ii) they may be sold pursuant to Rule 144 without volume or manner-of-sale restrictions; or (iii) it has been two years from the filing of this prospectus. The resale securities will be sold only through registered or licensed brokers or dealers if required under applicable state securities laws. In addition, in certain states, the resale securities covered hereby may not be sold unless they have been registered or qualified for sale in the applicable state or an exemption from the registration or qualification requirement is available and is complied with.

Under applicable rules and regulations under the Exchange Act, any person engaged in the distribution of the resale securities may not simultaneously engage in market making activities with respect to the Class A Ordinary Shares for the applicable restricted period, as defined in Regulation M, prior to the commencement of the distribution. In addition, the Selling Securityholders will be subject to applicable provisions of the Exchange Act and the rules and regulations thereunder, including Regulation M, which may limit the timing of purchases and sales of the Class A Ordinary Shares by the Selling Securityholders or any other person. We will make copies of this prospectus available to the Selling Securityholders and have informed them of the need to deliver a copy of this prospectus to each Subscriber at or prior to the time of the sale (including by compliance with Rule 172 under the Securities Act).

**UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS**

The following discussion is a summary of certain material U.S. federal income tax considerations generally applicable to the ownership and disposition of our Class A Ordinary Shares, which we refer to collectively as our securities. This summary is based upon U.S. federal income tax law as of the date of this prospectus, which is subject to change or differing interpretations, possibly with retroactive effect. This summary does not discuss all aspects of U.S. federal income taxation that may be important to particular investors in light of their individual circumstances, including investors subject to special tax rules (*e.g.*, financial institutions, insurance companies, broker-dealers, dealers or traders in securities, tax-exempt organizations, taxpayers that have elected mark-to-market accounting, S corporations, regulated investment companies, real estate investment trusts, passive foreign investment companies, controlled foreign corporations, U.S. Holders (as defined below) that will hold Class A Ordinary Shares as part of a straddle, hedge, conversion, or other integrated transaction for U.S. federal income tax purposes, expatriates or former long-term residents of the United States, or investors that have a functional currency other than the U.S. dollar), all of whom may be subject to tax rules that differ materially from those summarized below. This summary does not discuss other U.S. federal tax consequences (*e.g.*, estate or gift tax), any state, local, or non-U.S. tax considerations, or the Medicare tax or alternative minimum tax. In addition, this summary is limited to investors that will hold our securities as "capital assets" (generally, property held for investment) under the Internal Revenue Code of 1986, as amended (the "Code") and that acquire our Class A Ordinary Shares and Warrants for cash pursuant to this prospectus. No ruling from the Internal Revenue Service, (the "IRS") has been or will be sought regarding any matter discussed herein. No assurance can be given that the IRS would not assert, or that a court would not sustain a position contrary to, any of the tax aspects set forth below.

For purposes of this summary, a "U.S. Holder" is a beneficial holder of securities who or that, for U.S. federal income tax purposes is:

● an individual who is a United States citizen or resident of the United States;

● a corporation (or other entity taxable as a corporation) created in, or organized under the law of, the United States or any state or political subdivision thereof;

● an estate the income of which is includible in gross income for United States federal income tax purposes regardless of its source; or

● a trust (A) the administration of which is subject to the primary supervision of a United States court and which has one or more United States persons (within the meaning of the Code) who have the authority to control all substantial decisions of the trust or (B) that has in effect a valid election under applicable Treasury regulations to be treated as a United States person.

A "Non-U.S. Holder" is a beneficial holder of securities who or that is neither a U.S. Holder nor a partnership for U.S. federal income tax purposes.

If a partnership (including an entity or arrangement treated as a partnership for U.S. federal income tax purposes) holds our securities, the tax treatment of a partner, member, or other beneficial owner in such partnership will generally depend upon the status of the partner, member, or other beneficial owner, the activities of the partnership, and certain determinations made at the partner, member, or other beneficial owner level. If you are a partner, member, or other beneficial owner of a partnership holding our securities, you are urged to consult your tax advisor regarding the tax consequences of the ownership and disposition of our securities.

THIS DISCUSSION OF U.S. FEDERAL INCOME TAX CONSIDERATIONS IS FOR GENERAL INFORMATION PURPOSES ONLY AND IS NOT TAX ADVICE. PROSPECTIVE HOLDERS SHOULD CONSULT THEIR TAX ADVISORS CONCERNING THE U.S. FEDERAL INCOME TAX CONSEQUENCES TO THEM OF OWNING AND DISPOSING OF OUR SECURITIES, AS WELL AS THE APPLICATION OF ANY, STATE, LOCAL AND NON-U.S. INCOME, ESTATE, AND OTHER TAX CONSIDERATIONS.

**U.S. Holders**

***Taxation of Distributions***

 ****

Subject to the PFIC rules discussed below, if Graphjet Technology makes a distribution of cash or other property to a U.S. Holder of Class A Ordinary Shares, such distributions will generally be treated as a dividend for U.S. federal income tax purposes to the extent the distribution is paid out of Graphjet Technology's current or accumulated earnings and profits (as determined under U.S. federal income tax principles). Such dividends will be taxable to a corporate U.S. Holder at regular rates and will not be eligible for the dividends-received deduction generally allowed to domestic corporations in respect of dividends received from other domestic corporations.

Distributions in excess of such earnings and profits will generally be applied against and reduce the U.S. Holder's basis in its Class A Ordinary Shares (but not below zero) and, to the extent in excess of such basis, will be treated as gain from the sale or exchange of such Class A Ordinary Shares.

With respect to non-corporate U.S. Holders, dividends will generally be taxed at preferential long-term capital gains rates only if Class A Ordinary Shares are readily tradable on an established securities market in the United States (such as Nasdaq) and certain other requirements are met, including that Graphjet Technology is not treated as a PFIC during the taxable year in which the dividend is paid or in the previous year. U.S. Holders should consult their tax advisors regarding the availability of the lower rate for any dividends paid with respect to our Class A Ordinary Shares.

***Gain or Loss on Sale, Taxable Exchange or Other Taxable Disposition of Class A Ordinary Shares***

 ****

Subject to the PFIC rules discussed below, U.S. Holder generally will recognize gain or loss on the sale, taxable exchange or other taxable disposition of our Class A Ordinary Shares. Any such gain or loss will be capital gain or loss and will be long-term capital gain or loss if the U.S. Holder's holding period for the Class A Ordinary Shares so disposed of exceeds one year. The amount of gain or loss recognized will generally be equal to the difference between (1) the sum of the amount of cash and the fair market value of any property received in such disposition and (2) the U.S. Holder's adjusted tax basis in its Class A Ordinary Shares disposed. A U.S. Holder's adjusted tax basis in its Class A Ordinary Shares will generally equal the U.S. Holder's acquisition cost for such Class A Ordinary Shares (or, in the case of Class A Ordinary Shares received upon exercise of a Warrant, the U.S. Holder's initial basis for such Class A Ordinary Shares, as discussed below), less any prior distributions treated as a return of capital. The deductibility of capital losses is subject to limitations.

Long-term capital gains recognized by non-corporate U.S. Holders are generally eligible for reduced rates of tax. If the U.S. Holder's holding period for the Class A Ordinary Shares so disposed of is one year or less, any gain on a sale or other taxable disposition of the shares would be subject to short-term capital gain treatment and would be taxed at ordinary income tax rates. The deductibility of capital losses is subject to limitations.

***Information Reporting and Backup Withholding.***

In general, information reporting requirements may apply to dividends paid to a U.S. Holder and to the proceeds of the sale or other disposition of our Class A Ordinary Shares, unless the U.S. Holder is an exempt recipient. Backup withholding may apply to such payments if the U.S. Holder fails to provide a taxpayer identification number, a certification of exempt status or has been notified by the IRS that it is subject to backup withholding (and such notification has not been withdrawn).

Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules will be allowed as a credit against a U.S. Holder's U.S. federal income tax liability and may entitle such holder to a refund, provided the required information is timely furnished to the IRS.

**Non-U.S. Holders**

***Taxation of Distributions***

 ****

In general, any distributions (including constructive distributions) we make to a Non-U.S. Holder of shares of our Class A Ordinary Shares, to the extent paid out of our current or accumulated earnings and profits (as determined under U.S. federal income tax principles), will constitute dividends for U.S. federal income tax purposes and, provided such dividends are not effectively connected with the Non-U.S. Holder's conduct of a trade or business within the United States, we will be required to withhold tax from the gross amount of the dividend at a rate of 30%, unless such Non-U.S. Holder is eligible for a reduced rate of withholding tax under an applicable income tax treaty and provides proper certification of its eligibility for such reduced rate (usually on an IRS Form W-8BEN or W-8BEN-E, as applicable). In the case of any constructive dividend (as described below under "*Non-U.S. Holders - Possible Constructive Distributions*"), it is possible that this tax would be withheld from any amount owed to a Non-U.S. Holder by the applicable withholding agent, including cash distributions on other property or sale proceeds from Warrants or other property subsequently paid or credited to such holder. Any distribution not constituting a dividend will be treated first as reducing (but not below zero) the Non-U.S. Holder's adjusted tax basis in its Class A Ordinary Shares and, to the extent such distribution exceeds the Non-U.S. Holder's adjusted tax basis, as gain realized from the sale or other disposition of the Class A Ordinary Shares, which will be treated as described under "*Non-U.S. Holders - Gain on Sale, Taxable Exchange or Other Taxable Disposition of Class A Ordinary Shares and Warrants*" below. In addition, if we determine that we are likely to be classified as a "United States real property holding corporation"(see "*Non-U.S. Holders - Gain on Sale, Exchange or Other Taxable Disposition of Class A Ordinary Shares and Warrants*" below), we will withhold 15% of any distribution that exceeds our current and accumulated earnings and profits

Dividends we pay to a Non-U.S. Holder that are effectively connected with such Non-U.S. Holder's conduct of a trade or business within the United States (or if a tax treaty applies are attributable to a U.S. permanent establishment or fixed base maintained by the Non-U.S. Holder) will generally not be subject to U.S. withholding tax, provided such Non-U.S. Holder complies with certain certification and disclosure requirements (generally by providing an IRS Form W-8ECI). Instead, such dividends generally will be subject to U.S. federal income tax, net of certain deductions, at the same graduated individual or corporate rates applicable to U.S. Holders. If the Non-U.S. Holder is a corporation, dividends that are effectively connected income may also be subject to a "branch profits tax" at a rate of 30% (or such lower rate as may be specified by an applicable income tax treaty).

***Gain on Sale, Exchange or Other Taxable Disposition of Class A Ordinary Shares***

 ****

A Non-U.S. Holder generally will not be subject to U.S. federal income or withholding tax in respect of gain recognized on a sale, taxable exchange or other taxable disposition of our Class A Ordinary Shares, unless:

● the gain is effectively connected with the conduct of a trade or business by the Non-U.S. Holder within the United States (and, if an applicable tax treaty so requires, is attributable to a U.S. permanent establishment or fixed base maintained by the Non-U.S. Holder);

● the Non-U.S. Holder is an individual who is present in the United States for 183 days or more in the taxable year of disposition and certain other conditions are met; or

● we are or have been a "United States real property holding corporation" for U.S. federal income tax purposes at any time during the shorter of the five-year period ending on the date of disposition or the period that the Non-U.S. Holder held our Class A Ordinary Shares or Warrants and, in the case where shares of our Class A Ordinary Shares are regularly traded on an established securities market, the Non-U.S. Holder has owned, directly or constructively, more than 5% of our Ordinary Share at any time within the shorter of the five-year period preceding the disposition or such Non-U.S. Holder's holding period for the shares of our Ordinary Share. There can be no assurance that our Class A Ordinary Shares will be treated as regularly traded on an established securities market for this purpose.

Gain described in the first bullet point above will be subject to tax at generally applicable U.S. federal income tax rates as if the Non-U.S. Holder were a U.S. resident. Any gains described in the first bullet point above of a Non-U.S. Holder that is a foreign corporation may also be subject to an additional "branch profits tax" at a 30% rate (or lower applicable treaty rate). Gain described in the second bullet point above will generally be subject to a flat 30% U.S. federal income tax. Non-U.S. Holders are urged to consult their tax advisors regarding possible eligibility for benefits under income tax treaties.

If the third bullet point above applies to a Non-U.S. Holder and applicable exceptions are not available, gain recognized by such holder on the sale, exchange or other disposition of our Ordinary Share or Warrants will be subject to tax at generally applicable U.S. federal income tax rates. In addition, a buyer of our Ordinary Share or Warrants from such holder may be required to withhold U.S. income tax at a rate of 15% of the amount realized upon such disposition. Non-U.S. Holders are urged to consult their tax advisors regarding the application of these rules.

***Foreign Account Tax Compliance Act***

 ****

Provisions of the Code and Treasury Regulations and administrative guidance promulgated thereunder commonly referred as the "Foreign Account Tax Compliance Act" ("FATCA") generally impose withholding at a rate of 30% in certain circumstances on dividends (including constructive dividends) in respect of our securities which are held by or through certain foreign financial institutions (including investment funds), unless any such institution (1) enters into, and complies with, an agreement with the IRS to report, on an annual basis, information with respect to interests in, and accounts maintained by, the institution that are owned by certain U.S. persons and by certain non-U.S. entities that are wholly or partially owned by U.S. persons and to withhold on certain payments, or (2) if required under an intergovernmental agreement between the United States and an applicable foreign country, reports such information to its local tax authority, which will exchange such information with the U.S. authorities. An intergovernmental agreement between the United States and an applicable foreign country may modify these requirements. Accordingly, the entity through which our securities are held will affect the determination of whether such withholding is required. Similarly, dividends in respect of our securities held by an investor that is a non-financial non-U.S. entity that does not qualify under certain exceptions will generally be subject to withholding at a rate of 30%, unless such entity either (1) certifies to us or the applicable withholding agent that such entity does not have any "substantial United States owners" or (2) provides certain information regarding the entity's "substantial United States owners," which will in turn be provided to the U.S. Department of Treasury. Withholding under FATCA was scheduled to apply to payments of gross proceeds from the sale or other disposition of property that produces U.S.-source interest or dividends, however, the IRS released proposed regulations that, if finalized in their proposed form, would eliminate the obligation to withhold on such gross proceeds. Although these proposed Treasury Regulations are not final, taxpayers generally may rely on them until final Treasury Regulations are issued. Prospective investors should consult their tax advisors regarding the possible implications of FATCA on their investment in our securities.

***Information Reporting and Backup Withholding***

Information returns will be filed with the IRS in connection with payments of dividends and the proceeds from a sale or other disposition of our shares of Class A Ordinary Shares and Warrants. A Non-U.S. Holder may have to comply with certification procedures to establish that it is not a United States person in order to avoid information reporting and backup withholding requirements. The certification procedures required to claim a reduced rate of withholding under a treaty generally will satisfy the certification requirements necessary to avoid the backup withholding as well. Backup withholding is not an additional tax. The amount of any backup withholding from a payment to a Non-U.S. Holder will be allowed as a credit against such holder's U.S. federal income tax liability and may entitle such holder to a refund, provided that the required information is timely furnished to the IRS.

**THE DISCUSSION ABOVE IS A GENERAL SUMMARY. IT DOES NOT COVER ALL TAX MATTERS THAT MAY BE IMPORTANT TO YOU. EACH PROSPECTIVE PURCHASER SHOULD CONSULT ITS TAX ADVISOR ABOUT THE TAX CONSEQUENCES OF AN INVESTMENT IN OUR CLASS A ORDINARY SHARES AND WARRANTS BASED ON THE INVESTOR'S CIRCUMSTANCES.**

**Material Cayman Islands Tax Considerations**

The following is a discussion on certain Cayman Islands income tax consequences of an investment in the securities of Graphjet Technology. The discussion is a general summary of present law, which is subject to prospective and retroactive change. It is not intended as tax advice, does not consider any investor's particular circumstances, and does not consider tax consequences other than those arising under Cayman Islands law.

THE FOLLOWING IS FOR INFORMATIONAL PURPOSES ONLY. EACH HOLDER SHOULD CONSULT ITS OWN TAX ADVISOR WITH RESPECT TO THE PARTICULAR TAX CONSEQUENCES TO SUCH HOLDER OF THE BUSINESS COMBINATION AND AN EXERCISE OF REDEMPTION RIGHTS, INCLUDING THE EFFECTS OF CAYMAN ISLANDS TAX LAWS.

*Under Existing Cayman Islands Laws*

Payments of dividends and capital in respect of our securities will not be subject to taxation in the Cayman Islands and no withholding will be required on the payment of a dividend or capital to any holder of the securities nor will gains derived from the disposal of the securities be subject to Cayman Islands income or corporate tax. The Cayman Islands currently has no income, corporate or capital gains tax and no estate duty, inheritance tax or gift tax.

No stamp duty is payable in respect of the issue of ordinary shares or on an instrument of transfer in respect of such shares.

Graphjet Technology has been incorporated under the laws of the Cayman Islands as an exempted company with limited liability and, as such, has applied for and received an undertaking from the Financial Secretary of the Cayman Islands substantially in the following form:

**The Tax Concessions Act (As Revised) Undertaking as to Tax Concessions**

In accordance with the provision of The Tax Concessions Act (As Revised), the following undertaking is hereby given to Graphjet technology (the "Company"):

&nbsp;&nbsp;&nbsp;&nbsp;(a) That
 no law which is hereafter enacted in the Islands imposing any tax to be levied on profits,
 income, gains or appreciations shall apply to the Company or its operations; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) In
 addition, that no tax to be levied on profits, income, gains or appreciations or which is
 in the nature of estate duty or inheritance tax shall be payable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. On
 or in respect of the shares, debentures, or other obligations of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. By
 way of the withholding in whole or part, of any relevant payment as defined in the Tax Concessions
 Act (As Revised).

These concessions shall be for a period of 20 years from the 13<sup>th</sup> of September 2021.

**Material Malaysia Tax Considerations**

The following summary of the anticipated treatment of Graphjet and holders of Class A Ordinary Shares and/or Graphjet Technology Warrants (other than residents of Malaysia) is based on Malaysia taxation law and practice as they are understood to apply at the date of this document and is subject to changes in such taxation law and practice. It does not constitute legal or tax advice and does not address all aspects of Malaysia tax law and practice (including such tax law and practice as they apply to any land or building situate in Malaysia). Prospective investors in Class A Ordinary Shares and/or Graphjet Technology Warrants should consult their professional advisers on the implications of acquiring, buying, selling or otherwise disposing of Class A Ordinary Shares and/or Graphjet Technology Warrants under the laws of any jurisdiction in which they may be liable to taxation.

***Taxation of Graphjet Technology***

Graphjet Technology is not regarded as resident for tax purposes in Malaysia. Therefore, Graphjet Technology will not be liable to Malaysia income tax as legislated under the Income Tax Act 1967, Malaysia (as revised and amended) and dividends on Class A Ordinary Shares may be paid by Graphjet Technology without withholding or deduction for or on account of Malaysia income tax.

The holders of Class A Ordinary Shares and/or Graphjet Technology warrants (other than residents of Malaysia) will not be subject to any tax in Malaysia in respect of the holding, sale or other disposition of such Class A Ordinary Shares and/or Graphjet Technology Warrants.

***Stamp duty / transfer taxes***

In Malaysia, no stamp duty or other transfer tax is levied on the issue or transfer of Class A Ordinary Shares and/or Graphjet Technology Warrants except that stamp duty is payable on Malaysia grants of probate and letters of administration, which will generally be required to transfer Class A Ordinary Shares and/or Graphjet Technology Warrants on the death of a holder of such Class A Ordinary Shares and/or Graphjet Technology Warrants. The only nominal stamp duty *i.e*., RM10.00 is chargeable upon a transfer of property pursuant to a grant of probate or letter of administration under Item 32(i), First Schedule, Stamp Act 1949. In addition, stamp duty or transfer taxes would be chargeable upon a transfer of shares between Malaysian residents either in private or through an approved stock exchanges (in Malaysia) such as Bursa Malaysia at the rate of 0.3% from the value of the transfer (RM3.00 for every RM1,000.00 or part thereof) under the authority of Item 32(b), First Schedule, Stamp Act 1949. Malaysia does not otherwise levy taxes upon capital, inheritances, capital gains or gifts nor are there other estate duties.

**IF YOU ARE IN ANY DOUBT AS TO YOUR TAX POSITION YOU SHOULD CONSULT YOUR PROFESSIONAL TAX ADVISER.**

**DESCRIPTION OF SECURITIES**

The following summary of the material terms of our securities is not intended to be a complete summary of the rights and preferences of such securities and is qualified by reference to our Amended and Restated Memorandum and Articles of Association and the Warrant-related documents described herein, which are exhibits to the registration statement of which this prospectus is a part. We urge you to read each of our Amended and Restated Memorandum of Association and the Warrant-related documents described herein in their entirety for a complete description of the rights and preferences of our securities.

**Authorized and Outstanding Ordinary Shares**

Our Amended and Restated Articles authorizes the issuance of a total of 1,000,000,000 Class A Ordinary Shares, each with par value $0.006. As of December 22, 2025, there were 3,845,062 Class A Ordinary Shares issued and outstanding.

**Ordinary Shares**

***General***

Holders of the Class A Ordinary Shares are entitled to one vote for each Graphjet Technology Ordinary Share held on all matters to be voted on by shareholders. Graphjet Technology will maintain a register of its shareholders and a shareholder will only be entitled to a share certificate if the board of directors of Graphjet Technology resolves that share certificates be issued.

***Dividends***

The holders of the Class A Ordinary Shares will be entitled to such dividends as may be declared by the board of directors of Graphjet Technology may in its discretion lawfully declare from time to time. Under the laws of the Cayman Islands, Graphjet Technology may pay a dividend out of either profit or the share premium account, provided that in no circumstances may a dividend be paid if this would result in Graphjet Technology being unable to pay its debts as they fall due in the ordinary course of business.

***Voting Rights***

In respect of all matters upon which holders of the Class A Ordinary Shares are entitled to vote, voting at any meeting of shareholders will be by poll. Unless their Class A Ordinary Shares carry no right to vote, or unless a call or other amount presently payable has not been paid, all holders of the Class A Ordinary Shares are entitled to vote at a general meeting, and all holders of Class A Ordinary Shares holding those shares of a particular class are entitled to vote at a meeting of the holders of that class.

An ordinary resolution to be passed by the shareholders will require the affirmative vote of a simple majority of the votes cast by the holders of the issued and outstanding Graphjet Technology Ordinary Shares that are present in person or represented by proxy and are entitled to vote thereon at a meeting, while a special resolution will require the affirmative vote of at least two-thirds of the holders of the issued and outstanding Graphjet Technology Ordinary Shares that, being entitled to do so, vote in person or by proxy at a meeting.

***Transfer of Ordinary Shares***

Subject to applicable laws, including the Companies Act, securities laws, common law and the restrictions contained in the proposed memorandum and articles of association, any of Graphjet Technology shareholders may transfer all or any of their Class A Ordinary Shares by an instrument of transfer in the usual or common form or any other form approved by the board of directors of Graphjet Technology.

Notwithstanding the foregoing, the Board will decline to register any transfer of any ordinary shares which were issued on terms which require them to be transferred with another share, option or warrant unless satisfactory evidence is produced of the like transfer of such share, option or warrant.

***Liquidation***

On a return of capital on winding up, if the assets available for distribution amongst Graphjet Technology shareholders shall be insufficient to repay all of the issued share capital, the assets will be distributed so that the losses are borne by Graphjet Technology shareholders in proportion to the par value of the shares held by them. If the assets available for distribution is more than sufficient to repay the whole of the share capital at the commencement of the winding up, the surplus shall be distributed amongst Graphjet Technology shareholders in proportion to the par value of the shares held by them at the commencement of the winding up, subject to a deduction from those shares in respect of which there are monies due, of all monies payable to Graphjet Technology for unpaid calls or otherwise.

***Variations of Rights of Shares***

If at any time the Class A Ordinary Shares capital is divided into different classes or series of shares, the rights attached to any class or series of shares (unless otherwise provided by the terms of issue of the shares of that class) may be varied only with consent in writing of the holders of not less than two-thirds of the issued shares of that class, or with the approval of a special resolution passed by the affirmative vote of at least two-thirds of such holders of the issued and outstanding shares of that class as, being entitled to do so, vote in person or by proxy at a separate meeting of the shareholders of that class. The rights conferred upon the holders of the shares of any class issued shall not, unless otherwise expressly provided by the terms of issue of the shares of that class, be deemed to be varied by the creation or issue of further shares ranking *pari passu* therewith.

***General Meetings of Shareholders***

Graphjet Technology will hold an annual general meeting at such time and place as the board of directors of Graphjet Technology will determine. At least five (5) clear days' notice shall be given for any general meeting. The directors of Graphjet Technology may call general meetings, and they shall on a shareholders' requisition forthwith proceed to convene an extraordinary general meeting. One or more shareholders who together hold not less than a majority of the issued and outstanding Class A Ordinary Shares entitled to attend and vote at such meeting, being individuals present in person or by proxy shall be a quorum.

***Inspection of Books and Records***

The Board or the shareholders by ordinary resolution will determine whether, to what extent, at what times and places and under what conditions or regulations the accounts and books of Graphjet Technology will be open to the inspection by Graphjet Technology shareholders, and no Graphjet Technology shareholder will otherwise have any right of inspecting any account or book or document of Graphjet Technology except as required by the Companies Act.

***Changes in Capital***

Graphjet Technology may from time to time by ordinary resolution:

● increase the share capital by such sum, with such rights, priorities and privileges annexed thereto, as Graphjet Technology in general meeting may determine;

● consolidate and divide all or any share capital into shares of a larger amount than existing shares;

● convert all or any of its paid-up shares into equity and reconvert that equity into paid-up shares of any denomination;

● sub-divide its existing shares or any of them into shares of a smaller amount; or

● cancel any shares that at the date of the passing of the resolution have not been taken or agreed to be taken by any person and diminish the amount of its share capital by the amount of the shares so cancelled.

**Warrants**

The Company has assumed 200,468 Energem warrants outstanding, which consisted of 191,667 public warrants and 8,801 private warrants. All of these warrants met the criteria for equity classification.

Each whole Warrant entitles the registered holder to purchase one whole share of the Company's Class A Ordinary Shares at a price of $690 per share. Pursuant to the warrant agreement, a warrant holder may exercise its Warrants only for a whole number of ordinary shares. This means that only a whole Warrant may be exercised at any given time by a warrant holder. No fractional Warrants will be issued upon separation of the Units and only whole Warrants will trade. The Warrants will expire five years after the completion of the Company's initial business combination or earlier upon redemption or liquidation.

Graphjet Technology will not be obligated to deliver any Class A Ordinary Shares pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act with respect to the Class A Ordinary Shares underlying the warrants is then effective and a prospectus relating thereto is current, subject to Graphjet Technology satisfying its obligations described below with respect to registration, or a valid exemption from registration is available. No warrant will be exercisable and Graphjet Technology will not be obligated to issue a Graphjet Technology Ordinary Share upon exercise of a warrant unless Graphjet Technology Ordinary Share upon issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants. In the event that the conditions in the two immediately preceding sentences are not satisfied with respect to a warrant, the holder of such warrant will not be entitled to exercise such warrant and such warrant may have no value and expire worthless.

In no event will Graphjet Technology be required to net cash settle any warrant except for the Sponsor Warrants. The Sponsor Warrants have terms and provisions that are identical to those of the Public Warrants, including as to exercise price, exercisability and exercise period except that the Sponsor Warrants (i) are non-redeemable so long as they are held by the Sponsor or its permitted transferees, and (ii) may be exercised by the Sponsor and its permitted transferees for cash or on a cashless basis. In the event that a registration statement is not effective for the exercised warrants, the purchaser of a unit containing such warrant will have paid the full purchase price for the unit solely for the Graphjet Technology Class A Ordinary Share underlying such unit.

In the event that the Company's management has elected to force all holders of warrants to exercise such warrants on a "cashless basis," by surrendering the warrants for that number of shares of Class A Ordinary Shares equal to the quotient obtained by dividing (x) the product of the number of shares of Class A Ordinary Shares underlying the warrants, multiplied by the difference between the warrant price and the "Fair Market Value" (defined below) by (y) the Fair Market Value. The "Fair Market Value" shall mean the average reported last sale price of the Class A Ordinary Shares for the five (5) trading days ending on the third trading day prior to the date on which the notice of redemption is sent to holders of the warrants.

***Exempted Company***

Graphjet Technology is an exempted company with limited liability incorporated under the laws of Cayman Islands. The Companies Act distinguishes between ordinary resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company are essentially the same as for an ordinary company except for the exemptions and privileges listed below:

● an exempted company does not have to file an annual return of its shareholders with the Registrar of Companies of the Cayman Islands;

● an exempted company's register of members is not open to inspection;

● an exempted company does not have to hold an annual general meeting;

● an exempted company may issue no par value shares;

● an exempted company may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 20 years in the first instance);

● an exempted company may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;

● an exempted company may register as a limited duration company; and

● an exempted company may register as a segregated portfolio company.

"Limited liability" means that the liability of each shareholder is limited to the amount unpaid by the shareholder on that shareholder's shares of the company.

**LEGAL MATTERS**

The validity of the Ordinary Shares offered by this prospectus has been passed upon for us by Harney Westwood & Riegels (Cayman) LLP. Certain matters regarding the warrants, certain U.S. federal securities laws and material United States federal income tax consequences of the offering have been passed upon for us by Duane Morris LLP.

**EXPERTS**

The financial statements of Graphjet Technology Sdn. Bhd. as of and for the years ended September 30, 2024 and 2023 have been included in this prospectus in reliance upon the report of Kreit & Chiu CPA, LLP, independent registered public accounting firm.

**WHERE YOU CAN FIND MORE INFORMATION**

We are required to file annual, quarterly and current reports, proxy statements and other information with the SEC as required by the Exchange Act. You can read our SEC filings, including this prospectus, over the Internet at the SEC's website at *http://www.sec.gov*.

Our website address is *https://www.graphjettech.com/.* Through our website, we make available, free of charge, the following documents as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC, including our Annual Reports on Form 10-K; our proxy statements for our annual and special stockholder meetings; our Quarterly Reports on Form 10-Q; our Current Reports on Form 8-K; Forms 3, 4, and 5 and Schedules 13D with respect to our securities filed on behalf of our directors and our executive officers; and amendments to those documents. The information contained on, or that may be accessed through, our website is not a part of, and is not incorporated into, this prospectus.

**GRAPHJET TECHNOLOGY SDN. BHD.** 

**(FORMERLY KNOWN AS ZHONGHE GRAPHENE SDN. BHD.)**

**INDEX TO FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| [Report of Independent Registered Public Accounting Firm PCAOB ID #6651](#f_001) | F-2 |
| [Consolidated Balance Sheets as of September 30, 2024 and 2023](#f_002) | F-3 |
| [Consolidated Statements of Operations and Comprehensive Loss for the Years Ended September 30, 2024 and 2023](#f_003) | F-4 |
| [Consolidated Statement of Changes in Shareholders' Equity for the Years Ended September 30, 2024 and 2023](#f_004) | F-5 |
| [Consolidated Statement of Cash Flows for the Years Ended September 30, 2024 and 2023](#f_005) | F-6 |
| [Notes to the Consolidated Financial Statements](#f_006) | F-7 |

---

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

Board of Directors and Shareholders

Graphjet Technology

**Opinion on the Consolidated Financial Statements**

We have audited the accompanying consolidated balance sheet of Graphjet Technology (the "Company") as of September 30, 2024 and 2023, the related statements of operations and comprehensive loss, changes in shareholders' equity (deficit), and cash flows for the year then ended and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of Graphjet Technology as of September 30, 2024 and 2023, and the results of its operations and its cash flows for the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Going Concern**

The accompanying consolidated financial statements have been prepared assuming that the Company will continue on a going basis. As more fully described in Note 2 to the consolidated financial statements, the Company incurred net losses of US$17,815,307 for the period then ended September 30, 2024, with a working capital deficit of US$19,852,386 as of September 30, 2024. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 2. The financial statements do not include any adjustments that might become necessary should the Company be unable to continue as a going concern.

**Basis for Opinion**

 

These consolidated financial statements are the responsibility of the entity's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company. in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Emphasis of Matter – Correction of error**

As discussed in Note 21 to the financial statements, the Company restated its 2023 financial statements to apply the change in accounting treatment related to intellectual property, merger transaction costs, professional expenses and classification of payable to directors. Our opinion is not modified with respect to this matter.

/s/ Kreit & Chiu CPA LLP

We have served as the Company's auditor since 2024.

Los Angeles, California

July 15, 2025

**GRAPHJET TECHNOLOGY CONSOLIDATED BALANCE SHEETS**

---

| | | |
|:---|:---|:---|
|  | **September 30,<br> 2024** | **September 30,<br> 2023** |
|  | | **As Restated** |
| ASSETS |  |  |
| CURRENT ASSETS |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $348655 | $1430 |
| &nbsp;&nbsp;&nbsp;Inventories | 73922 |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 12200 | 154519 |
| &nbsp;&nbsp;&nbsp;Advance to a related company |  | 97882 |
| &nbsp;&nbsp;&nbsp;Deposits | 29888 | 127664 |
| &nbsp;&nbsp;&nbsp;Other receivables | 113108 | 54468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Current Assets | 577773 | 435963 |
| NON-CURRENT ASSETS |  |  |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 1593400 | 1598 |
| &nbsp;&nbsp;&nbsp;Intangible assets, net | 262 | 337 |
| &nbsp;&nbsp;&nbsp;Deferred merger costs | - | 704334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Non-current Assets | 1593662 | 706269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $2171435 | $1142232 |
| LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) |  |  |
| CURRENT LIABILITIES |  |  |
| &nbsp;&nbsp;&nbsp;Loans from third parties | $600626 | $510234 |
| &nbsp;&nbsp;&nbsp;Other payables and accrued expenses | 1232422 | 390257 |
| &nbsp;&nbsp;&nbsp;Loan from a director | 254449 |  |
| &nbsp;&nbsp;&nbsp;Loan from a shareholder | 103877 |  |
| &nbsp;&nbsp;&nbsp;Payable to directors | 2159866 | 2231781 |
| &nbsp;&nbsp;&nbsp;Compensation payable to a shareholder | 737894 |  |
| &nbsp;&nbsp;&nbsp;Deferred underwriting commission payable | 1541025 |  |
| &nbsp;&nbsp;&nbsp;Provision for bonus | 13800000 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Current Liabilities | 20430159 | 3132272 |
| NON-CURRENT LIABILITIES |  |  |
| &nbsp;&nbsp;&nbsp;Compensation payable to a shareholder | - | 5338273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Non-current Liabilities | - | 5338273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 20430159 | 8470545 |
| COMMITMENTS AND CONTINGENCIES (See Note 19) |  |  |
| SHAREHOLDERS' EQUITY (DEFICIT) |  |  |
| &nbsp;&nbsp;&nbsp;Preferred share, $0.0001 par value; 1,000,000 shares authorized, no shares issued and outstanding as of September 30, 2024 and 2023 |  |  |
| &nbsp;&nbsp;&nbsp;Class A ordinary share, $0.0001 par value; 479,000,000 shares authorized; 146,738,806 and 137,750,000 shares issued and outstanding as of September 30, 2024 and 2023 | 14674 | 13775 \* |
| &nbsp;&nbsp;&nbsp;Class B ordinary share, $0.0001 par value; 20,000,000 shares authorized; no shares issued and outstanding as of September 30, 2024 and 2023 |  |  |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 7812836 | 587499 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (25798897) | (7983590) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive (loss) income | (287337) | 54003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Shareholders' Deficit | (18258724) | (7328313) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities and Shareholders' Deficit | $2171435 | $1142232 |

---

\* Giving retroactive effect to reverse recapitalization effected on March 14, 2024 to reflect exchange ratio of approximately 55.1 as described in Note 4

The accompanying notes are an integral part of these consolidated financial statements.

**GRAPHJET TECHNOLOGY CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS**

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended<br> September 30,** | **For the Years Ended<br> September 30,** |
|  | **2024** | **2023** |
|  | | **As Restated** |
| Revenues | $- | $- |
| Cost of revenue | - | - |
| Gross profit | - | - |
| Operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | 17438014 | 1225501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 17438014 | 1225501 |
| Loss from operations | (17438014) | (1225501) |
| Other income (expenses) |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | (375782) | (616398) |
| &nbsp;&nbsp;&nbsp;Other expenses, net | (1511) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other expenses, net | (377293) | (616398) |
| Loss before income tax | (17815307) | (1841899) |
| Income tax expense | - | - |
| Net loss | $(17815307) | $(1841899) |
| Foreign currency translation adjustment | (341340) | 123998 |
| Total comprehensive loss attributable to ordinary shareholders | $(18156647) | $(1717901) |
| Weighted average number of ordinary shares outstanding\* |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 142675373 | 137750000 |
| &nbsp;&nbsp;&nbsp;Diluted | 142675373 | 137750000 |
| Loss per share ordinary share |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $(0.12) | $(0.01) |
| &nbsp;&nbsp;&nbsp;Diluted | $(0.12) | $(0.01) |

---

\* Giving retroactive effect to reverse recapitalization effected on March 14, 2024 to reflect exchange ratio of approximately 55.1 as described in Note 4

The accompanying notes are an integral part of these consolidated financial statements.

**GRAPHJET TECHNOLOGY CONSOLIDATED STATEMENTS OF CHANGE IN SHAREHOLDERS' EQUITY (DEFICIT)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Preferred Share** | **Preferred Share** | **Class A<br> Ordinary Share** | **Class A<br> Ordinary Share** | **Class B Ordinary Share** | **Class B Ordinary Share** | | | | |
|  | **Shares** | **Amount** | **Shares\*** | **Amount** | **Shares** | **Amount** | **Additional<br> paid-in**<br>**capital** | **Accumulated<br> Deficit**<br>**(Restated)** | **Accumulated<br> other comprehensive**<br>**income (loss)** |<br>**Total** |
| BALANCE, September 30, 2022 |  | $&nbsp;&nbsp;&nbsp;&nbsp; - | 137750000 | $13775 |  | $&nbsp;&nbsp;&nbsp;&nbsp; - | $587499 | $(6141691) | $(69995) | $(5610412) |
| &nbsp;&nbsp;&nbsp;Net loss |  |  |  |  |  |  |  | (1841899) |  | (1841899) |
| &nbsp;&nbsp;&nbsp;Foreign currency translation |  | - | - | - |  | - | - | - | 123998 | 123998 |
| BALANCE, September 30, 2023 |  |  | 137750000 | 13775 |  |  | 587499 | (7983590) | 54003 | (7328313) |
| &nbsp;&nbsp;&nbsp;Issuance of ordinary shares upon completion of reverse recapitalization |  |  | 6688806 | 669 |  |  | (3474433) |  |  | (3473764) |
| &nbsp;&nbsp;&nbsp;Issuance of ordinary shares for PIPE investment |  |  | 250000 | 25 |  |  | 2499975 |  |  | 2500000 |
| &nbsp;&nbsp;&nbsp;Loan payable converted to shares |  |  | 2050000 | 205 |  |  | 8199795 |  |  | 8200000 |
| &nbsp;&nbsp;&nbsp;Net loss |  |  |  |  |  |  |  | (17815307) |  | (17815307) |
| &nbsp;&nbsp;&nbsp;Foreign currency translation |  | - | - | - |  | - | - | - | (341340) | (341340) |
| BALANCE, September 30, 2024 |  | $- | 146738806 | $14674 |  | $- | $7812836 | $(25798897) | $(287337) | $(18258724) |

---

\* Giving retroactive effect to reverse recapitalization effected on March 14, 2024 to reflect exchange ratio of approximately 55.1 as described in Note 4

The accompanying notes are an integral part of these consolidated financial statements.

**GRAPHJET TECHNOLOGY CONSOLIDATED STATEMENTS OF CASH FLOWS**

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended<br> September 30,** | **For the Years Ended<br> September 30,** |
|  | **2024** | **2023** |
|  | | **As Restated** |
| CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;Net loss | $(17815307) | $(1841899) |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization | 103 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 27113 | 103 |
| &nbsp;&nbsp;&nbsp;Change in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 145106 | (77215) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advance to a related company | 98771 | 10289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (65531) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits | 102327 | (127664) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other receivables | (45306) | (34183) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interests payable | 23657 | 23380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other payables and accrued expenses | 702538 | 160597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to directors |  | 2296915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for bonus | 13800000 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash (used in) provided by operating activities | (3026529) | 410323 |
| CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of property and equipment | (1438033) | (1598) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (1438033) | (1598) |
| CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from short-term loans - related party | 315390 |  |
| &nbsp;&nbsp;&nbsp;Proceeds from long-term debt - related party | 2917330 |  |
| &nbsp;&nbsp;&nbsp;Repayments to long-term debt - related party | (107532) |  |
| &nbsp;&nbsp;&nbsp;Payments of deferred merger costs | (919446) | (700810) |
| &nbsp;&nbsp;&nbsp;Proceeds from the completion of reverse recapitalization | 1231 |  |
| &nbsp;&nbsp;&nbsp;Proceeds from PIPE investment | 2500000 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | 4706973 | (700810) |
| Effect of exchange rate changes | 104814 | 68394 |
| NET CHANGE IN CASH | 347225 | (223691) |
| Cash, beginning of the year | 1430 | 225121 |
| Cash, end of the year | $348655 | $1430 |
| SUPPLEMENTAL CASH FLOW INFORMATION: |  |  |
| &nbsp;&nbsp;&nbsp;Cash paid for income tax | $- | $- |
| &nbsp;&nbsp;&nbsp;Cash paid for interest | $- | $- |
| NON-CASH INVESTING AND FINANCING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;Issuance of ordinary share upon the reverse recapitalization | $3473764 | $- |
| &nbsp;&nbsp;&nbsp;Reclassification of deferred merger costs to additional paid-in capital | $704334 | $- |
| &nbsp;&nbsp;&nbsp;Issuance of shares for the settlement of amount due to shareholders | $8200000 | $- |

---

The accompanying notes are an integral part of these consolidated financial statements.

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**FOR THE YEARS ENDED SEPTEMBER 30, 2024 AND 2023**

**(In U.S. dollars, unless stated otherwise)**

**Note 1 - Description of Organization and Business Operations**

**1.1 Organization and Nature of Business**

Graphjet Technology (the "Company", "we," "us" or "our") is the owner of the state-of-the-art patented technology for the manufacture of graphene and graphite. The Company is a former blank check company incorporated in the Cayman Islands on August 6, 2021 under the name Energem Corp. ("Energem") and formed for the purpose of acquiring, engaging in a share exchange, share reconstruction and amalgamation with, purchasing all or substantially all of the assets of, entering into contractual arrangements with, or engaging in any other similar business combination with one or more businesses.

The Company acquired Graphjet Technology Sdn. Bhd. ("Graphjet"), a Malaysian based company that produces graphite, graphene and graphene-based anode battery material. The breakthrough technology transforms a sustainable, abundant and renewable agricultural waste product, palm kernel shells into highly valued artificial graphene and graphite at significantly lower carbon emissions. For research and development in graphite and graphene applications, Graphjet collaborates with National University of Malaysia (UKM) and University Teknikal Malaysia Melaka (UTEM) as Technology Advisor Panel to provide technology advisory for the applications. The Company is a member of Industrial Liaison Program (ILP) of Massachusetts Institute of Technology (MIT).

The Company intends to be a low-cost producer of the highest quality artificial graphite and graphene. Graphjet has a patent on its bio-mass process and production method for graphite and a patent pending for graphene, and it believes it is the only producer currently capable of using biomass to produce graphite and graphene in mass production scale.

Since Graphjet Technology uses a widely available waste product as their source, they are able to produce a higher quality product at a significantly lower cost than other graphite and graphene production methods currently in use worldwide.

To date of this filing, Graphjet has not had any sales of its products but plans to sample its products to multinational companies within the industry for market acceptance and procurement purposes, intending to replace current high-cost suppliers. Until now, the Company has funded its operations primarily with proceeds through equity investments from its current shareholders.

**1.2 Business Combination**

On March 14, 2024 (the "Closing date"), Graphjet consummated a merger (the "Merger") with Energem. Pursuant to the Business Combination Agreement, (i) Energem acquired all of the issued and outstanding Graphjet Pre-Transaction Shares from the Selling Shareholders and Graphjet became a wholly-owned subsidiary of Energem, (ii) Energem changed its name to Graphjet Technology, and (iii) each Selling Shareholder received a number of Energem Class A Ordinary Shares subject to the Consideration Shares formula, which is the number of Energem Class A Ordinary Shares equal to the aggregate Consideration Shares divided by the number of Graphjet Pre-Transaction Shares outstanding immediately prior to the Closing, multiplied by the number of Graphjet Pre-Transaction Shares held by such Selling Shareholder.

The Business Combination (see Note 4) was accounted for as a reverse recapitalization in accordance with U.S. GAAP. Under this method of accounting, Graphjet Technology was treated as the acquired company and Graphjet was treated as the acquirer for financial statement reporting purposes.

Pursuant to ASC 805-40 Reverse Acquisitions, for financial accounting and reporting purposes, Graphjet was deemed the accounting acquirer with Graphjet Technology being treated as the accounting acquiree, and the Merger was accounted for as a reverse recapitalization (the "Reverse Recapitalization"). Accordingly, the audited consolidated financial statements of the Company represent a continuation of the financial statements of Graphjet, with the Merger being treated as the equivalent of Graphjet issuing stock for the net assets of Graphjet Technology, accompanied by a recapitalization. The net assets of Graphjet Technology were stated at historical costs, with no goodwill or other intangible assets recorded, and were consolidated with Graphjet financial statements on the Closing Date. The number of Graphjet ordinary shares for all periods prior to the Closing Date have been retrospectively increased using the exchange ratio that was established in accordance with the Merger Agreement (the "Exchange Ratio").

**1.3 Acquisition of Subsidiary**

In April 2024, the Company's subsidiary, Graphjet acquired 100% equity interest in GTI US Corp, incorporated in Nevada for a consideration of $10,000. As of September 30, 2024, $5,000 consideration was paid and the balance remains as payable. GTI US Corp is still dormant as of September 30, 2024.

**Note 2 - Going Concern and Liquidity**

In assessing the Company's ability to continue as a going concern, the Company monitors and analyses its cash on-hand and its operating and capital expenditure commitments. The Company's liquidity needs are to meet its working capital requirements, operating expenses, and capital expenditure obligations.

The Company's management has considered whether there is substantial doubt about its ability to continue as a going concern due to the Company incurred a net loss of $17,815,307 during the year ended September 30, 2024 and, as of that date, the Company had a negative working capital of $19,852,386. These conditions raise doubt about the Company's ability to continue as a going concern.

To sustain its ability to support the Company's operating activities and to alleviate the situation, the Company considered supplementing its sources of funding through the following:

● other available sources of financing from banks and other financial institutions or private lenders;

● and equity financing.

On November 1, 2024, the Company successfully completed a fundraising exercise amounting to approximately $1.4 million (MYR 6 million) gross proceeds from new external shareholders. On April 30, 2025, the Company signed debt settlement agreements with its director and shareholder to settle the debts with them.

The Company can make no assurances that required financings will be available for the amounts needed, or on terms commercially acceptable to the Company, if at all. If one or all of these events does not occur or subsequent capital raises are insufficient to bridge financial and liquidity shortfall, there would likely be a material adverse effect on the Company and would materially adversely affect its ability to continue as a going concern.

As such, the Company's management has determined that the factors discussed above have raised substantial doubt about the Company's ability to continue as a going concern within one year after the date that the consolidated financial statements are issued. The consolidated financial statements have been prepared assuming that the Company will continue as a going concern and, accordingly, do not include any adjustments that might result from the outcome of this uncertainty.

**Note 3 - Summary of Significant Accounting Policies**

***Basis of presentation***

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") pursuant to the rules and regulations of the Securities Exchange Commission ("SEC").

***Principles of consolidation***

The consolidated financial statements include the financial statements of the Company and its wholly owned subsidiaries, Graphjet and GTI US Corp. All intercompany balances and transactions, and any unrealized income and expenses arising from intercompany transactions, are eliminated in preparing the consolidated financial statements.

***Use of estimates and assumptions***

The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting period and the accompanying notes, including allowance for expected credit losses, the useful lives of property and equipment, and impairment of long-lived assets.

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.

***Foreign currency***

In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, "Translation of Financial Statement", using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. Shareholders' equity account is translated at historical exchange rate. Transaction gains and losses are recognized in the Company's Consolidated Statement of Operations and Comprehensive Loss based on the difference between the foreign exchange rates on the transaction date and on the reporting date. The gains and losses resulting from translation of financial statements of foreign subsidiary are recorded as a separate component of accumulated other comprehensive income (loss) within the statements of shareholders' equity. Cash flows are also translated at average translation rates for the periods; therefore, amounts reported on the statement of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets.

For Graphjet, Malaysian Ringgit ("RM") has been determined to be the functional currency. Translation of foreign currencies into US$1 have been made at the following exchange rates for the respective periods:

---

| | | |
|:---|:---|:---|
|  | **As of and for <br> the years ended September 30,** | **As of and for <br> the years ended September 30,** |
|  | **2024** | **2023** |
| Year-end RM: US$1 exchange rate | 4.1220 | 4.6920 |
| Year-average RM: US$1 exchange rate | 4.6498 | 4.5317 |

---

***Cash***

Cash primarily consists of bank deposits, which are unrestricted as to withdrawal and use.

***Inventories***

Inventories are measured at the lower of cost and net realizable value.

The cost of inventories is calculated using the weighted average method, and includes the cost incurred in acquiring the inventories and incidental cost in bringing them to their existing location and condition. For work-in-progress, cost of production comprised the costs of raw material, packaging material, manufacturing overhead and direct labor, which are allocated to products based on normal operating capacity. As of September 30, 2024 and 2023, the Company had $73,922 and $nil work-in-progress, respectively.

 ****

***Prepaid expenses***

Prepaid expenses represent amounts advanced to suppliers for providing services to the Company. Some suppliers require advance payments when the Company orders services, and the prepaid expenses will be utilized to offset the Company's future payments. These amounts are unsecured, non-interest bearing and generally short-term in nature.

***Other receivables***

Other receivables primarily include receivables from employee advances and others. Management regularly reviews the aging of the accounts and changes in payment trends and records provision for credit losses when management believes collection of amounts due are at risk. Accounts considered uncollectable are written off against allowances after exhaustive efforts at collection are made. As of September 30, 2024 and 2023, the Company provided no provision for credit losses, respectively.

***Property and equipment, net***

Property and equipment are stated at historical cost less accumulated depreciation. Expenditures for major renewals and betterments are capitalized, while minor replacements, maintenance, and repairs, which do not extend the asset lives, are charged to operations as incurred. Upon sale or disposition, the cost and related accumulated depreciation is removed from the accounts, and any difference between the selling price and net carrying amount is recorded as a gain or loss in the consolidated statements of operations and comprehensive loss. Depreciation on property and equipment is calculated using the straight-line method over the estimated useful lives of the assets.

 **

***Impairment for long-lived assets***

 **

Long-lived assets, including property and equipment and intangible assets with finite lives are reviewed for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be recoverable. The Company assesses the recoverability of the assets based on the undiscounted future cash flows the assets are expected to generate and recognize an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. If an impairment is identified, the Company would reduce the carrying amount of the asset to its estimated fair value based on a discounted cash flows approach or, when available and appropriate, to comparable market values. During the years ended September 30, 2024 and 2023, no impairment of long-lived assets was recognized.

 ****

***Warrants***

The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant's specific terms and applicable authoritative guidance in ASC 480, *Distinguishing Liabilities from Equity* ("ASC 480"), and ASC 815, *Derivatives and Hedging* ("ASC 815"). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company's own Common Stock and whether the warrant holders could potentially require "net cash settlement" in a circumstance outside of the Company's control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.

For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of equity at the time of issuance. The Company determined that upon further review of the warrant agreements, the Company concluded that its warrants qualify for equity accounting treatment.

Upon completion of the Business Combination, all of Graphjet's outstanding public and private warrants (See Note 16) were replaced by the Company's public and private warrants. As previously disclosed, the Company treated such warrants replacement as a warrant modification and no incremental fair value was recognized for the year ended September 30, 2024.

***Fair value of financial instruments***

Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:

● Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;

● Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and

● Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

***Deferred merger costs***

Deferred merger costs consist primarily of expenses paid to attorneys, underwriters, and others direct costs related to the Merger. Transaction costs directly attributable to the Merger should be accounted for as a direct reduction of the proceeds received from the issuance and deducted from the combined Company's additional paid-in capital rather than expensed as incurred.

***Income taxes***

The Company complies with the accounting and reporting requirements of ASC Topic 740, "Income Taxes," which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

ASC Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company's management determined Cayman Islands, the United States and Malaysia are the Company's only major tax jurisdictions. The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if any, as income tax expense. There were no unrecognized tax benefits as of September 30, 2024 and 2023, and no amounts accrued for interest and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals, or material deviation from its position.

The Company is an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands. In Malaysia and Nevada US, current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the end of the reporting period, and any adjustment to tax payable in respect of previous years. Due to operating losses, the Company's tax provision was $nil for the years ended September 30, 2024 and 2023.

 ****

***Comprehensive income (loss)***

Comprehensive income (loss) consists of two components, net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) refers to revenue, expenses, gains and losses that under GAAP are recorded as an element of shareholders' equity but are excluded from net income (loss). Other comprehensive income (loss) consists of a foreign currency translation adjustment resulting from the Company not using the U.S. dollar as its functional currencies.

 ****

***Loss per share***

The Company complies with accounting and disclosure requirements of ASC Topic 260, "Earnings Per Share." Net loss per share is computed by dividing net loss by the weighted average number of ordinary shares outstanding during the period, excluding ordinary shares subject to forfeiture. As of September 30, 2024 and 2023, the calculation of diluted loss per share does not consider the effect of the warrants issued in connection with the Initial Public Offering and warrants issued as components of the Private Placement Units (the "Placement Warrants") since the exercise of the warrants are contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive. There are no other potential dilutive securities outstanding for the years ended September 30, 2024 and 2023, as a result, diluted loss per share is the same as basic loss per share for the periods presented.

***Related parties***

 ****

A party is considered to be related to the Company if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal if one party controls or can significantly influence management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. A party which can significantly influence the management or operating policies of the transacting parties or if it has an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests is also a related party.

***Recent issued accounting standards***

The Company is an "emerging growth company" ("EGC") as defined in the Jumpstart Our Business Startup Act of 2012 (the "JOBS Act"). Under the JOBS Act, EGC can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies.

In November 2023, the FASB issued Accounting Standards Update ("ASU") 2023-07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" which expands annual and interim disclosure requirements for reportable segments. These requirements include: (i) disclosure of significant expenses that are regularly provided to the Chief Operating Decision Maker ("CODM") and included within each reported measure of segment profit or loss (collectively referred to as the "significant expense principle"); (ii) disclosure of an amount for other segment items (equal to the difference between segment revenue less segment expenses disclosed under the significant expense principle and each reported measure of segment profit or loss) by reportable segment and a description of their composition; (iii) annual disclosure of a reportable segment's profit or loss and assets currently required by Topic 280 in interim periods; (iv) clarification that, if the CODM uses more than one measure of a segment's profit or loss in assessing segment performance and deciding how to allocate resources, a public entity may report those additional measures of segment profit or loss; (v) disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) disclosure of segment profit or loss in assessing segment performance and deciding how to allocate resources; and (vi) requiring a public entity that has a single reportable segment provide all the disclosures required by the amendments in this ASU, and all existing segment disclosures in Topic 280. ASU 2023-07 is effective for the Company's annual periods beginning January 1, 2024, and for interim periods beginning January 1, 2025. The Company adopted ASU 2023-07 in the year ended September 30, 2024, and applied the amendments retrospectively to all prior periods presented in these consolidated financial statements. Refer to Note 18 segment information.

In December 2023, the FASB issued Accounting Standards Update No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09"), which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. The Company is currently evaluating the potential impact of adopting this new guidance on its consolidated financial statements and related disclosures.

Except as mentioned above, the Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company's consolidated balance sheets, statements of operations and comprehensive loss and statements of cash flows.

**Note 4 - Reverse Recapitalization**

Upon the consummation of the Business Combination, the following transactions were completed, based on the Company's capitalization as of March 14, 2024:

&nbsp;&nbsp;&nbsp;&nbsp;(i) All Energem public shares of 323,231, and all Energem founder shares of 3,403,075 remained outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(ii) 2,760,000 shares to Energem's financial advisor

&nbsp;&nbsp;&nbsp;&nbsp;(iii) All 2,500,100 issued and outstanding shares of Graphjet were converted into 137,750,000 shares

&nbsp;&nbsp;&nbsp;&nbsp;(iv) 202,500 shares to underwriter in connection with the Transactions.

The following table presents the number of the Company's ordinary shares issued and outstanding immediately following the Reverse Recapitalization (as defined below):

---

| | |
|:---|:---|
|  | **Ordinary**<br>**Share** |
| Energem's ordinary shares outstanding prior to Reverse Recapitalization | 4430622 |
| Less: redemption of Energem's ordinary shares | (704316) |
| Ordinary shares issued to underwriter | 202500 |
| Ordinary shares issued to financial advisor | 2760000 |
| Total ordinary shares issued upon completion of reverse recapitalization | 6688806 |
| Conversion of Graphjet's ordinary shares | 137750000 |
| Total ordinary shares issued and outstanding upon completion of reverse recapitalization | 144438806 |

---

Graphjet was determined to be the accounting acquirer given Graphjet effectively controlled the combined entity after the Transactions. The transaction is accounted for as a reverse recapitalization ("Reverse Recapitalization"), which is equivalent to the issuance of ordinary shares by Graphjet for the net monetary assets of Energem, accompanied by a recapitalization. Graphjet is determined as the accounting acquirer and the historical financial statements of Graphjet became the Company's historical financial statements, with retrospective adjustments to give effect of the Reverse Recapitalization. The net assets of Energem were recognized as of the closing date at historical cost, with no goodwill or other intangible assets recorded. Operations prior to the Business Combination are those of Graphjet and Graphjet's operations are the only ongoing operations of the Company.

In connection with the Reverse Recapitalization, the Company raised approximately $1,200 of proceeds, presented as cash flows from financing activities, which included the contribution of approximately $3.8 million of funds held in Energem's trust account, approximately $1,200 cash held in Energem's operating cash account, and payments of approximately $3.8 million in transaction costs incurred by Energem.

The following table reconcile the elements of the Reverse Recapitalization to the consolidated statements of cash flows and the changes in shareholders' deficit:

---

| | |
|:---|:---|
|  | **March 14,**<br>**2024** |
| Funds held in Energem's trust account | $3760259 |
| Funds held in Energem's operating cash account | 1231 |
| Less: payments of transaction costs incurred by Energem | (3760259) |
| Proceeds from the Reverse Recapitalization | 1231 |
| Less: non-cash net deficit assumed from Energem | (3474995) |
| Net distributions from issuance of ordinary shares upon the Reverse Recapitalization | $(3473764) |

---

The shares and corresponding capital amounts and all per share data related to Graphjet's outstanding ordinary share prior to the Reverse Recapitalization have been retroactively adjusted using the Exchange Ratio of 55.1.

**Note 5 - Deposits**

The deposits consist of non-refundable deposit for the land to be purchased at Kuantan Integrated Industrial Park and the professional fee related to it, refundable deposit for the rent of photocopiers and installation cost for the factory equipment in Shah Alam factory. See Note 12 for further discussion.

---

| | | | |
|:---|:---|:---|:---|
| **Deposit allocation** | **Nature** | **As of <br> September 30, <br> 2024** | **As of <br> September 30, <br> 2023** |
| Land to be purchased at Kuantan Integrated Industrial Park \* | Non-refundable | $- | $80989 |
| Professional service in building Kuantan factory \* | Non-refundable |  | 46462 |
| Public Relations Consulting Services | Refundable | 29112 |  |
| Photocopiers rent for offices use | Refundable | 776 | 213 |
| Total other receivables and other current assets, net |  | $29888 | $127664 |

---

 

*\** *Written off during the year due to the termination of Sale and Purchase of Land Agreement*

 

**Note 6 - Patents**

The Company owns two patents over the production of Graphite and Graphene from palm kernel shell. Artificial graphite can be used for including but not limited to electrical carbons, fuel cell bi-polar plates, coatings, electrolytic processes, corrosion products, conductive fillers, rubber and plastic compounds, and drilling applications. Graphene is a product that is further processed from Graphite.

As per ASC 350-30 Intangible Assets, the patents are capitalized as non-current asset because they were not internally generated, have finite useful life of 15 years, and has been used in operational activities although no revenue has been generated.

In 2022, the Company purchased the two patents from Mr. Liu Yu and ZhongHe TianCheng, both are related parties of the Company. Therefore, the transfers of the intangible assets are related-party transactions, and they transferred the patents during the process of the Company going public in US through the business combination with a SPAC. The intangible assets should be recorded at the transferors' historical cost, based upon the Company's records, there is no historical basis of the patents. The excess paid over the patents carrying basis should be charged to equity as a deemed dividend in accordance with ASC 805-50-30-5.

Patents consisted of the following:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As of September 30,<br> 2024** | **As of September 30, 2023** | **As of September 30, 2023** | **As of September 30, 2023** | **As of September 30, 2023** | **As of September 30, 2023** | **As of September 30, 2023** |
| | | **As previously reported** | **As previously reported** | **As previously reported** | **As restated** | **As restated** | **As restated** |
| <br>**Patent** |<br>**Net**<br>**carrying**<br>**amount** |<br>**Acquisition**<br>**cost** |<br>**Accumulated**<br>**amortization** | **Net**<br>**carrying**<br>**amount** |<br>**Acquisition**<br>**cost** |<br>**Accumulated**<br>**amortization** | **Net**<br>**carrying**<br>**amount** |
| Graphite production | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $215796 | $(21580) | $194516 | $&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp;- |
| Graphene production | - | 6258092 | (625809) | 5632283 | - | - | - |
|  | $- | $6473888 | $(647389) | $5826499 | $- | $- | $- |

---

**Note 7 - Property and Equipment**

Property and equipment included in continuing operations consist of the following:

---

| | | |
|:---|:---|:---|
|  | **As of<br> September 30,**<br>**2024** | **As of<br> September 30,**<br>**2023** |
| Office equipment | $13298 | $1701 |
| Renovation | 153886 |  |
| Plant and Machinery | 1456801 | - |
| Subtotal | $1623985 | $1701 |
| Less: accumulated depreciation | (30585) | (103) |
| Total property and equipment, net | $1593400 | $1598 |

---

Depreciation of property and equipment is computed on a straight-line basis over its estimated useful life at the following annual rates:

---

| | |
|:---|:---|
| Office equipment | 20% |
| Renovation | 20% |
| Plant and machinery | 10% |

---

Depreciation expense for the years ended September 30, 2024 and 2023 amounted to $27,113 and $103, respectively, which have been recorded in general and administrative expenses in the consolidated statements of operations.

The Company has entered into four contracts with Beijing Xi Yu International Trade Co. Ltd from China for the purchase of artificial graphite machineries for a total cost of approximately $1.3 million. Full payments made upon order confirmation and shipment from the main port in Tianjin to Port Klang in Malaysia. The guarantee period is within 15 months after arrival date and during this period the Seller shall be responsible for the damage due to the defects in designing and manufacturing of the machineries.

**Note 8 - Loans from Third Parties**

The Company obtained loans of $533,721 (RM 2,200,000) from external parties Mr. Goh Meng Keong and Mr. Goh Seng Wei, to fund the acquisition of Graphene Patent, and in return they charged the Company with interest, in accordance with arm's length transaction principle. For the years ended September 30, 2024 and 2023, there were interest expenses of $23,657 and $35,482, respectively. The principal amount, maturity date and interest rate for the loans are shown below:

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br>**2024** | **September 30,**<br>**2023** |
| Total interest payable | $66905 | $35482 |
| Total debt and interest payable | $600626 | $510234 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Lender** | **Principle** | **Interest rate** | **Lending date** | **Due date** |
| Goh Meng Keong | $485201 | 5% p.a | March 22, 2022 | September 30, 2025 |
| Goh Seng Wei | $48520 | 5% p.a | May 26, 2022 | November 25, 2024 |

---

**Note 9 - Other Payables and Accrued Liabilities** 

---

| | | |
|:---|:---|:---|
|  | **September 30, <br> 2024** | **September 30,<br> 2023** |
| Payroll payable | $282461 | $- |
| Rental payable | 70354 | 15772 |
| Professional Fees | 574713 | 324128 |
| Accrued expenses | 304894 | 50357 |
| Total other payables and accrued liabilities | $1232422 | $390257 |

---

**Note 10 - Deferred Underwriting Commission Payable**

On December 21, 2023, the Company entered into a *Satisfaction and Discharge of Indebtedness Agreement* (the "Agreement") with its underwriter in satisfaction of the $4,025,000 Deferred Underwriting Commission pursuant to the Underwriting Agreement dated November 15, 2021. In lieu of the Company tendering the full amount of the Deferred Underwriting Commission in cash, the underwriter agreed to accept: (1) $2,000,000 in cash at the time of the closing of the Business Combination, and (2) 202,500 unregistered ordinary shares of the Company ("Ordinary Shares"), which when multiplied by the $10.00 per share price agreed to between the Company and the underwriter (the "Agreed Share Price") equals $2,025,000 (the "Original Aggregate Share Value"), to be issued and delivered to the underwriter at the closing of the Business Combination. Pursuant to Section 2.1 of the Agreement, the Company agreed to perform the following post-closing covenants if the lowest of the VWAP for a period of five (5) trading days immediately prior to the effectiveness date of the registration statement or prior to eligible date for release pursuant to Rule 144 is lower than the Agreed Share Value, the Company should compensate the underwriter either in cash or issuing additional ordinary shares in an amount equal to the difference between the aggregate VWAP value on any given date and the Original Aggregate Share Value (the "True-Up Obligation").

As of September 30, 2024, the Company had finalized the settlement of the True-Up Obligation by agreeing to issue 645,135 ordinary shares to the underwriter. However, because the shares had not yet been legally issued as of the reporting date, the Company recorded a liability of approximately $1.5 million, representing the fair value of the shares to be issued. Upon issuance of the shares on May 22, 2025, the liability will be reclassified to additional paid-in capital, with no income statement impact.

**Note 11 - Provision for Bonus**

On February 29, 2024, the Board of Directors of Graphjet approved the proposed bonus plan to reward the senior management team of Graphjet for the successful business combination and corporate listing. The total provision made is $13,800,000 according to the plan. During the year ended September 30, 2024, the provision was recorded under the general and administrative expenses, and the full balance of $13.8 million is to be provided by December 2025.

**Note 12 - Related Party Transactions**

**12.1 Related Party Contract**

ZhongHe Industries Sdn Bhd (ZHI) is an entity owned by Mr. Lim Hooi Beng, who owned 20% of its shares as of September 30, 2024 and 2023. Mr. Lim Hooi Beng also owns 13.8% of the ordinary shares of the Company as of September 30, 2024. Previously, Mr. Lim Hooi Beng owned 14.5% of the ordinary shares of Graphjet as of September 30, 2023.

On September 20, 2021, the Company entered into a Contract of Commission Processing with ZHI, pursuant to which the Company appointed ZHI for the provision of services as stipulated in the Contract of Commission Processing. The service charged is based on the material consumption and labor cost incurred. On June 30, 2024, the agreement ended and was not extended. The Company expensed $110,623 in full for the advances paid.

On July 1, 2022, the Company entered into a Tenancy Agreement with ZHI, with respect to the demised premises located at L4-E-8 Enterprise 4, Technology Park Malaysia, Bukit Jalil, 57000 Kuala Lumpur. Pursuant to the terms of the Tenancy Agreement, the tenancy is subject to an initial term of 2 years with a monthly rental of approximately $745. The agreement will not be extended after ended and no transfer of premises ownership at the end of the agreement.

---

| | | |
|:---|:---|:---|
|  | **September 30,<br> 2024** | **September 30,<br> 2023** |
| Advances to a related company | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $97882 |

---

The advance to ZHI represents the prepayment made to secure its production line after offsetting with the rental charged by ZHI for the office premises.

**12.2 Related Party Loans**

**Short Term Loan**

***Loan from a director***

On August 4, 2024 and August 15, 2024, the Company entered two loan agreements with Mr. Aw Jeen Rong for working capital purpose. Aw Jeen Rong owned 6% the Company's ordinary shares as of September 30, 2024 and 6.3% of the ordinary shares of Graphjet as of September 30, 2023. The loans are unsecured, with interest bearing of 8% per annum and fixed term of repayment. As of September 30, 2024, total loans drawdown was $252,304. For the year ended September 30, 2024, there was interest expense of $1,901. The principal amount, maturity date and interest rate for the loans are shown in the table below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Lender** | **Principal** | **Interest Rate** | **Lending Date** | **Due** |
| Aw Jeen Rong | $106744 | 8% p.a | August 4, 2024 | February 4, 2025 <br> (extended to April 30, 2026) |
| Aw Jeen Rong | $145560 | 8% p.a | August 15, 2024 | February 15, 2025<br> (extended to April 30, 2026) |

---

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br>**2024** | **September 30,**<br>**2023** |
| Total interest payable | $2145 | $&nbsp;&nbsp;&nbsp;&nbsp; - |
| Total debt and interest payable | 254449 |  |

---

***Loan from a shareholder***

On September 4, 2024, The Company entered a loan agreement with Mr. Liu Yu for working capital purpose. Liu Yu owned 24.3% the Company's ordinary shares as of September 30, 2024 and 25.5% of the ordinary shares of Graphjet as of September 30, 2023. The loan is unsecured, with interest bearing of 8% per annum and fixed term of repayment. As of September 30, 2024, total loan drawdown was $103,469. For the year ended September 30, 2024, there was interest expense of $362. The principal amount, maturity date and interest rate for the loans are shown in the table below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Lender** | **Principal** | **Interest Rate** | **Lending Date** | **Due** |
| Liu Yu | $103469 | 8% p.a | September 4, 2024 | March 5, 2025<br> (extended to April 30, 2026) |

---

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br>**2024** | **September 30,**<br>**2023** |
| Total interest payable | $408 | $&nbsp;&nbsp;&nbsp;&nbsp; - |
| Total debt and interest payable | 103877 |  |

---

***Payable to directors***

Mr. Lim Hooi Beng and Mr. Aw Jeen Rong are the shareholders of the Company and directors of Graphjet.

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br>**2024** | **September 30,**<br>**2023** |
| Lim Hooi Beng | $2152588 | $2225387 |
| Aw Jeen Rong | 7278 | 6394 |
| Payables to directors | $2159866 | $2231781 |

---

Mr. Lim Hooi Beng and Mr. Aw Jeen Rong own 13.8% and 6.0% of the ordinary shares of the Company as of September 30, 2024. As of September 30, 2023, Mr. Lim Hooi Beng and Mr. Aw Jeen Rong owned 14.5% and 6.3% of the ordinary shares of Graphjet. The reduction in percentage of ownership was due to the share exchange during the merger, as stated in Note 1.2. The shareholders will continue to support the Company; hence the payables are interest free and demands for repayment are not expected within the next 12 months.

On March 11, 2024, the Company entered into the debt-to-equity conversion agreements with Mr. Lim Hooi Beng. The Company issued 775,000 ordinary shares at $4.00 per share amounting $3,100,000 to partially settle the outstanding balance. The fair value of those ordinary shares was $2.7 per share, and the difference between the share price per agreement and the fair value is considered as shareholder contribution and charged to additional paid-in-capital.

As of September 30, 2024 and 2023, the outstanding balance on the payable is $2,159,866 and $2,231,781, respectively.

***Compensation payable to a shareholder***

On March 10, 2022, Graphjet entered into Intellectual Property Sales Agreement with Mr. Liu Yu, as supplemented by the letter from Mr. Liu Yu to Graphjet dated July 29, 2022, pursuant to which Graphjet purchased the process for producing palm-based graphene, an intellectual property held by Mr. Liu Yu for approximately $6.3 million payable within the 19th to 36th month period from July 29, 2022. Liu Yu owned 24.3% the Company's ordinary shares as of September 30, 2024 and 25.5% of the ordinary shares of Graphjet as of September 30, 2023. The reduction in percentage of ownership was due to the share exchange during the merger, as stated in Note 1.2. The transfers of IP to the Company by Mr. Liu Yu in exchange for stock prior to or at the time of the company's IPO through merging with a US SPAC should be recorded at the transferors' historical cost. Based upon the Company's records, there is no historical basis of the IP. The excess paid over the IP carrying basis of approximately $6.3 million should be charged as a compensation payable in accordance with ASC 805-50-30-5.

As of September 30, 2022, the Company repaid approximately $0.5 million in cash to Mr. Liu Yu. On March 11, 2024, the Company entered the debt-to-equity conversion agreements with Mr. Liu Yu. The Company issued 1,275,000 ordinary shares at $4.00 per share amounting $5,100,000 to partially settle the outstanding balance. The fair value of those ordinary shares was $2.7 per share, and the difference between the share price per agreement and the fair value is considered as shareholder contribution and charged to additional paid-in-capital.

The approximately $5.8 million outstanding compensation payable was discounted at an imputed interest rate of 12% per annum, and the amortization expense of debt discount is included in the interest expenses. During the years ended September 30, 2024 and 2023, the Company recorded $350,084 and $592,191 interest expense for the amortization, respectively. As of September 30, 2024 and 2023, the outstanding balance on the payable is $737,894 and $5,338,273, respectively.

**Note 13 - Income Taxes**

*Cayman Islands*

Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gain. Additionally, upon payments of dividends to the shareholders, no Cayman Islands withholding tax will be imposed.

*USA*

 

GTI US Corp is incorporated in the United States and is subject to a federal tax rate of 21%. GTI US Corp is still dormant as of September 30, 2024.

*Malaysia*

The Company's subsidiary Graphjet was incorporated in Malaysia and is subject to Malaysian Profits Tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Malaysian tax laws. The applicable tax rate is 24% in Malaysia.

To date, Graphjet Technology has not had any sales of its products, the Company's tax provision was zero for the years ended September 30, 2024 and 2023. As of September 30, 2024 and 2023, the Company's deferred tax asset had a full valuation allowance recorded against it. The effective tax rate for the years ended September 30, 2024 and 2023 was 0%.

The components of the Company's income tax provision were as follows for the period indicated:

---

| | | |
|:---|:---|:---|
|  | **For the year <br> ended<br> September 30,<br> 2024** | **For the year <br> ended <br> September 30,<br> 2023** |
| Current | $- | $- |
| Deferred | - | - |
| Total income tax provision | $- | $- |

---

The following table reconciles Malaysia statutory rates to the Company's effective tax rate:

---

| | | |
|:---|:---|:---|
|  | **For the year<br> ended<br> September 30, <br> 2024** | **For the year<br> ended<br> September 30,<br> 2023** |
| Malaysia income tax rate | 24.0% | 24.0% |
| Change in valuation allowance | (24.0)% | (24.0)% |
| Effective tax rate | -% | -% |

---

The following table sets forth the significant components of the aggregate deferred tax assets and liabilities of the Company as of:

---

| | | |
|:---|:---|:---|
|  | **September 30, <br> 2024** | **September 30, <br> 2023** |
| **Deferred Tax Assets:** | | |
| Net operating loss carry-forwards | $4406475 | $281694 |
| Capital allowances | 105298 | 132 |
| Less: valuation allowance | (4511773) | (281826) |
| Deferred tax assets, net |  |  |
| **Deferred tax liabilities:** |  |  |
| Capitalized R&D expenses | - | - |
| **Deferred tax (liabilities) assets, net** | $- | $- |

---

Movement of valuation allowance:

---

| | | |
|:---|:---|:---|
|  | **September 30, <br> 2024** | **September 30, <br> 2023** |
| Balance at beginning of the year | $281826 | $- |
| Addition | 4229947 | 281826 |
| Balance at end of the year | $4511773 | $281826 |

---

As of September 30, 2024 and 2023, the Company had net operating losses carry forward of approximately $18.3 million and approximately $1.2 million, respectively, from the Company's Malaysian subsidiary, which can be carried forward to offset taxable income. The net operating losses from the Malaysia subsidiary can be carried forward 10 years.

Valuation allowance is provided against deferred tax assets when the Company determines that it is more likely than not that the deferred tax assets will not be utilized in the future. In making such determination, the Company considered factors including future taxable income exclusive of reversing temporary differences and tax loss carry forwards. If events occur in the future that allow the Company to realize part or all of its deferred income tax, an adjustment to the valuation allowances will result in a decrease in tax expense when those events occur.

Due to the limited operating history of the Malaysian subsidiary, the Company is uncertain when these net operating losses can be utilized. As a result, the Company provided a 100% allowance on deferred tax assets on net operating losses of approximately $4.5 million and $0.2 million related to Malaysian subsidiary as of September 30, 2024 and 2023, respectively.

Uncertain tax positions

The Company evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits associated with the tax positions. An uncertain tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. As of September 30, 2024 and 2023, the Company did not have any significant unrecognized uncertain tax positions. The Company did not incur interest and penalties tax for the years ended September 30, 2024 and 2023.

**Note 14 - Shareholders' Equity**

The Company's ordinary shares trade on the NASDAQ stock exchange under the symbol "GTI". Pursuant to the terms of the Amended and Restated Certificate of Incorporation, the company's authorized share capital is $50,000 divided into 479,000,000 Class A Ordinary Shares, 20,000,000 Class B Ordinary Shares, and 1,000,000 Preference Shares each of par value $0.0001 per share.

On December 20, 2023, Energem and Graphjet negotiated and entered into a definitive purchase agreement for a PIPE investment (the "PIPE Investment Purchase Agreement") with Dato' Sri Pang Chow Huat and/or investment vehicles directly managed by such investor (the "PIPE Investor") as amended and restated on January 10, 2024, pursuant to which the PIPE Investor and/or investment vehicles directly managed by such investor, has agreed to purchase, and Graphjet has agreed to sell to the PIPE Investor, 4,530 Graphjet Pre-Transaction Shares before the Closing of the Business Combination that will be exchanged for 250,000 Combined Entity Ordinary Shares for a total of $2,500,000. The number of Combined Entity Ordinary Shares is fixed, the number of Graphjet Pre-Transaction Shares to be purchased is subject to adjustment depending on the final consideration paid to the Graphjet shareholders. Pursuant to the amended by the amended and restated PIPE Investment Purchase Agreement of January 24, 2024 (the "Revised PIPE Agreement"), Graphjet has agreed to file, within 60 calendar days after the Closing, a registration statement with the SEC registering the resale or transfer of the Combined Entity Ordinary Shares.

On March 14, 2024, the Company completed its reverse recapitalization with Energem (see Note 4). The shares and corresponding capital amounts and all per share data related to Graphjet's outstanding ordinary shares prior to the reverse recapitalization in the accompanying consolidated financial statements have been retrospectively adjusted using the Exchange Ratio of 55.1. All of the Graphjet Technology ordinary shares issued and outstanding at the consummation of the business combination have been fully paid.

As of September 30, 2024, we had issued and outstanding Class A Ordinary Shares 146,738,806 shares, each with par value of $0.0001. The holder of each share of ordinary shares is entitled to one vote.

**Note 15 - Equity Incentive Plan**

At the Special Meeting on February 28, 2024, Energem shareholders considered and approved the Equity Incentive Plan and reserved an amount of ordinary shares equal to 10% of the fully diluted issued and outstanding Combined Entity Ordinary Shares following the Business Combination for issuance thereunder. The Equity Incentive Plan was approved by the Energem board of directors on the same day. The Equity Incentive Plan became effective immediately upon the Closing of the Business Combination. A total number of shares equal to 248,385 have been reserved for future issuance under the Equity Incentive Plan.

Graphjet Technology's employees, consultants and directors, and employees, consultants and directors of its subsidiaries will be eligible to receive awards under the Equity Incentive Plan. The Equity Incentive Plan is expected to be administered by the Graphjet Technology Board with respect to awards to non-employee directors and by Graphjet Technology's remuneration committee with respect to other participants, each of which may delegate its duties and responsibilities to committees of Graphjet Technology directors and/or officers (referred to collectively as the "plan administrator" below), subject to certain limitations that may be imposed under stock exchange rules. The plan administrator will have the authority to interpret and adopt rules for the administration of the Equity Incentive Plan, subject to its express terms and conditions. The plan administrator will also set the terms and conditions of all awards under the Equity Incentive Plan, including any vesting and vesting acceleration conditions.

**Note 16 - Warrants**

In connection with the reverse recapitalization, the Company has assumed 12,028,075 Energem warrants outstanding, which consisted of 11,500,000 public warrants and 528,075 private warrants. All of these warrants met the criteria for equity classification.

Each whole Warrant entitles the registered holder to purchase one whole share of the Company's common stock at a price of $11.50 per share. Pursuant to the warrant agreement, a warrant holder may exercise its Warrants only for a whole number of shares of common stock. This means that only a whole Warrant may be exercised at any given time by a warrant holder. No fractional Warrants will be issued upon separation of the Units and only whole Warrants will trade. The Warrants will expire five years after the completion of the Company's initial business combination or earlier upon redemption or liquidation.

The Company has agreed that as soon as practicable, but in no event later than 30 business days, after the closing of the initial business combination, it will use its reasonable commercially reasonable efforts to file, and within 60 business days following its initial business combination to have declared effective, a registration statement for the registration, under the Securities Act, of the shares of common stock issuable upon exercise of the Warrants. The Company will use its commercially reasonable efforts to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of the warrants in accordance with the provisions of the warrant agreement. No Warrants will be exercisable for cash unless the Company has an effective and current registration statement covering the ordinary shares issuable upon exercise of the Warrants and a current prospectus relating to such shares of common stock. Notwithstanding the above, if the Company's common stock is at the time of any exercise of a Warrant not listed on a national securities exchange such that it satisfies the definition of a "covered security" under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Warrants who exercise their Warrants to do so on a "cashless basis" in accordance with Section 3(a)(9) of the Securities Act and, in the event it so elect, it will not be required to file or maintain in effect a registration statement, but it will be required to use its commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.

The Company may call the Warrants for redemption, in whole and not in part, at a price of $0.01 per Warrant:

● at any time while the Warrants are exercisable;

● upon not less than 30 days' prior written notice of redemption (the "30-day redemption period") to each Warrant holder; and

● if, and only if, the reported last sale price of the ordinary shares equals or exceeds $18 per share, for any 20 trading days within a 30-trading day period ending on the third trading day prior to the notice of redemption to Warrant holders; and

● if, and only if, there is a current registration statement in effect with respect to the ordinary shares underlying such warrants at the time of redemption and for the entire 30-day trading period referred to above and continuing each day thereafter until the date of redemption.

The summary of warrants activity is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Warrants <br> Outstanding** | **Ordinary Shares<br> Issuable** | **Weighted <br> Average <br> Exercise <br> Price** | **Average <br> Remaining <br> Contractual <br> Life** |
| September 30, 2023 |  |  | $- |  |
| Granted | 12028075 | 12028075 | $11.50 | 5.00 |
| Forfeited |  |  | $- |  |
| Exercised | - | - | $- | - |
| September 30, 2024 | 12028075 | 12028075 | $11.50 | 4.00 |

---

The Company accounted for the 12,028,075 Warrants assumed from the merger as equity instruments in accordance with ASC 480, "Distinguishing Liabilities from Equity" and ASC 815-40, "Derivatives and Hedging: Contracts in Entity's Own Equity".

**Note 17 - Concentrations of Risks**

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, deposits and other receivables.

(a) Credit risk

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash. In Malaysia, the insurance coverage for cash deposits of each depositor at each bank is RM 250,000 (approximately $60,650). As of September 30, 2024, cash balance of RM 1,416,568 ($343,660) was deposited with financial institutions located in Malaysia, of which RM 916,568 ($222,360) was subject to credit risk. Cash deposits at each United States financial institution are insured by the Federal Deposit Insurance Corporation ("FDIC") up to $250,000. As of September 30, 2024, the Company did not exceed the FDIC insured limits. While management believes that these financial institutions are of high credit quality, it also continually monitors their credit worthiness.

The Company's operating subsidiary is in Malaysia, and their functional currency is RM. As a result, the Company is exposed to foreign exchange risk as the Company's results of operations may be affected by fluctuations in the exchange rate between USD and RM. If the RM appreciates against the USD, the value of the Company's RM revenues, earnings, and assets as expressed in the Company's USD financial statements will decline. The Company has not entered any hedging transactions in an effort to reduce the Company's exposure to foreign exchange risk.

The Company is also exposed to risk from its deposits and other receivables. These assets are subjected to credit evaluations. An allowance has been made for estimated unrecoverable amounts which have been determined by reference to past default experience and the current economic environment.

(b) Vendor concentration risk

For the year ended September 30, 2024, two suppliers accounted for approximately 73.2% and 26.8% of the total cost raw material purchased. For the year ended September 30, 2023, the Company did not make any raw material purchases.

**Note 18 - Segment Reporting**

ASC 280, "Segment Reporting", establishes standards for reporting information about operating segments on a basis consistent with the Company's internal organizational structure as well as information about geographical areas, business segments and major customers in financial statements for detailing the Company's business segments.

The Company uses the management approach to determine reportable operating segments. The management approach considers the internal organization and reporting used by the Company's chief operating decision maker ("CODM") for making decisions, allocating resources and assessing performance. The Company's CODM has been identified as the Company's chief executive officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Company. The Company has only one geographic operating location in Malaysia, so the Company determines that reporting operating segments by geographic locations is not necessary.

The Company's organizational structure is based on a number of factors that the CODM uses to evaluate, view and run its business operations which include, but not limited to, customer base, homogeneity of service and technology. The Company's operating segments are based on such organizational structure and information reviewed by the CODM to evaluate the operating segment results. Based on management's assessment, the Company determined that it has only one operating segment as defined by ASC 280.

The following table presents major accounts of statements of operations by segments for the years ended September 30, 2024 and 2023.

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended<br> September 30,** | **For the Year Ended<br> September 30,** |
|  | **2024** | **2023** |
| Advertising and marketing expenses | $385624 | $58293 |
| Salaries and benefits expenses | 595077 | 86494 |
| Provision for bonus | 13804877 |  |
| Insurance expense | 606025 |  |
| Legal and consulting expenses | 964654 | 481979 |
| Other operating expenses | 1081757 | 598735 |
| Total operating expenses | 17438014 | 1225501 |
| **Segment operating loss** | (17438014) | (1225501) |
| Interest expense, net | (375782) | (616398) |
| Income tax expense | (1511) | - |
| **Segment net loss** | $(17815307) | $(1841899) |

---

**Note 19 - Commitments and Contingencies**

***Lease commitments***

 ****

Effective July 1, 2019, the Company adopted FASB ASU 2016-02, "Leases" (Topic 842), and elected the practical expedients that does not require us to reassess: (1) whether any expired or existing contracts are, or contain, leases, (2) lease classification for any expired or existing leases and (3) initial direct costs for any expired or existing leases. For lease terms of twelve months or fewer, a lessee is permitted to make an accounting policy election not to recognize lease assets and liabilities. The Company also adopted the practical expedient that allows lessees to treat the lease and non-lease components of a lease as a single lease component. The Company determines if a contract contains a lease at inception. US GAAP requires that the Company's leases be evaluated and classified as operating or finance leases for financial reporting purposes. The classification evaluation begins at the commencement date and the lease term used in the evaluation includes the non-cancellable period for which the Company has the right to use the underlying asset, together with renewal option periods when the exercise of the renewal option is reasonably certain and failure to exercise such option which result in an economic penalty. All of the Company's real estate leases are classified as operating leases.

The Company entered in four operating lease agreements in New York and Malaysia, which will expire till July 2025. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. The leases contain options to extend at the time of expiration, but the Company will not exercise it. The Company did not recognize the operating lease ROU assets and lease liabilities on the balance sheet as this lease had an initial term of 12 months or less.

Operating lease expenses was recorded under general and administrative expenses for the years ended September 30, 2024 and 2023 amounted to $197,765 and $98,345, respectively.

 ****

The following table sets forth the Company's undiscounted future minimum lease payment schedule as of September 30, 2024. There were no commitment and contingency other than those stated below:

---

| | | |
|:---|:---|:---|
| **Commitments and Contingencies** | **Terms** | **Amount** |
| Rental of premise | Rental payments due from October 2024 to March 2025 | $90415 |
| Rental of factory | Rental payments due from October 2024 to July 2025 | 43668 |
|  |  | $134083 |

---

**Note 20 - Subsequent Events**

The Company has evaluated all events that occurred after September 30, 2024 through the date the consolidated financial statements were available for issuance and identified the following subsequent events occurred that would require recognition or disclosure in the Company's consolidated financial statements.

On November 1, 2024, the Company successfully completed a fundraising exercise amounting to approximately $1.4 million (MYR 6 million) gross proceeds from new external shareholders. In connection with this fundraising, the Company issued a total of 653,081 Class A ordinary shares to unrelated third-party investors.

On February 28, 2025, Graphjet received a notification letter (the "Notice") from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") indicating that, as a result of (i) the Company's delay in filing its Quarterly Report on Form 10-K for the period ended September 30, 2024 (the "Initial Delinquent Filing") with the Securities and Exchange Commission (the "SEC") and (ii) the Company's delay in filing its Annual Report on Form 10-Q for the period ended December 31, 2024 (the "Second Delinquent Filing"), the Company is not in compliance with the requirements for continued listing under Nasdaq Listing Rule 5250(c)(1) (the "Listing Rule").

The Notice states that the Company has 60 calendar days, or until April 29, 2025, to submit a plan to regain compliance with the Listing Rule with respect to the delinquent reports. On April 29, 2025, Graphjet had submitted the plan to regain compliance.

On April 30, 2025, the Company signed a debt settlement agreement with Lim Hooi Beng to settle the amount of $2,152,588 (RM 8,872,969) owing via the issuance of Class A ordinary shares in two tranches: 1. RM 13,000,000 value of shares 12 months from the date of the agreement, and 2. RM 20,000,000 value of shares 24 months from the date of the agreement.

On April 30, 2025, the Company signed a debt settlement agreement with Liu Yu to settle the amount owing of $1,486,704 in the following manner: 1. payment of $221,593 12 months from the date of the agreement; 2. payment of $702,610 24 months from the date of the agreement, and; as part of his severance and interest due, $1 million which shall fall due 24 months from the date of agreement and shall be repaid in 10 consecutive monthly instalments of $100,000 each, payable on the first day of each calendar month commencing from the due date.

On May 15, 2025, Graphjet Technology and Aiden Lee Ping Wei entered into a Warrant Subscription Agreement, pursuant to which Graphjet Technology issued 20,000,000 warrants to purchase up to 200,000,000 of the Company's Class A ordinary shares, at an exercise price of $0.055 to Aiden Lee Ping Wei.

On May 22, 2025, the Company issued an additional 322,567 Class A Ordinary Shares to Joseph Rallo and 322,568 Class A Ordinary Shares to D. Boral Capital LLC. The issuance is part an adjustment between the agreed share price of USD10.00 per share and the lowest VWAP for a 5-day period up to the registration of the 202,500 Class A Ordinary Shares issued earlier to satisfy $2,025,000 due pursuant to the Satisfaction and Discharge of Indebtedness between the Company, Graphjet Technology Sdn Bhd and EF Hutton LLC.

On June 4, 2025, the Company received a determination letter (the "Determination") from Nasdaq advising the Company that Nasdaq had determined that the Company had not provided a definitive plan evidencing its ability to achieve compliance with the "Listing Rule" before July 15, 2025. The Determination stated that, as a result, (i) the Company's request for continued listing on Nasdaq was denied,(ii) the trading of the Company's Class A Ordinary Shares would be suspended at the opening of business on June 13, 2025 and (iii)a Form 25-NSE would be filed with the Securities and Exchange Commission (the "SEC"),which will remove the Company's securities from listing and registration on Nasdaq.

On June 11, 2025, the Company submitted an appeal to Nasdaq requesting a hearing before the Hearings Panel (the "Panel") pursuant to the procedures set forth in the Nasdaq Listing Rule 5800 Series. The Company intends to present to the Panel its plan to regain and thereafter maintain compliance with the Listing Rule. The hearing request stays the suspension of the Company's securities and the filing of the Form 25-NSE for a period of 15 days from the date of the request. In connection with the hearing request, the Company also requested a stay of the suspension pending the hearing.

**Note 21 - Restatement of Previously Issued Financial Statements**

The Company identified material misstatements in its previously issued financial statements as of September 30, 2023 and for the year ended September 30, 2023 as below, and as a result the Company has restated the previously issued consolidated financial statements as of September 30, 2023 and for the year ended September 30, 2023 in accordance with ASC 250 Accounting Changes and Error Corrections, to reflect the effects of the restatement adjustments and to make certain corresponding disclosures.

The categories of adjustments and their impacts on previously issued financial statements are described below and identified in the Restatement Reconciliation Tables in the column entitled "Reference":

&nbsp;&nbsp;&nbsp;&nbsp;a. The
 Company failed to record the correct cost of the intellectual property purchased from a related
 party, incorrectly recorded the amortization expense, and incorrectly recorded the liability
 without considering imputed interest related to the intellectual property purchased. Such
 failure has resulted in the misstatements of "Intangible assets, net", "Compensation
 payable to a shareholder", "Accumulated deficit" and "Accumulated
 other comprehensive (loss) profit" as of September 30, 2023, and misstatements of "General
 and administrative expenses" and "Net loss" for the year ended September
 30, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;b. The
 Company incorrectly recorded the merger transaction costs as general and administrative expenses,
 and incorrectly recorded the liability related to the intellectual property purchased. Such
 failure has resulted in the misstatements of "Deferred merger costs", "Accumulated
 deficit" and "Accumulated other comprehensive (loss) profit" as of September
 30, 2023, and misstatements of "General and administrative expenses" and "Net
 loss" for the year ended September 30, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;c. The
 Company incorrectly recorded some professional expenses incurred in year ended September
 30, 2023 to record in the year of 2024. Such failure has resulted in the misstatements of
 "Other payables and accrued expenses" and "Accumulated deficit" as
 of September 30, 2023, and misstatements of "General and administrative expenses"
 and "Net loss" for the year ended September 30, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;d. The
 Company incorrectly classified the payable to directors as non-current liabilities. Such
 failure has resulted in the misstatements of "Current liabilities" and "Non-current
 liabilities" as of September 30, 2023.

In the following tables, the Company presented a reconciliation of consolidated balance sheets, statements of operations and comprehensive loss, and cash flows as previously issued for these prior periods to the restated and revised amounts.

**Summary of Restatements - Consolidated Balance Sheets:**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of September 30, 2023** | **As of September 30, 2023** | **As of September 30, 2023** | **As of September 30, 2023** |
|  | **As previously<br> reported** | **Adjustments** | **Reference** | **As restated** |
| ASSETS |  |  |  |  |
| CURRENT ASSETS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $1430 | $- |  | $1430 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 154519 |  |  | 154519 |
| &nbsp;&nbsp;&nbsp;Advance to a related company | 97882 |  |  | 97882 |
| &nbsp;&nbsp;&nbsp;Deposits | 127664 |  |  | 127664 |
| &nbsp;&nbsp;&nbsp;Other receivables | 54468 | - |  | 54468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 435963 | - |  | 435963 |
| OTHER ASSETS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 1598 |  |  | 1598 |
| &nbsp;&nbsp;&nbsp;Intangible assets, net | 5826499 | (5826499) | a |  |
| &nbsp;&nbsp;&nbsp;Software, net | 337 |  |  | 337 |
| &nbsp;&nbsp;&nbsp;Deferred merger costs | - | 704334 | b | 704334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-current assets | 5828434 | (5122165) | a, b | 706269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $6264397 | $(5122165) | a, b | $1142232 |
| LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |  |
| CURRENT LIABILITIES |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Loans from third parties | $510234 | $- |  | $510234 |
| &nbsp;&nbsp;&nbsp;Other payables and accrued expenses | 348807 | 41450 | c | 390257 |
| &nbsp;&nbsp;&nbsp;Payable to directors | - | 2231781 | d | 2231781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 859041 | 2273231 | c, d | 3132272 |
| OTHER LIABILITIES |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable to directors | 2231781 | (2231781) | d |  |
| &nbsp;&nbsp;&nbsp;Compensation payable to a shareholder | 5756366 | (418093) | a | 5338273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-current liabilities | 7988147 | (2649874) | a, d | 5338273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 8847188 | $(376643) | a, c, d | 8470545 |
| COMMITMENTS AND CONTINGENCIES |  |  |  |  |
| SHAREHOLDERS' DEFICIT |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary shares, $0.0001 par value; 479,000,000 shares authorized; 137,750,000\* shares issued and outstanding as of September 30, 2023 | 13775 |  |  | 13775 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 587499 |  |  | 587499 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (3255885) | (4727705) | a, b, c | (7983590) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 71820 | (17817) | a, b, c | 54003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' deficit | (2582791) | (4745522) | a, b, c | (7328313) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' deficit | $6264397 | $(5122165) | a, b, c | $1142232 |

---

\* Giving retroactive effect to reverse recapitalization effected on March 14, 2024 to reflect exchange ratio of approximately 55.1 as described in Note 4.

**Summary of Restatements - Consolidated Statements of Operations and Comprehensive loss:**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended September 30, 2023** | **For the Year Ended September 30, 2023** | **For the Year Ended September 30, 2023** | **For the Year Ended September 30, 2023** |
|  | **As previously<br> reported** | **Adjustments** | **Reference** | **As restated** |
| Operating expenses: |  |  |  |  |
| General and administrative expenses | $2316454 | $(1090953) | a, b, c | $1225501 |
| Total operating expenses | 2316454 | (1090953) | a, b, c | 1225501 |
| Loss from operations | (2316454) | 1090953 | a, b, c | (1225501) |
| Other income (expenses) |  |  |  |  |
| Interest expense, net | (24207) | (592191) | a | (616398) |
| Total other expense, net | (24207) | (592191) | a | (616398) |
| Loss before income taxes | (2340661) | 498762 | a, b, c | (1841899) |
| Income tax expense | - | - |  | - |
| Net loss | $(2340661) | $498762 | a, b, c | $(1841899) |
| Foreign currency translation adjustment | 68394 | 55604 | a, b | 123998 |
| Total comprehensive loss attributable to ordinary shareholders | $(2272267) | $554366 | a, b, c | $(1717901) |
| Weighted average number of ordinary shares outstanding - basic and diluted\* | 137750000 | - |  | 137750000 |
| Loss per ordinary share - basic and diluted | $(0.02) | $0.01 | a, b, c | $(0.01) |

---

\* Giving retroactive effect to reverse recapitalization effected on March 14, 2024 to reflect exchange ratio of approximately 55.1 as described in Note 4.

**Summary of Restatements - Consolidated Statements of Cash Flows:**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended September 30, 2023** | **For the Year Ended September 30, 2023** | **For the Year Ended September 30, 2023** | **For the Year Ended September 30, 2023** |
|  | **As previously <br> reported** | **Adjustments** | **Reference** | **As restated** |
| **Cash flows from operating activities:** | | |  | |
| &nbsp;&nbsp;&nbsp;Net loss | $(2340661) | $498762 | a, b, c | $(1841899) |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash used in operating activities. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Amortization expense | 431593 | (431593) | a |  |
| &nbsp;&nbsp;&nbsp;Depreciation expense | 103 |  |  | 103 |
| **Changes in operating assets and liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | (77215) |  |  | (77215) |
| &nbsp;&nbsp;&nbsp;Advance to a related company | 10289 |  |  | 10289 |
| &nbsp;&nbsp;&nbsp;Deposits | (127664) |  |  | (127664) |
| &nbsp;&nbsp;&nbsp;Other receivables | (34183) |  |  | (34183) |
| &nbsp;&nbsp;&nbsp;Interests payable | 23380 |  |  | 23380 |
| &nbsp;&nbsp;&nbsp;Other payables and accrued expenses | 119147 | 41450 | c | 160597 |
| &nbsp;&nbsp;&nbsp;Payable to directors | 1704724 | 592191 | a | 2296915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | (290487) | 700810 | a, b, c | 410323 |
| **Cash flows from investing activities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of property and equipment | (1598) | - |  | (1598) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (1598) | - |  | (1598) |
| **Cash flows from financing activities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payments of deferred merger costs | - | (700810) | b | (700810) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | - | (700810) | b | (700810) |
| Effect of exchange rate changes | 68394 | - |  | 68394 |
| Net change in cash | (223691) |  |  | (223691) |
| Cash - beginning of the year | 225121 | - |  | 225121 |
| Cash - end of the year | $1430 | $- |  | $1430 |

---

---

| | |
|:---|:---|
| Unaudited Condensed Consolidated Financial Statements |  |
| [Unaudited Condensed Consolidated Balance Sheets](#f_007) | F-30 |
| [Unaudited Condensed Consolidated Statements of Operations](#f_008) | F-31 |
| [Unaudited Condensed Consolidated Statements of Comprehensive Loss](#f_008) | F-31 |
| [Unaudited Condensed Consolidated Statements of Shareholders' Deficit](#f_009) | F-32 |
| [Unaudited Condensed Consolidated Statements of Cash Flows](#f_010) | F-33 |
| [Notes To Unaudited Condensed Consolidated Financial Statements](#f_011) | F-34 |

---

**GRAPHJET TECHNOLOGY**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

---

| | | |
|:---|:---|:---|
|  | **June 30,**<br>**2025** | **September 30,**<br>**2024** |
|  | **(unaudited)** | |
| ASSETS |  |  |
| CURRENT ASSETS |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $51314 | $348655 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 17498 |  |
| &nbsp;&nbsp;&nbsp;Inventories | 66015 | 73922 |
| &nbsp;&nbsp;&nbsp;Advance in purchase of machinery | 127436 |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 520 | 12200 |
| &nbsp;&nbsp;&nbsp;Deposits | 29246 | 29888 |
| &nbsp;&nbsp;&nbsp;Other receivables | 110384 | 113108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Current Assets | 402413 | 577773 |
| NON-CURRENT ASSETS |  |  |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 1456413 | 1593400 |
| &nbsp;&nbsp;&nbsp;Intangible assets, net | 2756 | 262 |
| &nbsp;&nbsp;&nbsp;Operating right-of-use assets | 29439 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Non-current Assets | 1488608 | 1593662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $1891021 | $2171435 |
| LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) |  |  |
| CURRENT LIABILITIES |  |  |
| &nbsp;&nbsp;&nbsp;Loans from third parties | $607253 | $600626 |
| &nbsp;&nbsp;&nbsp;Loans from prior shareholders | 474203 | 358326 |
| &nbsp;&nbsp;&nbsp;Payables to prior shareholders | 3010125 | 2159866 |
| &nbsp;&nbsp;&nbsp;Compensation payable to a prior shareholder |  | 737894 |
| &nbsp;&nbsp;&nbsp;Other payables and accrued expenses | 1134526 | 1232422 |
| &nbsp;&nbsp;&nbsp;Deferred underwriting commission payable |  | 1541025 |
| &nbsp;&nbsp;&nbsp;Provision for bonus | 10350000 | 13800000 |
| &nbsp;&nbsp;&nbsp;Loans from a shareholder | 502633 |  |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities, current | 29439 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Current Liabilities | 16108179 | 20430159 |
| NON-CURRENT LIABILITIES |  |  |
| Payables to a prior shareholder | 3575716 |  |
| Compensation payable to a prior shareholder | 1250459 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Non-current Liabilities | 4826175 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 20934354 | 20430159 |
| COMMITMENTS AND CONTINGENCIES (See Note 19) |  |  |
| SHAREHOLDERS' EQUITY (DEFICIT) |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary share, $0.006 par value; 8,333,333 shares authorized; 2,467,337 and 2,445,647 shares issued and outstanding as of June 30, 2025 and September 30, 2024\* | 14804 | 14674 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 29743558 | 7812836 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (48567032) | (25798897) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (234663) | (287337) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Shareholders' Deficit | (19043333) | (18258724) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities and Shareholders' Deficit | $1891021 | $2171435 |

---

\* Giving retroactive effect to reverse recapitalization effected on March 14, 2024 to reflect exchange ratio of approximately 55.1 as described in Note 4 and share combination at a ratio of one-for-sixty effected on August 25, 2025 as described in Note 1.

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

**GRAPHJET TECHNOLOGY**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended<br> June 30,** | **For the Three Months Ended<br> June 30,** | **For the Nine Months Ended<br> June 30,** | **For the Nine Months Ended<br> June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** |
|  | | **As Restated** | | **As Restated** |
| Revenues | $49316 | $- | $49316 | $- |
| Cost of revenue | 76005 | - | 76005 | - |
| Gross loss | (26689) | - | (26689) | - |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | 1672011 | 2012938 | 2877016 | 16328960 |
| &nbsp;&nbsp;&nbsp;Share compensation expense | 19200000 | - | 19200000 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 20872011 | 2012938 | 22077016 | 16328960 |
| Loss from operations | (20898700) | (2012938) | (22103705) | (16328960) |
| Other income (expenses) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest income (expense), net | 384284 | (5282) | 357456 | (362484) |
| &nbsp;&nbsp;&nbsp;Other expenses, net | (987541) | (311) | (1021886) | (1363) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other expenses, net | (603257) | (5593) | (664430) | (363847) |
| Loss before income tax | (21501957) | (2018531) | (22768135) | (16692807) |
| Income tax expense | - | - | - | - |
| Net loss | $(21501957) | $(2018531) | $(22768135) | $(16692807) |
| Foreign currency translation adjustment | (147962) | (20352) | 52674 | (194321) |
| Total comprehensive loss attributable to ordinary shareholders | $(21649919) | $(2038883) | $(22715461) | $(16887128) |
| Weighted average number of ordinary shares outstanding\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 2461191 | 2445647 | 2456833 | 2355100 |
| &nbsp;&nbsp;&nbsp;Diluted | 2461191 | 2445647 | 2456833 | 2355100 |
| Loss per share ordinary share\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $(8.74) | $(0.83) | $(9.27) | $(7.09) |
| &nbsp;&nbsp;&nbsp;Diluted | $(8.74) | $(0.83) | $(9.27) | $(7.09) |

---

\* Giving retroactive effect to reverse recapitalization effected on March 14, 2024 to reflect exchange ratio of approximately 55.1 as described in Note 4 and share combination at a ratio of one-for-sixty effected on August 25, 2025 as described in Note 1.

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

**GRAPHJET TECHNOLOGY**

**CONDENSED CONSOLIDATED STATEMENTS OF CHANGE IN SHAREHOLDERS' EQUITY**

**(DEFICIT)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary Share<br> (Restated)** | **Ordinary Share<br> (Restated)** | | | | |
|  | **Shares\*** | **Amount\*** | **Additional<br> paid-in<br> Capital**<br>**(Restated)** | **Accumulated<br> Deficit**<br>**(Restated)** | **Accumulated other <br> comprehensive**<br>**income (loss)** |<br>**Total** |
| BALANCE, September 30, 2023 | 2295833 | $13775 | $587499 | $(7983590) | $54003 | $(7328313) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss |  |  |  | (405129) |  | (405129) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation | - | - | - | - | (164851) | (164851) |
| BALANCE, December 31, 2023 (unaudited) | 2295833 | $13775 | $587499 | $(8388719) | $(110848) | $(7898293) |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of ordinary shares upon completion of reverse recapitalization | 111480 | 669 | (1933408) |  |  | (1932739) |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of ordinary shares for PIPE investment | 4167 | 25 | 2499975 |  |  | 2500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan payment converted to shares | 34167 | 205 | 8199795 |  |  | 8200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss |  |  |  | (14269147) |  | (14269147) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation | - |  | - | - | (9118) | (9118) |
| BALANCE, March 31, 2024 (unaudited) | 2445647 | $14674 | $9353861 | $(22657866) | $(119966) | $(13409297) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss |  |  |  | (2018531) |  | (2018531) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation | - | - | - | - | (20352) | (20352) |
| BALANCE, June 30, 2024 (unaudited) | 2445647 | $14674 | $9353861 | $(24676397) | $(140318) | $(15448180) |
| BALANCE, September 30, 2024 | 2445647 | $14674 | $7812836 | $(25798897) | $(287337) | $(18258724) |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales of ordinary shares | 10885 | 65 | 989762 |  |  | 989827 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss |  |  |  | (689155) |  | (689155) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation | - | - | - | - | 226818 | 226818 |
| BALANCE, December 31, 2024 (unaudited) | 2456532 | $14739 | $8802598 | $(26488052) | $(60519) | $(17731234) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss |  |  |  | (577023) |  | (577023) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation | - | - | - | - | (26182) | (26182) |
| BALANCE, March 31, 2025 (unaudited) | 2456532 | $14739 | $8802598 | $(27065075) | $(86701) | $(18334439) |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of ordinary shares to underwriter | 10754 | 65 | 1540960 |  |  | 1541025 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of warrants |  |  | 19400000 |  |  | 19400000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional ordinary shares of round-up adjustment due to share consolidation | 51 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss |  |  |  | (21501957) |  | (21501957) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation | - | - | - | - | (147962) | (147962) |
| BALANCE, June 30, 2025 (unaudited) | 2467337 | $14804 | $29743558 | $(48567032) | $(234663) | $(19043333) |

---

\* Giving retroactive effect to reverse recapitalization effected on March 14, 2024 to reflect exchange ratio of approximately 55.1 as described in Note 4 and share combination at a ratio of one-for-sixty effected on August 25, 2025 as described in Note 1.

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

**GRAPHJET TECHNOLOGY**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

---

| | | |
|:---|:---|:---|
|  | **For the Nine Months Ended<br> June 30,** | **For the Nine Months Ended<br> June 30,** |
|  | **2025** | **2024** |
|  | **(unaudited)** | **(unaudited)** |
|  | | **As Restated** |
| CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(22768135) | $(16692807) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization | 215 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 128200 | 3858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share compensation expense | 19200000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of operating lease right-of-use assets | 34854 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss from debt settlement | 984183 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss from disposal of intangible assets | 192 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivables | (16813) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advance in purchase of machinery | (122445) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 10971 | 93486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advance to a related company |  | 97353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 6071 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits |  | (43877) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other receivables | 283 | (47355) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interests payable | 42214 | 17424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other payables and accrued expenses | 131377 | 193371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for bonus |  | 13800000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | (34854) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payables to shareholders | 590052 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | (1813635) | (2578471) |
| CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment | (29469) | (1271734) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of intangible assets | (2808) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (32277) | (1271734) |
| CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from short-term loans - related party | 578235 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from long-term debt - related party |  | 2583996 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments to long-term debt - related party |  | (105988) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments of deferred merger costs |  | (919446) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from the completion of reverse recapitalization |  | 1231 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from PIPE investment |  | 2500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of ordinary shares | 989827 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 1568062 | 4059793 |
| Effect of exchange rate changes | (19491) | (122809) |
| NET CHANGE IN CASH | (297341) | 86779 |
| Cash, beginning of the period | 348655 | 1430 |
| Cash, end of the period | $51314 | $88209 |
| SUPPLEMENTAL CASH FLOW INFORMATION: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for income tax | $- | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for interest | $- | $- |
| NON-CASH INVESTING AND FINANCING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of ordinary share upon the reverse recapitalization | $- | $1932739 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassification of deferred merger costs to additional paid-in capital | $- | $704334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of shares for the settlement of amount due to shareholders | $- | $8200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of ordinary share for the settlement of the deferred underwriting commission payable | $1541025 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of warrants for the settlement of salary payable and share compensation expense to shareholder | $19400000 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease assets obtained in exchange for operating lease liabilities | $63140 | - |

---

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

**GRAPHJET TECHNOLOGY**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**FOR THE PERIODS ENDED JUNE 30, 2025 AND 2024**

**(In U.S. dollars, unless stated otherwise)**

**Note 1 - Description of Organization and Business Operations**

**1.1 Organization and Nature of Business**

Graphjet Technology (the "Company", "we," "us" or "our") is the owner of the state-of-the-art patented technology for the manufacture of graphene and graphite. The Company is a former blank check company incorporated in the Cayman Islands on August 6, 2021 under the name Energem Corp. ("Energem") and formed for the purpose of acquiring, engaging in a share exchange, share reconstruction and amalgamation with, purchasing all or substantially all of the assets of, entering into contractual arrangements with, or engaging in any other similar business combination with one or more businesses.

The Company acquired Graphjet Technology Sdn. Bhd. ("Graphjet"), a Malaysian based company that produces graphite, graphene and graphene-based anode battery material. The breakthrough technology transforms a sustainable, abundant and renewable agricultural waste product, palm kernel shells into highly valued artificial graphene and graphite at significantly lower carbon emissions. For research and development in graphite and graphene applications, Graphjet collaborates with National University of Malaysia (UKM) and University Teknikal Malaysia Melaka (UTEM) as Technology Advisor Panel to provide technology advisory for the applications. The Company is a member of Industrial Liaison Program (ILP) of Massachusetts Institute of Technology (MIT).

The Company intends to be a low-cost producer of the highest quality artificial graphite and graphene. Graphjet has a patent on its bio-mass process and production method for graphite and a patent pending for graphene, and it believes it is the only producer currently capable of using biomass to produce graphite and graphene in mass production scale.

Since Graphjet Technology uses a widely available waste product as their source, they are able to produce a higher quality product at a significantly lower cost than other graphite and graphene production methods currently in use worldwide.

To date of this filing, Graphjet has not had any sales of its graphite and graphene products but plans to sample the products to multinational companies within the industry for market acceptance and procurement purposes, intending to replace current high-cost suppliers. Until now, the Company has funded its operations primarily with proceeds through equity investments from its current shareholders. Starting from June 2025, Graphjet has generated some revenues from selling its side products to fund its operations as well.

On August 25, 2025, the Company effected a share capital reorganization of the Company's outstanding ordinary shares, each Preferred share and Class B ordinary share was reclassified into one ordinary share (the "Share Capital Reorganization").

On August 25, 2025, the Company effected a share combination of the Company's outstanding ordinary shares, par value $0.0001 per share, at a ratio of one-for-sixty (the "Share Combination"). The common shares listed on The Nasdaq Capital Market commenced trading on The Nasdaq Capital Market on a post-Share Combination adjusted basis at the open of business on August 25, 2025. As a result of the Share Combination, the number of issued and outstanding ordinary shares immediately prior to Share Combination was reduced such that every sixty shares of common shares held by a shareholder immediately prior to the Share Combination were combined and reclassified into one ordinary share, par value $0.006 per share.

Warrants and equity incentive plan, to purchase the Company's ordinary shares were also proportionately adjusted in accordance with their terms to reflect the Share Combination.

All ordinary share amounts and per share numbers discussed herein have been retroactively adjusted for the Share Combination.

**1.2 Business Combination**

On March 14, 2024 (the "Closing date"), Graphjet consummated a merger (the "Merger") with Energem. Pursuant to the Business Combination Agreement, (i) Energem acquired all of the issued and outstanding Graphjet Pre-Transaction Shares from the Selling Shareholders and Graphjet became a wholly-owned subsidiary of Energem, (ii) Energem changed its name to Graphjet Technology, and (iii) each Selling Shareholder received a number of Energem Ordinary Shares subject to the Consideration Shares formula, which is the number of Energem Ordinary Shares equal to the aggregate Consideration Shares divided by the number of Graphjet Pre-Transaction Shares outstanding immediately prior to the Closing, multiplied by the number of Graphjet Pre-Transaction Shares held by such Selling Shareholder.

The Business Combination (see Note 4) was accounted for as a reverse recapitalization in accordance with U.S. GAAP. Under this method of accounting, Graphjet Technology was treated as the acquired company and Graphjet was treated as the acquirer for financial statement reporting purposes.

Pursuant to ASC 805-40 Reverse Acquisitions, for financial accounting and reporting purposes, Graphjet was deemed the accounting acquirer with Graphjet Technology being treated as the accounting acquiree, and the Merger was accounted for as a reverse recapitalization (the "Reverse Recapitalization"). Accordingly, the audited consolidated financial statements of the Company represent a continuation of the financial statements of Graphjet, with the Merger being treated as the equivalent of Graphjet issuing stock for the net assets of Graphjet Technology, accompanied by a recapitalization. The net assets of Graphjet Technology were stated at historical costs, with no goodwill or other intangible assets recorded, and were consolidated with Graphjet financial statements on the Closing Date. The number of Graphjet ordinary shares for all periods prior to the Closing Date have been retrospectively increased using the exchange ratio that was established in accordance with the Merger Agreement (the "Exchange Ratio").

**1.3 Acquisition of Subsidiary**

In April 2024, the Company's subsidiary, Graphjet acquired 100% equity interest in GTI US Corp, incorporated in Nevada for a consideration of $10,000. As of June 30, 2025, $5,000 consideration was paid and the balance remains as payable. GTI US Corp is still dormant as of June 30, 2025.

**Note 2 - Going Concern and Liquidity**

In assessing the Company's ability to continue as a going concern, the Company monitors and analyses its cash on-hand and its operating and capital expenditure commitments. The Company's liquidity needs are to meet its working capital requirements, operating expenses, and capital expenditure obligations.

The Company's management has considered whether there is substantial doubt about its ability to continue as a going concern due to the Company incurred a net loss of $22,768,135 during the nine months ended June 30, 2025 and, as of that date, the Company had a negative working capital of $15,705,766. These conditions raise doubt about the Company's ability to continue as a going concern.

To sustain its ability to support the Company's operating activities and to alleviate the situation, the Company considered supplementing its sources of funding through the following:

● other available sources of financing from banks and other financial institutions or private lenders;

● and equity financing.

The Company can make no assurances that required financings will be available for the amounts needed, or on terms commercially acceptable to the Company, if at all. If one or all of these events does not occur or subsequent capital raises are insufficient to bridge financial and liquidity shortfall, there would likely be a material adverse effect on the Company and would materially adversely affect its ability to continue as a going concern.

As such, the Company's management has determined that the factors discussed above have raised substantial doubt about the Company's ability to continue as a going concern within one year after the date that the consolidated financial statements are issued. The unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern and, accordingly, do not include any adjustments that might result from the outcome of this uncertainty.

**Note 3 - Summary of Significant Accounting Policies**

***Basis of presentation***

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") pursuant to the rules and regulations of the Securities Exchange Commission ("SEC"). Certain information or footnote disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair statement of the financial position, operating results and cash flows for the periods presented. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the full year or any future interim period. The interim unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Company's Annual Report on Form 10-K for the years ended September 30, 2024 and 2023.

***Principles of consolidation***

The unaudited condensed consolidated financial statements include the financial statements of the Company and its wholly owned subsidiaries, Graphjet and GTI US Corp. All intercompany balances and transactions, and any unrealized income and expenses arising from intercompany transactions, are eliminated in preparing the unaudited condensed consolidated financial statements.

***Use of estimates and assumptions***

The preparation of unaudited condensed consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of expenses during the reporting period and the accompanying notes, including allowance for expected credit losses, the useful lives of property and equipment, and impairment of long-lived assets.

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.

***Foreign currency***

In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, "Translation of Financial Statement", using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. Shareholders' equity account is translated at historical exchange rate. Transaction gains and losses are recognized in the Company's Unaudited Condensed Consolidated Statement of Operations and Comprehensive Loss based on the difference between the foreign exchange rates on the transaction date and on the reporting date. The gains and losses resulting from translation of financial statements of foreign subsidiary are recorded as a separate component of accumulated other comprehensive income (loss) within the statements of shareholders' equity. Cash flows are also translated at average translation rates for the periods; therefore, amounts reported on the statement of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets.

For Graphjet, Malaysian Ringgit ("RM") has been determined to be the functional currency. Translation of foreign currencies into US$1 have been made at the following exchange rates for the respective periods:

---

| | | |
|:---|:---|:---|
|  | **As of <br> June 30,**<br>**2025** | **As of <br> September 30,**<br>**2024** |
| Period-end RM: US$1 exchange rate | 4.2125 | 4.1220 |

---

---

| | | |
|:---|:---|:---|
|  | **For the nine months ended <br> June 30,** | **For the nine months ended <br> June 30,** |
|  | **2025** | **2024** |
| Period-average RM: US$1 exchange rate | 4.3842 | 4.7175 |

---

***Cash***

Cash primarily consists of bank deposits, which are unrestricted as to withdrawal and use.

***Accounts receivable, net***

Accounts receivable includes trade accounts due from customers. Accounts receivables are recorded at the invoiced amount less an allowance for expected credit losses and do not bear interest. Accounts receivable usually are due after 7 to 60 days, depending on the credit term with its customers.

Management reviews the adequacy of the allowance for credit losses on an ongoing basis, using historical collection trends and aging of receivables. Management also periodically evaluates individual customer's financial condition and credit history to make adjustments in the allowance when it is considered necessary. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company's management continues to evaluate the reasonableness of the valuation allowance policy and update it if necessary. As of June 30, 2025, no allowance for credit losses of accounts receivable was recognized.

 ****

***Inventories***

Inventories are measured at the lower of cost and net realizable value.

The cost of inventories is calculated using the weighted average method, and includes the cost incurred in acquiring the inventories and incidental cost in bringing them to their existing location and condition. For work-in-progress, cost of production comprised the costs of raw material, packaging material, manufacturing overhead and direct labor, which are allocated to products based on normal operating capacity. As of June 30, 2025 and September 30, 2024, the Company had $66,015 and $73,922 inventories, respectively, which primarily consisted of work-in-progress.

***Prepaid expenses***

Prepaid expenses represent amounts advanced to suppliers for goods or services that will be received in the future. Certain suppliers require advance payments when the orders are placed, and the prepaid expenses will be utilized to offset the Company's future payments. These amounts are unsecured, non-interest bearing and generally short-term in nature.

***Other receivables***

Other receivables primarily include receivables from employee advances and others. Management regularly reviews the aging of the accounts and changes in payment trends and records provision for credit losses when management believes collection of amounts due are at risk. Accounts considered uncollectable are written off against allowances after exhaustive efforts at collection are made. As of June 30, 2025 and September 30, 2024, the Company provided no provision for credit losses, respectively.

***Property and equipment, net***

Property and equipment are stated at historical cost less accumulated depreciation. Expenditures for major renewals and betterments are capitalized, while minor replacements, maintenance, and repairs, which do not extend the asset lives, are charged to operations as incurred. Upon sale or disposition, the cost and related accumulated depreciation is removed from the accounts, and any difference between the selling price and net carrying amount is recorded as a gain or loss in the consolidated statements of operations and comprehensive loss. Depreciation on property and equipment is calculated using the straight-line method over the estimated useful lives of the assets.

 **

***Impairment for long-lived assets***

 **

Long-lived assets, including property and equipment and intangible assets with finite lives are reviewed for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be recoverable. The Company assesses the recoverability of the assets based on the undiscounted future cash flows the assets are expected to generate and recognize an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. If an impairment is identified, the Company would reduce the carrying amount of the asset to its estimated fair value based on a discounted cash flows approach or, when available and appropriate, to comparable market values. As of June 30, 2025 and September 30, 2024, no impairment of long-lived assets was recognized.

 ****

***Warrants***

The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant's specific terms and applicable authoritative guidance in ASC 480, *Distinguishing Liabilities from Equity* ("ASC 480"), and ASC 815, *Derivatives and Hedging* ("ASC 815"). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company's own Common Stock and whether the warrant holders could potentially require "net cash settlement" in a circumstance outside of the Company's control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.

For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of equity at the time of issuance. The Company determined that upon further review of the warrant agreements, the Company concluded that its warrants qualify for equity accounting treatment.

Upon completion of the Business Combination, all of Graphjet's outstanding public and private warrants (See Note 16) were replaced by the Company's public and private warrants. The Company treated such warrants replacement as a warrant modification and no incremental fair value was recognized.

 ****

***Fair value of financial instruments***

Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:

● Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;

● Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and

● Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

***Revenue recognition***

The Company follows the revenue accounting requirements of Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606) ("Accounting Standards Codification ("ASC") 606"). The core principle underlying the revenue recognition of this ASU allows the Company to recognize - revenue that represents the transfer of goods and services to customers in an amount that reflects the consideration to which the Company expects to be entitled in such exchange.

To achieve that core principle, the Company applies five-step model to recognize revenue from customer contracts. The five-step model requires that the Company (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation.

The Company's revenue is principally derived from sales of graphene and graphite products and related side products. Pursuant to the Company's contracts with customers, the Company's only performance obligation of the sales contract is the delivery of products to the customer, amounts charged per product is fixed and determinable. The Company recognized the product revenue when control of the products is passed to the customer, which is the point in time that the customers are able to direct the use of and obtain substantially all of the economic benefit of the goods. The transfer of control typically occurs at a point in time based on consideration of when the customer has an obligation to pay for the goods, and physical possession of, legal title to, and the risks and rewards of ownership of the goods has been transferred, and the customer has accepted the goods.

***Cost of revenues***

Cost of revenues mainly consists of cost to manufacture products, primarily includes the cost to purchase raw materials, direct labor, and other related costs that are attributable to production.

***Operating Leases***

Effective July 1, 2021, the Company adopted FASB ASU 2016-02, "Leases" (Topic 842), and elected the practical expedients that does not require us to reassess: (1) whether any expired or existing contracts are, or contain, leases, (2) lease classification for any expired or existing leases and (3) initial direct costs for any expired or existing leases. For lease terms of twelve months or fewer, a lessee is permitted to make an accounting policy election not to recognize lease assets and liabilities. The Company determines if a contract contains a lease at inception. US GAAP requires that the Company's leases be evaluated and classified as operating or finance leases for financial reporting purposes. The right-of-use assets and related lease liabilities are recognized at the lease commencement date. The Company recognizes operating lease expenses for lease payments on a straight-line basis over the lease term.

*Operating lease right-of-use of assets* 

The right-of-use of asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and less any lease incentive received.

*Lease liabilities* 

Lease liability is initially measured at the present value of the outstanding lease payments at the commencement date, discounted using the Company's incremental borrowing rate. The Company's incremental borrowing rate is the estimated rate the Company would be required to pay for a collateralized borrowing equal to the total lease payments over the term of the lease. Lease payments included in the measurement of the lease liability comprise fixed lease payments.

Lease liability is measured at amortized cost using the effective interest rate method.

It is re-measured when there is a change in future lease payments, if there is a change in the estimate of the amount expected to be payable under a residual value guarantee, or if there is any change in the Company's assessment of option purchases, contract extensions or termination options.

The Company reviews the impairment of its ROU assets consistent with the approach applied for its other long-lived assets. The Company reviews there coverability of its long-lived assets when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on its ability to recover the carrying value of the asset from the expected undiscounted future pre-tax cash flows of the related operations. The Company has elected to include the carrying amount of operating lease liabilities in any tested asset group and includes the associated operating lease payments in the undiscounted future pre-tax cash flows. For the three and nine months ended June 30, 2025, the Company did not recognize impairment loss on its ROU assets.

***Income taxes***

The Company complies with the accounting and reporting requirements of ASC Topic 740, "Income Taxes," which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

ASC Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company's management determined Cayman Islands, the United States and Malaysia are the Company's only major tax jurisdictions. The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if any, as income tax expense. There were no unrecognized tax benefits as of June 30, 2025 and September 30, 2024, and no amounts accrued for interest and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals, or material deviation from its position.

The Company is an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands. In Malaysia and Nevada US, current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the end of the reporting period, and any adjustment to tax payable in respect of previous years. Due to operating losses, the Company's tax provision was nil for the nine months ended June 30, 2025 and 2024.

 ****

***Comprehensive income (loss)***

Comprehensive income (loss) consists of two components, net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) refers to revenue, expenses, gains and losses that under GAAP are recorded as an element of shareholders' equity but are excluded from net income (loss). Other comprehensive income (loss) consists of a foreign currency translation adjustment resulting from the Company not using the U.S. dollar as its functional currencies.

***Loss per share***

The Company complies with accounting and disclosure requirements of ASC Topic 260, "Earnings Per Share." Net loss per share is computed by dividing net loss by the weighted average number of ordinary shares outstanding during the period, excluding ordinary shares subject to forfeiture. For the three and nine months ended June 30, 2025 and 2024, the calculation of diluted loss per share does not consider the effect of the warrants issued in connection with the Initial Public Offering and warrants issued as components of the Private Placement Units (the "Placement Warrants") since the exercise of the warrants are contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive. There are no other potential dilutive securities outstanding for the three and nine months ended June 30, 2025 and 2024, as a result, diluted loss per share is the same as basic loss per share for the periods presented.

***Related parties***

 ****

A party is considered to be related to the Company if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal if one party controls or can significantly influence management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. A party which can significantly influence the management or operating policies of the transacting parties or if it has an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests is also a related party.

***Recent issued accounting standards***

The Company is an "emerging growth company" ("EGC") as defined in the Jumpstart Our Business Startup Act of 2012 (the "JOBS Act"). Under the JOBS Act, EGC can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies.

In November 2023, the FASB issued Accounting Standards Update ("ASU") 2023-07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" which expands annual and interim disclosure requirements for reportable segments. These requirements include: (i) disclosure of significant expenses that are regularly provided to the Chief Operating Decision Maker ("CODM") and included within each reported measure of segment profit or loss (collectively referred to as the "significant expense principle"); (ii) disclosure of an amount for other segment items (equal to the difference between segment revenue less segment expenses disclosed under the significant expense principle and each reported measure of segment profit or loss) by reportable segment and a description of their composition; (iii) annual disclosure of a reportable segment's profit or loss and assets currently required by Topic 280 in interim periods; (iv) clarification that, if the CODM uses more than one measure of a segment's profit or loss in assessing segment performance and deciding how to allocate resources, a public entity may report those additional measures of segment profit or loss; (v) disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) disclosure of segment profit or loss in assessing segment performance and deciding how to allocate resources; and (vi) requiring a public entity that has a single reportable segment provide all the disclosures required by the amendments in this ASU, and all existing segment disclosures in Topic 280. ASU 2023-07 is effective for the Company's annual periods beginning January 1, 2024, and for interim periods beginning January 1, 2025. The Company adopted ASU 2023-07 in the year ended September 30, 2024, and applied the amendments retrospectively to all prior periods presented in these consolidated financial statements. Refer to Note 18 segment information.

In December 2023, the FASB issued Accounting Standards Update No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09"), which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. The Company is currently evaluating the potential impact of adopting this new guidance on its consolidated financial statements and related disclosures.

In November 2024, the FASB issued Accounting Standards Update No. 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses" ("ASU 2024-03"), which requires additional disclosures about specific types of expenses included in the expense captions presented on the face of the financial statements. The guidance is effective for fiscal years beginning after December 15, 2026 and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The guidance may be applied either: (1) prospectively to financial statements issued for reporting periods after the effective date, or (2) retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the potential impact of adopting this new guidance on its unaudited condensed consolidated financial statements and related disclosures.

In January 2025, the FASB issued Accounting Standards Update No. 2025-01 to clarify the effective date of ASU 2024-03 (disaggregation of income statement expenses) for non-calendar year-end entities. The clarification ensures that initial adoption is required in an annual reporting period (rather than unintentionally in an interim period) for entities with non-calendar year ends. The amendments align with the effective dates stated in ASU 2024-03 (annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027) and early adoption is permitted. The Company is currently evaluating the potential impact of ASU 2024-03 (as clarified by ASU 2025-01) on its unaudited condensed consolidated financial statements and related disclosures.

In July 2025, the FASB issued Accounting Standards Update No. 2025-05, "Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets" ("ASU 2025-05"), which introduces a practical expedient (for all entities) and an accounting policy election for non-public entities when estimating expected credit losses for current receivables and contract assets under ASC 606. The standard is effective for annual reporting periods beginning after December 15, 2025, including interim periods within those fiscal years, and early adoption is permitted. The amendments are applied prospectively, and eligible entities can choose to apply the practical expedient and accounting policy election, with required disclosures. The Company is currently evaluating the potential impact of adopting ASU 2025-05 on its unaudited condensed consolidated financial statements and related disclosures.

Except as mentioned above, the Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company's consolidated balance sheets, statements of operations and comprehensive loss and statements of cash flows.

**Note 4 - Reverse Recapitalization**

Upon the consummation of the Business Combination, the following transactions were completed, based on the Company's capitalization as of March 14, 2024:

&nbsp;&nbsp;&nbsp;&nbsp;(i) All Energem public shares of 5,387, and all Energem founder shares of 56,718 remained outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(ii) 46,000 shares to Energem's financial advisor

&nbsp;&nbsp;&nbsp;&nbsp;(iii) All 41,668 issued and outstanding shares of Graphjet were converted into 2,295,833 shares

&nbsp;&nbsp;&nbsp;&nbsp;(iv) 3,375 shares to underwriter in connection with the Transactions.

The following table presents the number of the Company's ordinary shares issued and outstanding immediately following the Reverse Recapitalization (as defined below):

---

| | |
|:---|:---|
|  | **Ordinary**<br>**Share** |
| Energem's ordinary shares outstanding prior to Reverse Recapitalization | 73844 |
| Less: redemption of Energem's ordinary shares | (11739) |
| Ordinary shares issued to underwriter | 3375 |
| Ordinary shares issued to financial advisor | 46000 |
| Total ordinary shares issued upon completion of reverse recapitalization | 111480 |
| Conversion of Graphjet's ordinary shares | 2295833 |
| Total ordinary shares issued and outstanding upon completion of reverse recapitalization | 2407313 |

---

Graphjet was determined to be the accounting acquirer given Graphjet effectively controlled the combined entity after the Transactions. The transaction is accounted for as a reverse recapitalization ("Reverse Recapitalization"), which is equivalent to the issuance of ordinary shares by Graphjet for the net monetary assets of Energem, accompanied by a recapitalization. Graphjet is determined as the accounting acquirer and the historical financial statements of Graphjet became the Company's historical financial statements, with retrospective adjustments to give effect of the Reverse Recapitalization. The net assets of Energem were recognized as of the closing date at historical cost, with no goodwill or other intangible assets recorded. Operations prior to the Business Combination are those of Graphjet and Graphjet's operations are the only ongoing operations of the Company.

In connection with the Reverse Recapitalization, the Company raised approximately $1,200 of proceeds, presented as cash flows from financing activities.

The following table reconcile the elements of the Reverse Recapitalization to the consolidated statements of cash flows and the changes in shareholders' deficit:

---

| | |
|:---|:---|
|  | **March 14,**<br>**2024** |
| Funds held in Energem's trust account | $3760259 |
| Funds held in Energem's operating cash account | 1231 |
| Less: payments of transaction costs incurred by Energem | (3760259) |
| Proceeds from the Reverse Recapitalization | 1231 |
| Less: non-cash net deficit assumed from Energem | (3474995) |
| Net distributions from issuance of ordinary shares upon the Reverse Recapitalization | $(3473764) |

---

The shares and corresponding capital amounts and all per share data related to Graphjet's outstanding ordinary share prior to the Reverse Recapitalization have been retroactively adjusted using the Exchange Ratio of 55.1.

**Note 5 - Deposits**

---

| | | | |
|:---|:---|:---|:---|
| **Deposit allocation** | **Nature** | **As of<br> June 30,<br> 2025** | **As of <br> September 30, <br> 2024** |
|  |  | **(unaudited)** | |
| Public relations consulting services | Refundable | 28486 | 29112 |
| Photocopiers rented for offices use | Refundable | 760 | 776 |
| Total deposits |  | $29246 | $29888 |

---

**Note 6 - Property and Equipment**

Property and equipment included in continuing operations consist of the following:

---

| | | |
|:---|:---|:---|
|  | **As of <br> June 30,<br> 2025**<br>**(unaudited)** | **As of <br> September 30,**<br>**2024** |
| Office equipment | $17790 | $13298 |
| Renovation | 155975 | 153886 |
| Plant and machinery | 1446001 | 1456801 |
| Subtotal | 1619766 | 1623985 |
| Less: accumulated depreciation | (163353) | (30585) |
| Total property and equipment, net | $1456413 | $1593400 |

---

Depreciation of property and equipment is computed on a straight-line basis over its estimated useful life at the following annual rates:

---

| | |
|:---|:---|
| Office equipment | 20% |
| Renovation | 20% |
| Plant and machinery | 10% |

---

Depreciation expense amounted to $43,800 and $2,247 for the three months ended June 30, 2025 and 2024, respectively, and $128,200 and $3,858 for the nine months ended June 30, 2025 and 2024, respectively, which have been recorded in general and administrative expenses in the unaudited condensed consolidated statements of operations.

**Note 7 - Loans from Third Parties**

The Company obtained loans of $522,255 (RM 2,200,000) from external parties Mr. Goh Meng Keong and Mr. Goh Seng Wei, to fund the acquisition of Graphene Patent, and in return they charged the Company with interest, in accordance with arm's length transaction principle. For the three months ended June 30, 2025 and 2024, there were interest expenses of $6,361 and $5,780, respectively. For the nine months ended June 30, 2025 and 2024, there were interest expenses of $18,766 and $17,424, respectively. The principal amount, maturity date and interest rate for the loans are shown below:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025<br> (unaudited)** | **September 30,<br> 2024** |
| Total interest payable | $84998 | $66905 |
| Total debt and interest payable | $607253 | $600626 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Lender** | **Principle** | **Interest<br> Rate** | **Lending Date** | **Due Date** |
| Goh Meng Keong | $474777 | 5% p.a | March 22, 2022 | September 30, 2025 |
| Goh Seng Wei | $47478 | 5% p.a | May 26, 2022 | Due on demand |

---

**Note 8 - Loans from Prior Shareholders**

**Short-term Loans** 

***Loans from prior shareholders***

(1). On August 4, 2024, August 15, 2024 and October 25, 2024, the Company entered three loan agreements with Mr. Aw Jeen Rong for working capital purpose. Aw Jeen Rong is the Company's prior shareholder and owned 6.0% of the Company's ordinary shares as of September 30, 2024. The loans are unsecured, fixed term of repayment, and interest free per the debt settlement agreement dated on April 30, 2025. As of June 30, 2025, total loans drawdown was $299,110. For the three and nine months ended June 30, 2025, there were interest expense of $1,984 and $13,079, respectively. The principal amount, maturity date and interest rate for the loans are shown in the table below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Lender** | **Principal** | **Interest Rate** | **Lending Date** | **Due Date** |
| Aw Jeen Rong\* | $104451 |  | August 4, 2024 | February 4, 2025 <br> (extended to April 30, 2026) |
| Aw Jeen Rong\* | $142433 |  | August 15, 2024 | February 15, 2025<br> (extended to April 30, 2026) |
| Aw Jeen Rong\* | $52226 |  | October 25, 2024 | April 30, 2026 |

---

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025<br> (unaudited)** | **September 30,<br> 2024** |
| Total interest payable | $15711 | $2145 |
| Total debt and interest payable | 314821 | 254449 |

---

\* Mr. Aw Jeen Rong resigned as director of Graphjet on March 14, 2025, and his balance as of September 30, 2024 was reclassified from loan from a director to loan from a prior shareholder to conform to the current year's presentation.

(2) On September 4, 2024 and November 5, 2024, the Company entered two loan agreements with Mr. Liu Yu for working capital purpose. Liu Yu is the Company's prior shareholder and owned 24.3% of the Company's ordinary shares as of September 30, 2024. The loan is unsecured, fixed term of repayment, and interest free per the debt settlement agreement dated on April 30, 2025. As of June 30, 2025, total loan drawdown was $152,308. For the three and nine months ended June 30, 2025, there were interest expense of $1,008 and $6,413, respectively. The principal amount, maturity date and interest rate for the loans are shown in the table below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Lender** | **Principal** | **Interest Rate** | **Lending Date** | **Due Date** |
| Liu Yu | $101246 |  | September 4, 2024 | March 5, 2025<br> (extended to April 30, 2026) |
| Liu Yu | $51062 |  | November 5, 2024 | April 30, 2026 |

---

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025<br> (unaudited)** | **September 30, <br> 2024** |
| Total interest payable | $7074 | $408 |
| Total debt and interest payable | 159382 | 103877 |

---

***Payables to prior shareholders***

Mr. Lim Hooi Beng and Mr. Aw Jeen Rong are the prior shareholders of the Company.

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025<br> (unaudited)** | **September 30,<br> 2024** |
| Lim Hooi Beng\* | $3003003 | $2152588 |
| Aw Jeen Rong | 7122 | 7278 |
| Payables to prior shareholders | $3010125 | $2159866 |

---

\* Mr. Lim Hooi Beng resigned as director of Graphjet on May 5, 2025.

Mr. Lim Hooi Beng and Mr. Aw Jeen Rong own 13.8% and 6.0% of the ordinary shares of the Company as of September 30, 2024.

On March 11, 2024, the Company entered into the debt-to-equity conversion agreements with Mr. Lim Hooi Beng. The Company issued 12,917 ordinary shares at $4.00 per share amounting $3,100,000 to partially settle the outstanding balance. The fair value of those ordinary shares was $2.7 per share, and the difference between the share price per agreement and the fair value is considered as shareholder contribution and charged to additional paid-in-capital.

On April 30, 2025, the Company signed a debt settlement agreement with Lim Hooi Beng to settle the amount of $2,049,658 (RM 8,872,969) owing and provision for bonus $3,450,000 (RM 14,935,050) via the issuance of ordinary shares in two tranches: 1. RM 13,000,000 value of shares 12 months from the date of the agreement, and 2. RM 20,000,000 value of shares 24 months from the date of the agreement. Pursuant to ASC 470-50-40-2, the carrying amount of the debt approximately $5.5 million (RM 23,808,019) was derecognized, and the Company recognized a debt settlement loss of approximately $1.0 million (RM 4,314,854). The Company reclassified the debt as current liability and non-current liability in accordance with ASC 480 based on the appropriate classification of the settlement shares.

**Long-term Loans**

***Payables to a prior shareholder***

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025<br> unaudited** | **September 30, <br> 2024** |
| Lim Hooi Beng | $3575716 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |

---

Mr. Lim Hooi Beng is the prior shareholder of the Company and owned 13.8% of the Company's ordinary shares as of September 30, 2024.

On April 30, 2025, the Company signed a debt settlement agreement with Lim Hooi Beng to settle the amount of $2,049,658 (RM 8,872,969) owing and provision for bonus $3,450,000 (RM 14,935,050) via the issuance of ordinary shares in two tranches: 1. RM 13,000,000 value of shares 12 months from the date of the agreement, and 2. RM 20,000,000 value of shares 24 months from the date of the agreement. Pursuant to ASC 470-50-40-2, the carrying amount of the debt approximately $5.5 million (RM 23,808,019) was derecognized, and the Company recognized a debt settlement loss of approximately $1.0 million (RM 4,314,854). The Company reclassified the debt as current liability and non-current liability in accordance with ASC 480 based on the appropriate classification of the settlement shares.

 ****

***Compensation payable to a prior shareholder***

On March 10, 2022, Graphjet entered into Intellectual Property Sales Agreement with Mr. Liu Yu, as supplemented by the letter from Mr. Liu Yu to Graphjet dated July 29, 2022, pursuant to which Graphjet purchased the process for producing palm-based graphene, an intellectual property held by Mr. Liu Yu for approximately $6.3 million payable within the 19th to 36th month period from July 29, 2022. Liu Yu is the Company's prior shareholder and owned 24.3% of the Company's ordinary shares as of September 30, 2024. The transfers of IP to the Company by Mr. Liu Yu in exchange for stock prior to or at the time of the company's IPO through merging with a US SPAC should be recorded at the transferors' historical cost. Based upon the Company's records, there is no historical basis of the IP. The excess paid over the IP carrying basis of approximately $6.3 million should be charged as a compensation payable in accordance with ASC 805-50-30-5.

As of September 30, 2022, the Company repaid approximately $0.5 million in cash to Mr. Liu Yu. On March 11, 2024, the Company entered the debt-to-equity conversion agreements with Mr. Liu Yu. The Company issued 21,250 ordinary shares at $4.00 per share amounting $5,100,000 to partially settle the outstanding balance. The fair value of those ordinary shares was $2.7 per share, and the difference between the share price per agreement and the fair value is considered as shareholder contribution and charged to additional paid-in-capital.

The approximately $5.8 million outstanding compensation payable was discounted at an imputed interest rate of 12% per annum, and the amortization expense of debt discount is included in the interest expenses. During the three and nine months ended June 30, 2024, the Company recorded $nil and $345,060 interest expense for the amortization, respectively.

On April 30, 2025, the Company signed a debt settlement agreement with Liu Yu to settle the amount owing of approximately $1.5 million in the following manner: 1. payment of $221,593 12 months from the date of the agreement; 2. payment of $702,610 24 months from the date of the agreement, and; as part of his severance and interest due, $1 million which shall fall due 24 months from the date of agreement and shall be repaid in 10 consecutive monthly instalments of $100,000 each, payable on the first day of each calendar month commencing from the due date. The approximately $1.5 million outstanding compensation payable was discounted at an imputed interest rate of 15% per annum, and the amortization expense of debt discount is included in the interest expenses. During the three and nine months ended June 30, 2025, the Company recorded $479,687 and $479,687 interest expense for the amortization, respectively.

As of June 30, 2025 and September 30, 2024, the outstanding balance on the payable is $1,250,459 and $737,894, respectively.

**Note 9 - Other Payables and Accrued Liabilities** 

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025<br> (unaudited)** | **September 30,<br> 2024** |
| Payroll payable | $244997 | $282461 |
| Rental payable | 107300 | 70354 |
| Professional fees | 550430 | 574713 |
| Accrued expenses | 231799 | 304894 |
| Total other payables and accrued liabilities | $1134526 | $1232422 |

---

**Note 10 - Deferred Underwriting Commission Payable**

On December 21, 2023, the Company entered into a *Satisfaction and Discharge of Indebtedness Agreement* (the "Agreement") with its underwriter in satisfaction of the $4,025,000 Deferred Underwriting Commission pursuant to the Underwriting Agreement dated November 15, 2021. In lieu of the Company tendering the full amount of the Deferred Underwriting Commission in cash, the underwriter agreed to accept: (1) $2,000,000 in cash at the time of the closing of the Business Combination, and (2) 3,375 unregistered ordinary shares of the Company ("Ordinary Shares"), which when multiplied by the $10.00 per share price agreed to between the Company and the underwriter (the "Agreed Share Price") equals $2,025,000 (the "Original Aggregate Share Value"), to be issued and delivered to the underwriter at the closing of the Business Combination. Pursuant to Section 2.1 of the Agreement, the Company agreed to perform the following post-closing covenants if the lowest of the VWAP for a period of five (5) trading days immediately prior to the effectiveness date of the registration statement or prior to eligible date for release pursuant to Rule 144 is lower than the Agreed Share Value, the Company should compensate the underwriter either in cash or issuing additional ordinary shares in an amount equal to the difference between the aggregate VWAP value on any given date and the Original Aggregate Share Value (the "True-Up Obligation").

As of September 30, 2024, the Company had finalized the settlement of the True-Up Obligation by agreeing to issue 10,754 ordinary shares to the underwriter. However, because the shares had not yet been legally issued as of the reporting date, the Company recorded a liability of approximately $1.5 million, representing the fair value of the shares to be issued. Upon issuance of the shares on May 22, 2025, the liability was reclassified to additional paid-in capital, with no income statement impact.

**Note 11 - Provision for Bonus**

On February 29, 2024, the Board of Directors of Graphjet approved the proposed bonus plan to reward the senior management team of Graphjet for the successful business combination and corporate listing. The total provision made is $13,800,000 according to the plan.

On April 30, 2025, the Company signed a debt settlement agreement with Lim Hooi Beng to settle the amount of $2,049,658 (RM 8,872,969) owing and provision for bonus $3,450,000 (RM 14,935,050) via the issuance of ordinary shares in two tranches: 1. RM 13,000,000 value of shares 12 months from the date of the agreement, and 2. RM 20,000,000 value of shares 24 months from the date of the agreement. Therefore, the total remaining provision for bonus is $10,350,000 as of June 30, 2025.

**Note 12 - Related Party Loans**

 ****

***Loans from a shareholder***

In May and June 2025, the Company entered five loan agreements with Mr. Lee Ping Wei for working capital purpose. Lee Ping Wei owned 48.5% and 6.1% of the Company's ordinary shares as of June 30, 2025 and September 30, 2024, respectively. The loans are unsecured, with interest bearing of 15% per annum and due on demand. As of June 30, 2025, total loans drawdown was $498,516. For the three months ended June 30, 2025, there was interest expense of $3,956. The principal amount, maturity date and interest rate for the loans are shown in the table below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Lender** | **Principal** | **Interest Rate** | **Lending Date** | **Due Date** |
| Lee Ping Wei | $118694 | 15% p.a | May 28, 2025 | Due on demand |
| Lee Ping Wei | $71217 | 15% p.a | June 3, 2025 | Due on demand |
| Lee Ping Wei | $71217 | 15% p.a | June 10, 2025 | Due on demand |
| Lee Ping Wei | $118694 | 15% p.a | June 16, 2025 | Due on demand |
| Lee Ping Wei | $118694 | 15% p.a | June 26, 2025 | Due on demand |

---

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025**<br>**(unaudited)** | **September 30,**<br>**2024** |
| Total interest payable | $4117 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Total debt and interest payable | 502633 |  |

---

**Note 13 - Income Taxes**

*Cayman Islands*

Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gain. Additionally, upon payments of dividends to the shareholders, no Cayman Islands withholding tax will be imposed.

*USA*

 

GTI US Corp is incorporated in the United States and is subject to a federal tax rate of 21%. GTI US Corp is still dormant as of June 30, 2025.

*Malaysia*

The Company's subsidiary Graphjet was incorporated in Malaysia and is subject to Malaysian Profits Tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Malaysian tax laws. The applicable tax rate is 24% in Malaysia.

Since Graphjet has had no taxable income, the Company's tax provision was zero for the three and nine months ended June 30, 2025 and 2024. As of June 30, 2025 and September 30, 2024, the Company's deferred tax asset had a full valuation allowance recorded against it. The effective tax rate for the three and nine months ended June 30, 2025 and 2024 was 0%.

The components of the Company's income tax provision were as follows for the period indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the <br> three months <br> ended <br> June 30,<br> 2025** | **For the <br> three months <br> ended <br> June 30,<br> 2024** | **For the <br> nine months <br> ended <br> June 30,<br> 2025** | **For the <br> nine months <br> ended <br> June 30,<br> 2024** |
|  | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** |
| Current | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Deferred | - | - | - | - |
| Total income tax expense | $- | $- | $ | $ |

---

The following table sets forth the significant components of the aggregate deferred tax assets and liabilities of the Company as of:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025<br> (unaudited)** | **September 30, <br> 2024** |
| **Deferred Tax Assets:** | | |
| Net operating loss carry-forwards | $4876038 | $4406475 |
| Capital allowances | 150591 | 105298 |
| Less: valuation allowance | (5026629) | (4511773) |
| Deferred tax assets, net |  |  |
| **Deferred tax liabilities:** |  |  |
| Capitalized R&D expenses | - | - |
| **Deferred tax (liabilities) assets, net** | $- | $- |

---

Movement of valuation allowance:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025<br> (unaudited)** | **September 30, <br> 2024** |
| Balance at beginning of the year | $4511773 | $281826 |
| Addition | 514856 | 4229947 |
| Balance at end of the year | $5026629 | $4511773 |

---

As of June 30, 2025 and September 30, 2024, the Company had net operating losses carry forward of approximately $20.3 million and approximately $18.3 million, respectively, from the Company's Malaysian subsidiary, which can be carried forward ten years to offset taxable income.

Valuation allowance is provided against deferred tax assets when the Company determines that it is more likely than not that the deferred tax assets will not be utilized in the future. In making such determination, the Company considered factors including future taxable income exclusive of reversing temporary differences and tax loss carry forwards. If events occur in the future that allow the Company to realize part or all of its deferred income tax, an adjustment to the valuation allowances will result in a decrease in tax expense when those events occur.

Due to the limited operating history of the Malaysian subsidiary, the Company is uncertain when these net operating losses can be utilized. As a result, the Company provided a 100% allowance on deferred tax assets on net operating losses of approximately $4.9 million and $4.5 million related to Malaysian subsidiary as of June 30, 2025 and September 30, 2024, respectively.

Uncertain tax positions

The Company evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits associated with the tax positions. An uncertain tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. As of June 30, 2025 and September 30, 2024, the Company did not have any significant unrecognized uncertain tax positions. The Company did not incur interest and penalties tax as of June 30, 2025 and September 30, 2024.

**Note 14 - Shareholders' Equity**

The Company's ordinary shares trade on the NASDAQ stock exchange under the symbol "GTI". Pursuant to the terms of the Amended and Restated Certificate of Incorporation, the company's authorized share capital is $50,000 divided into 8,333,333 Ordinary Shares each of par value $0.006 per share.

On December 20, 2023, Energem and Graphjet negotiated and entered into a definitive purchase agreement for a PIPE investment (the "PIPE Investment Purchase Agreement") with Dato' Sri Pang Chow Huat and/or investment vehicles directly managed by such investor (the "PIPE Investor") as amended and restated on January 10, 2024. Pursuant to the PIPE Investment Purchase Agreement, Graphjet sold to the PIPE Investor 76 Graphjet Pre-Transaction Shares before the Closing of the Business Combination that was exchanged for 4,167 Combined Entity Ordinary Shares for a total of $2,500,000.

On March 14, 2024, the Company completed its reverse recapitalization with Energem (see Note 4). The shares and corresponding capital amounts and all per share data related to Graphjet's outstanding ordinary shares prior to the reverse recapitalization in the accompanying consolidated financial statements have been retrospectively adjusted using the Exchange Ratio of 55.1. All of the Graphjet Technology ordinary shares issued and outstanding at the consummation of the business combination have been fully paid.

On November 1, 2024, the Company successfully completed a fundraising exercise amounting to approximately $1.0 million (MYR 4.4 million) net proceeds from new external shareholders. In connection with this fundraising, the Company issued a total of 10,885 Ordinary shares to unrelated third-party investors.

On May 22, 2025, the Company issued an additional 5,377 Ordinary Shares to Joseph Rallo and 5,377 Ordinary Shares to D. Boral Capital LLC. The issuance is part an adjustment between the agreed share price of USD 10.00 per share and the lowest VWAP for a 5-day period up to the registration of the 3,375 Ordinary Shares issued earlier to satisfy $2,025,000 due pursuant to the Satisfaction and Discharge of Indebtedness between the Company, Graphjet Technology Sdn Bhd and EF Hutton LLC.

As of June 30, 2025 and September 30, 2024, we had issued and outstanding Ordinary Shares 2,467,337 and 2,445,647 shares, each with par value of $0.006. The holder of each share of ordinary shares is entitled to one vote.

All share amounts and per share amounts above have been retroactively adjusted for the sixty-for-one share combination, effective August 25, 2025. (See Note 1)

**Note 15 - Equity Incentive Plan**

At the Special Meeting on February 28, 2024, Energem shareholders considered and approved the Equity Incentive Plan and reserved an amount of ordinary shares equal to 10% of the fully diluted issued and outstanding Combined Entity Ordinary Shares following the Business Combination for issuance thereunder. The Equity Incentive Plan was approved by the Energem board of directors on the same day. The Equity Incentive Plan became effective immediately upon the Closing of the Business Combination. A total number of shares equal to 201,558 have been reserved for future issuance under the Equity Incentive Plan.

Graphjet Technology's employees, consultants and directors, and employees, consultants and directors of its subsidiaries will be eligible to receive awards under the Equity Incentive Plan. The Equity Incentive Plan is expected to be administered by the Graphjet Technology Board with respect to awards to non-employee directors and by Graphjet Technology's remuneration committee with respect to other participants, each of which may delegate its duties and responsibilities to committees of Graphjet Technology directors and/or officers (referred to collectively as the "plan administrator" below), subject to certain limitations that may be imposed under stock exchange rules. The plan administrator will have the authority to interpret and adopt rules for the administration of the Equity Incentive Plan, subject to its express terms and conditions. The plan administrator will also set the terms and conditions of all awards under the Equity Incentive Plan, including any vesting and vesting acceleration conditions.

**Note 16 - Warrants**

In connection with the reverse recapitalization, the Company has assumed 200,468 Energem warrants outstanding, which consisted of 191,667 public warrants and 8,801 private warrants. All of these warrants met the criteria for equity classification.

Each whole warrant entitles the registered holder to purchase one whole share of the Company's common stock at a price of $690 per share. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of shares of common stock. This means that only a whole warrant may be exercised at any given time by a warrant holder. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. The warrants will expire five years after the completion of the Company's initial business combination or earlier upon redemption or liquidation.

The Company has agreed that as soon as practicable, but in no event later than 30 business days, after the closing of the initial business combination, it will use its reasonable commercially reasonable efforts to file, and within 60 business days following its initial business combination to have declared effective, a registration statement for the registration, under the Securities Act, of the shares of common stock issuable upon exercise of the warrants. The Company will use its commercially reasonable efforts to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of the warrants in accordance with the provisions of the warrant agreement. No warrants will be exercisable for cash unless the Company has an effective and current registration statement covering the ordinary shares issuable upon exercise of the warrants and a current prospectus relating to such shares of common stock. Notwithstanding the above, if the Company's common stock is at the time of any exercise of a warrant not listed on a national securities exchange such that it satisfies the definition of a "covered security" under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of warrants who exercise their warrants to do so on a "cashless basis" in accordance with Section 3(a)(9) of the Securities Act and, in the event it so elect, it will not be required to file or maintain in effect a registration statement, but it will be required to use its commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.

The Company may call the warrants for redemption, in whole and not in part, at a price of $0.6 per warrant:

● at any time while the warrants are exercisable;

● upon not less than 30 days' prior written notice of redemption (the "30-day redemption period") to each warrant holder; and

● if, and only if, the reported last sale price of the ordinary shares equals or exceeds $1,080 per share, for any 20 trading days within a 30-trading day period ending on the third trading day prior to the notice of redemption to warrant holders; and

● if, and only if, there is a current registration statement in effect with respect to the ordinary shares underlying such warrants at the time of redemption and for the entire 30-day trading period referred to above and continuing each day thereafter until the date of redemption.

On May 15, 2025, Graphjet Technology and Aiden Lee Ping Wei entered into a Warrant Subscription Agreement, pursuant to which Graphjet Technology issued 333,333 warrants to purchase up to 3,333,333 of the Company's ordinary shares, at an exercise price of $3.3 to Aiden Lee Ping Wei, for $200,000. The purchaser may not transfer any of the warrant shares for a period of twelve (12) months from the Effective Date. Once the purchaser has exercised up to 483,333 shares underlying the warrants, the Company's shareholders must approve the issuance of the shares underlying the remaining warrants. The warrants had a fair value of $19.4 million, based upon using the Black-Scholes Options Pricing Model with the flowing inputs:

---

| | |
|:---|:---|
| Share price | $5.82 |
| Exercise price | $3.3 |
| Expected terms (in years) | 5.0 |
| Expected volatility | 222.8% |
| Annual risk-free interest rate | 4.06% |

---

The $200,000 cash purchase consideration offset the salary and claim payable the Company owed to the purchaser, the excess of fair value over the cash purchase consideration amounted to $19.2 million was treated as share compensation expense and additional paid-in capital.

The summary of warrants activity is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Warrants <br> Outstanding** | **Ordinary Shares<br> Issuable** | **Weighted <br> Average <br> Exercise <br> Price** | **Average <br> Remaining <br> Contractual <br> Life** |
| September 30, 2024 | 200468 | 200468 | $690.00 | 4.00 |
| Granted | 333333 | 333333 | $3.30 | 5.00 |
| Forfeited |  |  | $- |  |
| Exercised | - | - | $- | - |
| June 30, 2025 | 533801 | 533801 | $261.19 | 4.44 |

---

The Company accounted for the 200,468 warrants assumed from the merger and the 333,333 warrants issued to Aiden Lee Ping Wei as equity instruments in accordance with ASC 480, "Distinguishing Liabilities from Equity" and ASC 815-40, "Derivatives and Hedging: Contracts in Entity's Own Equity".

**Note 17 - Concentrations of Risks**

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, deposits and other receivables.

(a) Credit risk

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash. In Malaysia, the insurance coverage for cash deposits of each depositor at each bank is RM 250,000 (approximately $56,000). As of June 30, 2025, cash balance of RM 195,157 ($46,329) was deposited with financial institutions located in Malaysia, which was not subject to credit risk. Cash deposits at each United States financial institution are insured by the Federal Deposit Insurance Corporation ("FDIC") up to $250,000. As of June 30, 2025, the Company did not exceed the FDIC insured limits. While management believes that these financial institutions are of high credit quality, it also continually monitors their credit worthiness.

The Company's operating subsidiary is in Malaysia, and their functional currency is RM. As a result, the Company is exposed to foreign exchange risk as the Company's results of operations may be affected by fluctuations in the exchange rate between USD and RM. If the RM appreciates against the USD, the value of the Company's RM revenues, earnings, and assets as expressed in the Company's USD financial statements will decline. The Company has not entered any hedging transactions in an effort to reduce the Company's exposure to foreign exchange risk.

The Company is also exposed to risk from its deposits and other receivables. These assets are subjected to credit evaluations. An allowance has been made for estimated unrecoverable amounts which have been determined by reference to past default experience and the current economic environment.

(b) Vendor concentration risk

For the three months ended June 30, 2025, one supplier accounted for 100% of the total raw material purchases. For the nine months ended June 30, 2025, three suppliers accounted for approximately 47.0%, 46.5% and 6.5% of the total raw material purchases.

For the three and nine months ended June 30, 2024, the Company did not make any raw material purchases.

**Note 18 - Segment Reporting**

ASC 280, "Segment Reporting", establishes standards for reporting information about operating segments on a basis consistent with the Company's internal organizational structure as well as information about geographical areas, business segments and major customers in financial statements for detailing the Company's business segments.

The Company uses the management approach to determine reportable operating segments. The management approach considers the internal organization and reporting used by the Company's chief operating decision maker ("CODM") for making decisions, allocating resources and assessing performance. The Company's CODM has been identified as the Company's chief executive officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Company. The Company has only one geographic operating location in Malaysia, so the Company determines that reporting operating segments by geographic locations is not necessary.

The Company's organizational structure is based on a number of factors that the CODM uses to evaluate, view and run its business operations which include, but not limited to, customer base, homogeneity of service and technology. The Company's operating segments are based on such organizational structure and information reviewed by the CODM to evaluate the operating segment results. Based on management's assessment, the Company determined that it has only one operating segment as defined by ASC 280.

The following table presents major accounts of statements of operations by segments for the three and nine months ended June 30, 2025 and 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended<br> June 30,** | **For the Three Months Ended<br> June 30,** | **For the Nine Months Ended <br> June 30,** | **For the Nine Months Ended <br> June 30,** |
|  | **2025<br> (unaudited)** | **2024<br> (unaudited)** | **2025<br> (unaudited)** | **2024<br> (unaudited)** |
| Revenues | $49316 | $- | $49316 | $- |
| Cost of revenues | 76005 | - | 76005 | - |
| **Segment gross loss** | (26689) | - | (26689) | - |
| Advertising and marketing expenses |  | 182461 | 104409 | 313574 |
| Salaries and benefits expenses | 1144402 | 277903 | 1651091 | 334607 |
| Provision for bonus |  |  |  | 13606765 |
| Insurance, legal and consulting expenses | 439778 | 1170578 | 698523 | 1366574 |
| Other operating expenses | 87831 | 381996 | 422993 | 707440 |
| Share compensation expense | 19200000 | - | 19200000 | - |
| Total operating expenses | 20872011 | 2012938 | 22077016 | 16328960 |
| **Segment operating loss** | (20898700) | (2012938) | (22103705) | (16328960) |
| Interest income (expense), net | 384284 | (5282) | 357456 | (362484) |
| Other expenses, net | (987541) | (311) | (1021886) | (1363) |
| Income tax expense | - | - | - | - |
| **Segment net loss** | $(21501957) | $(2018531) | $(22768135) | $(16692807) |

---

**Note 19 - Commitments and Contingencies**

***Lease commitments***

 ****

The Company has entered in one operating factory lease agreement in Selangor expiring through January 2026. The lease contains an option to extend at the time of expiration, and the Company has the right of priority of exercising the option. The Company's lease agreement does not contain any material residual value guarantees or material restrictive covenants. The lease is classified as an operating lease, and lease expense for the lease is recognized on the straight-line basis over the lease term which the Company estimated to be 1.5 years.

Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The discount rate used to calculate present value is incremental borrowing rate or, if available, the rate which is implicit in the lease. The Company determines the incremental borrowing rate for each lease based primarily on its lease term in Malaysia, which is approximately 6.4% p.a. The total operating lease expenses for the lease agreement for the three and nine months ended June 30, 2025 were $12,525 and $36,951, respectively.

Weighted-average remaining term and discount rate related to leases were as follows:

---

| | | |
|:---|:---|:---|
|  | **As of <br> June 30, <br> 2025** | **As of <br> September 30, <br> 2024** |
|  | **(Unaudited)** | |
| **Weighted-average remaining term in number of years** | | |
| &nbsp;&nbsp;&nbsp;Operating leases | 0.58 |  |
| **Weighted-average discount rate** |  |  |
| &nbsp;&nbsp;&nbsp;Operating leases | 6.4 % p.a |  |

---

The following table sets forth the Company's undiscounted future minimum lease payment schedule as of June 30, 2025:

---

| | |
|:---|:---|
|  | **Lease <br> payments** |
| Twelve months ending June 30, 2026 | $29911 |
| Total lease payments | 29911 |
| Less: discount | 472 |
| Present value of lease liabilities | 29439 |
| Current lease liabilities | (29439) |
| Non-current lease liabilities | $- |

---

The Company also entered in two operating lease agreements in Malaysia, which will expire till March 2026. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. The leases contain options to extend at the time of expiration, but the Company will not exercise it. The Company did not recognize the operating lease ROU assets and lease liabilities on the balance sheet as this lease had an initial term of 12 months or less.

Operating lease expenses for the two lease agreements amounted to $3,413 and $55,910 for the three months ended June 30, 2025 and 2024, respectively, and $55,351 and $145,176 for the nine months ended June 30, 2025 and 2024, respectively, which were recorded under general and administrative expenses.

 ****

The following table sets forth the Company's undiscounted future minimum lease payment schedule as of June 30, 2025. There were no commitment and contingency other than those stated below:

---

| | | |
|:---|:---|:---|
| **Commitments and Contingencies** | **Terms** | **Amount** |
| Rental of premise | Rental payments due from July 2025 to March 2026 | $6920 |

---

**Note 20 - Subsequent Events**

The Company has evaluated all events that occurred after June 30, 2025 through the date the unaudited condensed consolidated financial statements were available for issuance and identified the following subsequent events occurred that would require recognition or disclosure in the Company's unaudited condensed consolidated financial statements.

On July 17, 2025, Chris Lai, the Company's CEO/CFO attended the hearing with the Nadsaq Hearing Panel (the "Hearing Panel") and, together with the Company's attorney, presented the Company's case to the Hearing Panel. During the hearing, Chris Lai made a commitment to the Hearing Panel that the Company's Forms 10Q for the three months ended December 31, 2024, March 31, 2025, and June 30, 2025 would be filed by the middle of September 2025.

On July 25, 2025, the Company received a decision letter from the Nasdaq Hearings Panel granting the Company's request to continue its listing on The Nasdaq Stock. The decision is conditioned on the Company (i) demonstrating compliance with Nasdaq Listing Rule 5450(a)(1) (the "Bid Price Rule") on or before August 29, 2025, (ii) demonstrating compliance with Nasdaq Listing Rule 5450(c)(1) (the "Periodic Filing Rule") on or before September 15, 2025, and (iii) providing the Panel with an update regarding the Company's fundraising plans on or before September 30, 2025.

On August 7, 2025, the Company held an extraordinary general meeting of the shareholders of the Company to vote and approve 1) The Share Capital Reorganization Proposal 2) The Share Consolidation Proposal 3) The Charter Amendment Proposal and 4) The Adjournment Proposal. On the same day, the Board approved the implementation of the share consolidation at a ratio of 1-for-60 (the "Share Consolidation"). The share consolidation is expected to become effective on August 25, 2025.

On August 14, 2025, the Company executed two separate Subscription Agreements with Yasuka Infinity SDN BHD ("Yasuka Infinity") and Goh Meng Keong. The Subscription Agreement with Yasuka Infinity is to settle a debt of USD$21,129.80 owed by the Company to Yasuka Infinity. As settlement of the debt, the Company agreed to issue 195,646 ordinary shares, which is 3,261 post-Share Consolidation shares. The Subscription Agreement with Goh Meng Keong is also to settle a debt of USD$553,201.33 owed by the Company to Goh Meng Keong. As settlement of the debt, the Company agreed to issue 11,100,000 ordinary shares, which is 185,000 post-Share Consolidation shares. On August 25, 2025, the Company issued 3,261 post-Share Consolidation shares to Yasuka Infinity and 185,000 post-Share Consolidation shares to Goh Meng Keong.

On August 19, 2025, the Company entered into a Sale and Purchase Agreement (the "Sale and Purchase Agreement") with Cosmo Esteem SDN BHD, a company incorporated in and under the laws of Malaysia (the "Vendor") and Graphjet Technology SDN BHD, a wholly owned subsidiary of the Company (the "Purchaser"). Pursuant to the Sale and Purchase Agreement, the Purchaser will buy the property from which the Company currently operates from, which is owned by the Vendor. As payment for the property to the Vendor, the Company agreed to issue 97,462,455 of its ordinary shares at a per share price of USD$0.074, to Tan Chin Teong, which is 1,624,375 post-Share Consolidation Shares. On August 25, 2025, the Company issued 528,464 post-Share Consolidation shares to Tan Chin Teong.

On August 25, 2025, the Share Consolidation became effective, causing every 60 ordinary shares issued and outstanding to automatically be combined into one ordinary share. The Share Consolidation did not affect any shareholder's percentage ownership, except for adjustments that resulted from the treatment of fractional shares, which were rounded up to the nearest whole share. Further, the par value of the ordinary shares was reduced from $0.0001 per share to $0.006 per share.

**Note 21 - Restatement of Previously Issued Financial Statements**

The Company identified material misstatements in its previously issued unaudited condensed financial statements as of June 30, 2024 and for the three and nine months ended June 30, 2024 as below, and as a result the Company has restated the previously issued unaudited condensed consolidated financial statements as of June 30, 2024 and for the three and nine months ended June 30, 2024 in accordance with ASC 250 Accounting Changes and Error Corrections, to reflect the effects of the restatement adjustments and to make certain corresponding disclosures.

The categories of adjustments and their impacts on previously issued financial statements are described below and identified in the Restatement Reconciliation Tables in the column entitled "Reference":

a. The Company
 failed to record the correct cost of the intellectual property purchased from a related party, incorrectly recorded the amortization
 expense, and incorrectly recorded the liability without considering imputed interest related to the intellectual property purchased.
 Such failure has resulted in the misstatements of "Intangible assets, net", "Accumulated deficit" and "Accumulated
 other comprehensive (loss) profit" as of June 30, 2024, and misstatements of "General and administrative expenses"
 and "Net loss" for the three and nine months ended June 30, 2024.

b. The Company
 incorrectly recorded the merger transaction costs as general and administrative expenses. Such failure has resulted in the misstatements
 of "Deferred merger costs", "Additional paid-in capital", "Accumulated deficit" and "Accumulated
 other comprehensive (loss) profit" as of June 30, 2024, and misstatements of "General and administrative expenses"
 and "Net loss" for the nine months ended June 30, 2024.

c. The Company
 incorrectly classified other expenses as general and administrative expenses, and under accrued the bonus of the senior management
 team of Graphjet for the successful business combination and corporate listing, and classified changes in payable to director as
 operating activities. Such failure has resulted in the misstatements of "Provision for bonus", "Accumulated deficit"
 and "Accumulated other comprehensive (loss) profit" as of June 30, 2024, and misstatements of "General and administrative
 expenses", "Other expenses, net" and "Net loss" for the three and nine months ended June 30, 2024,
 and misstatements of "Statements of cash flows" for the nine months ended June 30, 2024.

d. The Company
 incorrectly recorded the accounts related to reverse recapitalization. Such failure has resulted in the misstatements of "Balance
 sheet" as of June 30, 2024, misstatements of "Weighted average number of ordinary shares outstanding - basic and diluted"
 for the three and nine months ended June 30, 2024, and misstatements of "Statements of cash flows" for the nine months
 ended June 30, 2024.

e. The Company
 incorrectly used historical exchange rate to translated certain accounts from Malaysian Ringgit ("RM") into US$. Such
 failure has resulted in the misstatements of "Balance sheet" as of June 30, 2024, and misstatements of "Statements
 of operations and comprehensive loss" for the three and nine months ended June 30, 2024, and misstatements of "Statements
 of cash flows" for the nine months ended June 30, 2024.

In the following tables, the Company presented a reconciliation of consolidated balance sheets, statements of operations and comprehensive loss, and cash flows as previously issued for these prior periods to the restated and revised amounts.

**Summary of Restatements - Unaudited Condensed Consolidated Statements of Operations and Comprehensive loss:**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended June 30, 2024** | **For the Three Months Ended June 30, 2024** | **For the Three Months Ended June 30, 2024** | **For the Three Months Ended June 30, 2024** |
|  | **As <br> previously<br> reported** | **Adjustments** | **Reference** | **As restated** |
| Operating expenses: |  |  |  |  |
| General and administrative expenses | $2132149 | $(119211) | a, c, e | $2012938 |
| Total operating expenses | 2132149 | (119211) | a, c, e | 2012938 |
| Loss from operations | (2132149) | 119211 | a, c, e | (2012938) |
| Other income (expenses) |  |  |  |  |
| Interest expense, net | (5796) | 514 | e | (5282) |
| Other expenses, net | - | (311) | c | (311) |
| Total other expense, net | (5796) | 203 | c, e | (5593) |
| Loss before income taxes | (2137945) | 119414 | a, c, e | (2018531) |
| Income tax expense | - | - |  | - |
| Net loss | $(2137945) | $119414 | a, c, e | $(2018531) |
| Foreign currency translation adjustment | (18415) | (1937) | a, c, e | (20352) |
| Total comprehensive loss attributable to ordinary shareholders | $(2156360) | $117477 | a, c, e | $(2038883) |
| Weighted average number of ordinary shares outstanding - basic and diluted\* | 2445688 | (41) | d | 2445647 |
| Loss per ordinary share - basic and diluted\* | $(0.87) | $0.04 | a, b, c, d e | $(0.83) |

---

\* Giving retroactive effect to reverse recapitalization effected on March 14, 2024 to reflect exchange ratio of approximately 55.1 as described in Note 4 and share combination at a ratio of one-for-sixty effected on August 25, 2025 as described in Note 1.

**Summary of Restatements - Unaudited Condensed Consolidated Statements of Operations and Comprehensive loss:**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Nine Months Ended June 30, 2024** | **For the Nine Months Ended June 30, 2024** | **For the Nine Months Ended June 30, 2024** | **For the Nine Months Ended June 30, 2024** |
|  | **As <br> previously<br> reported** | **Adjustments** | **Reference** | **As restated** |
| Operating expenses: |  |  |  |  |
| General and administrative expenses | $14139078 | $2189882 | a, b, c, e | $16328960 |
| Total operating expenses | 14139078 | 2189882 | a, b, c, e | 16328960 |
| Loss from operations | (14139078) | (2189882) | a, b, c, e | (16328960) |
| Other income (expenses) |  |  |  |  |
| Interest expense, net | (17440) | (345044) | a, c | (362484) |
| Other expenses, net | - | (1363) | c | (1363) |
| Total other expense, net | (17440) | (346407) | a, c | (363847) |
| Loss before income taxes | (14156518) | (2536289) | a, b, c, e | (16692807) |
| Income tax expense | - | - |  | - |
| Net loss | $(14156518) | $(2536289) | a, b, c, e | $(16692807) |
| Foreign currency translation adjustment | (29994) | (164327) | a, b, c, e | (194321) |
| Total comprehensive loss attributable to ordinary shareholders | $(14186512) | $(2700616) | a, b, c, e | $(16887128) |
| Weighted average number of ordinary shares outstanding - basic and diluted\* | 972814 | 1382286 | d | 2355100 |
| Loss per ordinary share - basic and diluted\* | $(14.55) | $7.46 | a, b, c, d, e | $(7.09) |

---

\* Giving retroactive effect to reverse recapitalization effected on March 14, 2024 to reflect exchange ratio of approximately 55.1 as described in Note 4 and share combination at a ratio of one-for-sixty effected on August 25, 2025 as described in Note 1.

**Summary of Restatements - Unaudited Condensed Consolidated Statements of Cash Flows:**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Nine Months Ended June 30, 2024** | **For the Nine Months Ended June 30, 2024** | **For the Nine Months Ended June 30, 2024** | **For the Nine Months Ended June 30, 2024** |
|  | **As<br> previously <br> reported** | **Adjustments** | **Reference** | **As restated** |
| **Cash flows from operating activities:** | | |  | |
| &nbsp;&nbsp;&nbsp;Net loss | $(14156518) | $(2536289) | a, b, e | $(16692807) |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash used in operating activities. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization expense | 323772 | (323696) | a, e | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation expense | 3870 | (12) | e | 3858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation | (29994) | 29994 | e |  |
| &nbsp;&nbsp;&nbsp;**Changes in operating assets and liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 125596 | (32110) | d, e | 93486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advance to a related company | 97882 | (529) | e | 97353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits | (43114) | (763) | e | (43877) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other receivables | (47018) | (337) | e | (47355) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interests payable | 17433 | (9) | e | 17424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other payables | (289900) | 290000 | d | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | (878520) | 1071791 | d, e | 193271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Related party payable | (88542) | 88542 | d |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred underwriting fee | (2000000) | 2000000 | d |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to directors | 2463297 | (2463297) | a, c, d, e |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for bonus | 10154677 | 3645323 | c | 13800000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | (4347079) | 1768608 | a, b, c, d, e | (2578471) |
| **Cash flows from investing activities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of property and equipment | (1271043) | (691) | e | (1271734) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (1271043) | (691) | e | (1271734) |
| **Cash flows from financing activities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of shares | 6260259 | (6260259) | d |  |
| &nbsp;&nbsp;&nbsp;Repayment of working capital loan | (555358) | 555358 | d |  |
| &nbsp;&nbsp;&nbsp;Proceeds from long-term debt - related party |  | 2583996 | c | 2583996 |
| &nbsp;&nbsp;&nbsp;Repayments to long-term debt - related party |  | (105988) | c | (105988) |
| &nbsp;&nbsp;&nbsp;Payments of deferred merger costs |  | (919446) | b, e | (919446) |
| &nbsp;&nbsp;&nbsp;Proceeds from the completion of reverse recapitalization |  | 1231 | d | 1231 |
| &nbsp;&nbsp;&nbsp;Proceeds from PIPE investment | - | 2500000 | b, c, d, e | 2500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 5704901 | (1645108) | b, c, d, e | 4059793 |
| Effect of exchange rate changes | - | (122809) | e | (122809) |
| Net change in cash | 86779 |  |  | 86779 |
| Cash - beginning of the period | 1430 | - |  | 1430 |
| Cash - end of the period | $88209 | $- |  | $88209 |

---

**GRAPHJET TECHNOLOGY**

**PART II**

**Information Not Required in Prospectus**

**Item 13. Other Expenses of Issuance and Distribution.**

The following is an estimate of the expenses (all of which are to be paid by the registrant) that we may incur in connection with the securities being registered hereby.

---

| | |
|:---|:---|
|  | **Amount** |
| SEC registration fee | $6111.81 |
| Legal fees and expenses | \* |
| Accounting fees and expenses | \* |
| Miscellaneous | \* |
| Total | $\* |

---

\* These fees are calculated based on the securities offered and the number of issuances and accordingly cannot be defined at this time.

**Item 14. Indemnification of Directors and Officers.**

The registrant has entered into indemnification agreements with each of its directors and executive officers to provide contractual indemnification in addition to the indemnification provided in its certificate of incorporation. Each indemnification agreement provides for indemnification and advancements by the registrant of certain expenses and costs relating to claims, suits or proceedings arising from his or her service to the registrant as officers or directors to the maximum extent permitted by applicable law.

The registrant also maintains standard policies of insurance under which coverage is provided (1) to its directors and officers against loss arising from claims made by reason of breach of duty or other wrongful act, while acting in their capacity as directors and officers of the registrant, and (2) to the registrant with respect to payments which may be made by the registrant to such officers and directors pursuant to any indemnification provision contained in the registrant's Memorandum of Association or otherwise as a matter of law.

The foregoing summaries are necessarily subject to the complete text of the applicable statute, the registrant's Memorandum of Association, as amended to date, and the arrangements referred to above and are qualified in their entirety by reference thereto.

**Item 15. Recent Sales of Unregistered Securities.**

On May 15, 2025, Graphjet Technology and Aiden Lee Ping Wei entered into a Warrant Subscription Agreement, pursuant to which Graphjet Technology issued 20,000,000 warrants to purchase up to 200,000,000 of the Company's Class A ordinary shares, at an exercise price of $0.055 to Aiden Lee Ping Wei. After the Share Consolidation, the amount of warrants now held by Aiden Lee Ping Wei is 333,334 warrants to purchase up to 3,333,340 Class A ordinary shares, at an exercise price of $3.30.

On August 14, 2025, the Company executed two separate Subscription Agreements with Yasuka Infinity SDN BHD ("Yasuka Infinity") and Goh Meng Keong. The Subscription Agreement with Yasuka Infinity is to settle a debt of USD$21,129.80 owed by the Company to Yasuka Infinity. As settlement of the debt, the Company agreed to issue 195,646 ordinary shares to Yasuka Infinity. On August 25, 2025, the Company issued 3,261 post-Share Consolidation shares to Yasuka Infinity. The Subscription Agreement with Goh Meng Keong is also to settle a debt of USD$553,201.33 owed by the Company to Goh Meng Keong. As settlement of the debt, the Company agreed to issue 11,100,000 ordinary shares to Goh Meng Keong. On August 25, 2025, the Company issued 185,000 post-Share Consolidation shares to Goh Meng Keong.

On August 19, 2025, the Company entered into a Sale and Purchase Agreement (the "Sale and Purchase Agreement") with Cosmo Esteem SDN BHD, a company incorporated in and under the laws of Malaysia (the "Vendor") and Graphjet Technology SDN BHD, a wholly owned subsidiary of the Company (the "Purchaser"). Pursuant to the Sale and Purchase Agreement, the Purchaser bought the property from which the Company currently operates from, which is owned by the Vendor. As payment for the property, the Company agreed to issue 97,462,455 ordinary shares of the Company at a per share price of USD$0.074, to Tan Chin Teong. Following the Share Consolidation, the amount of Ordinary Shares issuable is 1,624,375 (the "Original Share Number") at a per share price of USD$4.44 (the "Original Issue Price"). Moreover, Section 3.2 of the Sale and Purchase Agreement contains an adjustment provision stating that additional shares will be issuable, pursuant to a formula set forth therein, if the market price of the Ordinary Shares falls below the Original Issue Price. As the market price has fallen below the Original Issue Price, the number of shares issuable to Tan Chin Teong has been adjusted from the Original Share Number to 11,593,977. As of the date of this Registration Statement, 528,464 Ordinary Shares have been issued to Tan Chin Teong under the Sale and Purchase Agreement, and the Company will be seeking Shareholder approval for the remaining 11,065,513, which are subject to the shareholder approval requirement under Nasdaq Listing Rule 5635(d).

On September 5, 2025 and September 9, 2025 Tan Chin Teong transferred 500,000 of his Class A Ordinary Shares to third parties. Tan Chin Teong currently holds 28,646 ordinary shares.

On December 1, 2025, the Company entered into a Debt Settlement and Subscription Agreement with Aiden Lee Ping Wei to partially settle the outstanding bonus provision. Under the agreement, the Company had on December 5, 2025 issued 635,000 Class A Ordinary Shares at an issue price of $0.972 per share aggregating to settlement of $617,220.

**Item 16. Exhibits.**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 3.1\* | [Amended and Restated Memorandum of Association and Articles of Association.](ea026977201ex3-1_graphjet.htm) |
| 4.1\* | [Warrant Subscription Agreement dated May 15, 2025, by and between Graphjet Technology and Aiden Lee Ping Wei](ea026977201ex4-1_graphjet.htm) |
| 4.2\* | [Form of Warrant dated May 16, 2025, by and between Graphjet Technology and Aiden Lee Ping Wei](ea026977201ex4-2_graphjet.htm) |
| 5.1\* | [Opinion of Harney Westwood & Riegels (Cayman) LLP](ea026977201ex5-1_graphjet.htm) |
| 10.1\* | [Debt Settlement and Subscription Agreement dated August 14, 2025, by and between Graphjet Technology and Yasuka Infinity Sdn Bhd](ea026977201ex10-1_graphjet.htm) |
| 10.2\* | [Debt Settlement and Subscription Agreement dated August 14, 2025, by and between Graphjet Technology and Goh Meng Keong.](ea026977201ex10-2_graphjet.htm) |
| 10.3\* | [Sale and Purchase Agreement dated August 19, 2025, by and between Graphjet Technology, Graphjet Technology Sdn Bhd, and Cosmo Esteen Sdn Bhd.](ea026977201ex10-3_graphjet.htm) |
| 10.4\* | [Master Loan Agreement dated October 16, 2025, by and between Graphjet Technology and International Liquidity, LLC.](ea026977201ex10-4_graphjet.htm) |
| 10.5\* | [Master Pledge Agreement dated October 16, 2025, by and between Graphjet Technology and International Liquidity, LLC.](ea026977201ex10-5_graphjet.htm) |
| 23.1\* | [Consent of Kreit & Chiu CPA, LLP](ea026977201ex23-1_graphjet.htm) |
| 23.2\* | [Consent of Harney Westwood & Riegels (Cayman) LLP (included in Exhibit 5.1)](ea026977201ex5-1_graphjet.htm) |
| 24.1\* | [Power of Attorney (included on signature page)](#s_015) |
| 101.SCH\* | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL\* | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF\* | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB\* | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE\* | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104\* | Cover page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
| 107\* | [Filing Fee Table](ea026977201ex-fee_graphjet.htm) |

---

\* Filed herewith.

**Item 17. Undertakings.**

(a) The
 undersigned registrant hereby undertakes:

(1) To
 file, during any period in which offers or sales are being made, a post-effective amendment
 to this registration statement:

---

| | |
|:---|:---|
| (i) | to include any prospectus required by Section 10(a)(3) of the Securities Act; |
|  | to reflect in the prospectus any facts or events arising after the effective date of the registration statement(or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Securities and Exchange Commission (the "Commission") pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and |

---

&nbsp;&nbsp;&nbsp;&nbsp;(ii) to include any material
 information with respect to the plan of distribution not previously disclosed in the registration statement or any material change
 to such information in the registration statement; *provided*, *however*, that: Paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii)
 of this section do not apply if the information required to be included in a post- effective amendment by those paragraphs is contained
 in reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or Section 15(d) of the Securities
 and Exchange Act of 1934, as amended (the "Exchange Act"), that are incorporated by reference in the registration statement,
 or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.

(2) That, for the purpose of
 determining any liability under the Securities Act, each such post- effective amendment shall be deemed to be a new registration
 statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the
 initial bona fide offering thereof.

(3) To
 remove from registration by means of a post-effective amendment any of the securities being
 registered which remain unsold at the termination of the offering.

(4) That,
 for the purpose of determining liability under the Securities Act to any purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;(i) Each
 prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part
 of the registration statement as of the date the filed prospectus was deemed part of and
 included in the registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each
 prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5) or (b)(7) as part of a
 registration statement in reliance on Rule 430B relating to an offering made pursuant to
 Rule 415(a)(1)(i), (vii) or (x) for the purpose of providing the information required by
 Section 10(a) of the Securities Act shall be deemed to be part of and included

in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date.

(5) That,
 for the purpose of determining liability of the registrant under the Securities Act to any
 purchaser in the initial distribution of the securities, the undersigned registrant undertakes
 that in a primary

offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;(i) Any
 preliminary prospectus or prospectus of the undersigned registrant relating to the offering
 required to be filed pursuant to Rule 424;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any
 free writing prospectus relating to the offering prepared by or on behalf of the undersigned
 registrant or used or referred to by the undersigned registrant;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) The
 portion of any other free writing prospectus relating to the offering containing material
 information about the undersigned registrant or its securities provided by or on behalf of
 the undersigned registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any
 other communication that is an offer in the offering made by the undersigned registrant to
 the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Insofar
 as indemnification for liabilities arising under the Securities Act may be permitted to directors,
 officers and controlling persons of the Registrant pursuant to the foregoing provisions,
 or otherwise, the Registrant has been advised that in the opinion of the SEC such indemnification
 is against public policy as expressed in the Securities Act and is, therefore, unenforceable.
 In the event that a claim for indemnification against such liabilities (other than the payment
 by the Registrant of expenses incurred or paid by a director, officer or controlling person
 of the Registrant in the successful defense of any action, suit or proceeding) is asserted
 by such director, officer or controlling person in connection with the securities being registered,
 the Registrant will, unless in the opinion of its counsel the matter has been settled by
 controlling precedent, submit to a court of appropriate jurisdiction the question whether
 such indemnification by it is against public policy as expressed in the Securities Act and
 will be governed by the final adjudication of such issue.

**SIGNATURES**

Pursuant to the requirements of the Securities Act, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of Selangor, Country of Malaysia, on December 22, 2025.

---

| | |
|:---|:---|
| **GRAPHJET TECHNOLOGY** | **GRAPHJET TECHNOLOGY** |
| /s/ Chris Lai Ther Wei | /s/ Chris Lai Ther Wei |
| Name: | Chris Lai Ther Wei |
| Title: | Chief Executive Officer <br> (Principal Executive Officer and <br> Principal Financial and Accounting Officer) |

---

**POWER OF ATTORNEY** 

We, the undersigned officers and directors of Graphjet Technology, hereby severally constitute and appoint Chris Lai Ther Wei to sign any and all amendments (including post-effective amendments) to this registration statement (or any other registration statement for the same offering that is to be effective upon filing pursuant to Rule 462(b) under the Securities Act of 1933), and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite or necessary to be done in and about the premises, as full to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agents or any of them, or their or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof

Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities indicated on December 22, 2025.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| */s/* Chris Lai Ther Wei | Chief Executive Officer, Chief Financial Officer and Director | December 22, 2025 |
| Chris Lai Ther Wei | (Principal Executive Officer and) |  |
|  | Principal Financial and Accounting Officer |  |
| */s/* Ang Chee Yong | Independent Director | December 22, 2025 |
| Ang Chee Yong |  |  |
| */s/* Chen Siow Woon | Independent Director | December 22, 2025 |
| Chen Siow Woon |  |  |
| */s/* Pwa Yee Guo | Independent Director | December 22, 2025 |
| Pwa Yee Guo |  |  |
| */s/* Tan Song Jie | Independent Director | December 22, 2025 |
| Tan Song Jie |  |  |

---

\* Signed by Chris Lai Ther Wei pursuant to the power of attorney signed by each individual and filed with this Registration Statement.

## Exhibit 3.1

**Exhibit 3.1** 

**Companies Act (Revised)**

**<u>Company Limited by Shares</u>**

**THIRD AMENDED & RESTATED**

**MEMORANDUM AND ARTICLES OF ASSOCIATION** 

**OF**

**GRAPHJET TECHNOLOGY** 

(Adopted by special resolution passed on 22 December 2025 and effective on 22 December 2025)

**Companies Act (Revised)**

**Company Limited by Shares**

**Third Amended & Restated**

**Memorandum of Association**

**of**

**GRAPHJET TECHNOLOGY**

(Adopted by special resolution passed 22 December 2025 and effective on 22 December 2025)

1 The name of the Company is GRAPHJET TECHNOLOGY. <br>

2 The Company was formerly known as Energem Corp.. <br>

3 The Company's registered office will be situated at the office of Harneys Fiduciary (Cayman) Limited, 4th Floor, Harbour Place, 103 South Church Street, Grand Cayman, KY1-1002, Cayman Islands, or at such other place in the Cayman Islands as the directors may at any time decide. <br>

4 The Company's objects are unrestricted. As provided by section 7(4) of the Companies Act (Revised), the Company has full power and authority to carry out any object not prohibited by any law of the Cayman Islands. <br>

5 The Company has unrestricted corporate capacity. Without limitation to the foregoing, as provided by section 27 (2) of the Companies Act (Revised), the Company has and is capable of exercising all the functions of a natural person of full capacity irrespective of any question of corporate benefit.

6 Nothing in any of the preceding paragraphs permits the Company to carry on any of the following businesses without being duly licensed, namely:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the business of a bank or trust company without being licensed
in that behalf under the Banks and Trust Companies Act (Revised); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) insurance business from within the Cayman Islands or the
business of an insurance manager, agent, sub-agent or broker without being licensed in that behalf under the Insurance Act (Revised);
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the business of company management without being licensed
in that behalf under the Companies Management Act (Revised).

7. The Company will not trade in the Cayman Islands with any person, firm or corporation except in furtherance of its business carried on outside the Cayman Islands. Despite this, the Company may effect and conclude contracts in the Cayman Islands and exercise in the Cayman Islands any of its powers necessary for the carrying on of its business outside the Cayman Islands.

---

| | |
|:---|:---|
| 8 | The Company is a company limited by shares and accordingly the liability of each member is limited to the amount (if any) unpaid on that member's shares. |

---

9. The share capital of the Company is US$6,000,000 divided into 1,000,000,000 Class A Shares of US$0.006 each. There is no limit on the number of shares of any class which the Company is authorised to issue. However, subject to the Companies Act (Revised) and the Company's articles of association, the Company has power to do any one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to redeem or repurchase any of its shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to increase or reduce its capital; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to issue any part of its capital (whether original, redeemed,
increased or reduced):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with or without any preferential, deferred, qualified or special
rights, privileges or conditions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subject to any limitations or restrictions

and unless the condition of issue expressly declares otherwise, every issue of shares (whether declared to be ordinary, preference or otherwise) is subject to this power; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to alter any of those rights, privileges, conditions, limitations
or restrictions.

10 The Company has power to register by way of continuation as a body corporate limited by shares under the laws of any jurisdiction outside the Cayman Islands and to be deregistered in the Cayman Islands.

**Companies Act (Revised)**

**Company Limited by Shares**

**Third Amended & Restated Articles of**

**Association of**

**GRAPHJET TECHNOLOGY**

(Adopted by special resolution passed on 22 December 2025 and effective on 22 December 2025)

1 Definitions, interpretation and exclusion of Table A

**Definitions**

1.1 In these Articles, the following definitions apply:

**Act** means the Companies Act (Revised) of the Cayman Islands, including any statutory modification or re- enactment thereof for the time being in force.

**Affiliate** in respect of a person, means any other person that, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such person, and (a) in the case of a natural person, shall include, without limitation, such person's spouse, parents, children, siblings, mother-in-law and father-in-law and brothers and sisters-in-law, whether by blood, marriage or adoption or anyone residing in such person's home, a trust for the benefit of any of the foregoing, a company, partnership or any natural person or entity wholly or jointly owned by any of the foregoing and (b) in the case of an entity, shall include a partnership, a corporation or any natural person or entity which directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, such entity.

**Applicable Law** means, with respect to any person, all provisions of laws, statutes, ordinances, rules, regulations, permits, certificates, judgments, decisions, decrees or orders of any governmental authority applicable to such person.

**Articles** means, as appropriate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) these articles of association as amended from time to time: or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) two or more particular
articles of these Articles;

and **Article** refers to a particular article of these Articles.

**Audit Committee** means the audit committee of the Company formed pursuant to Article 22.8 hereof, or any successor audit committee.

**Auditor** means the person for the time being performing the duties of auditor of the Company.

**Business Combination** shall mean the acquisition by the Company of Graphjet Technology Sdn. Bhd., a Malaysian private limited company. .

**Business Day** means a day other than (a) a day on which banking institutions or trust companies are authorised or obligated by law to close in New York City (b) a Saturday or (c) a Sunday.

**Cayman Islands** means the British Overseas Territory of the Cayman Islands.

**Class A Share** means a class A ordinary share of a par value of US$0.006 in the share capital of the Company.

**Clear Days**, in relation to a period of notice, means that period excluding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the day when the notice is given or deemed to be given; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the day for which it is given or on which it is to take effect.

**Clearing House** means a clearing house recognised by the laws of the jurisdiction in which the Shares (or depositary receipts therefor) are listed or quoted on a stock exchange or interdealer quotation system in such jurisdiction.

**Company** means the above-named company.

**Compensation Committee** means the compensation committee of the board of directors of the Company established pursuant to Article 22.8 hereof, or any successor committee.

**Default Rate** means 10% (ten per cent) per annum.

**Designated Stock Exchange** means Nasdaq Capital Market or any other national securities exchange on which the Shares are listed for trading.

**Electronic** has the meaning given to that term in the Electronic Transactions Act (Revised) of the Cayman Islands.

**Electronic Record** has the meaning given to that term in the Electronic Transactions Act (Revised) of the Cayman Islands.

**Electronic Signature** has the meaning given to that term in the Electronic Transactions Act (Revised) of the Cayman Islands.

**Exchange Act** means the United States Securities Exchange Act of 1934, as amended.

**Fully Paid** and **Paid Up**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to a Share with par value, means that the par value for that Share and any premium payable
in respect of the issue of that Share, has been fully paid or credited as paid in money or money's worth;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to a Share without par value, means that the agreed issue price for that Share has been fully
paid or credited as paid in money or money's worth.

**Independent Director** means a director who is an independent director as defined in the rules and regulations of the Designated Stock Exchange as determined by the directors.

**IPO** means the initial public offering of units, consisting of Shares and warrants of the Company and rights to receive Shares of the Company.

**Member** means any person or persons entered on the Register of Members from time to time as the holder of a Share.

**Memorandum** means the memorandum of association of the Company as amended from time to time.

**Nominating and Corporate Governance Committee** means the compensation committee of the board of directors of the Company established pursuant to Article 22.8 hereof, or any successor committee.

**Officer** means a person then appointed to hold an office in the Company; and the expression includes a director, alternate director or liquidator.

**Ordinary Resolution** means a resolution of a duly constituted general meeting of the Company passed by a simple majority of the votes cast by, or on behalf of, the Members entitled to vote thereon. The expression also includes a unanimous written resolution.

**Public Share** means the Class A Shares included in the units issued pursuant to the IPO

**Register of Members** means the register of Members maintained in accordance with the Act and includes (except where otherwise stated) any branch or duplicate register of Members.

**SEC** means the United States Securities and Exchange Commission.

**Secretary** means a person appointed to perform the duties of the secretary of the Company, including a joint, assistant or deputy secretary.

**Share** means a Class A Share in the share capital of the Company; and the expression:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) includes stock (except where a distinction between shares and stock is expressed or implied); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where the context permits, also includes a fraction of a share.

**Special Resolution** has the meaning given to that term in the Act.

**Tax Filing Authorised Person** means such person as any director shall designate from time to time, acting severally.

**Treasury Shares** means Shares of the Company held in treasury pursuant to the Act and Article 2.15.

**Underwriter** means an underwriter of the IPO from time to time, and any successor underwriter.

**Interpretation**

1.2 In the interpretation of these Articles, the following provisions
apply unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A reference in these Articles to a statute is a reference to a statute of the Cayman Islands as known by its short title, and includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any statutory modification, amendment or re-enactment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any subordinate legislation or regulations issued under that statute.

Without limitation to the preceding sentence, a reference to a revised Act of the Cayman Islands is taken to be a reference to the revision of that Act in force from time to time as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Headings are inserted for convenience only and do not affect the interpretation of these Articles, unless
there is ambiguity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a day on which any act, matter or thing is to be done under these Articles is not a Business Day, the
act, matter or thing must be done on the next Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A word which denotes the singular also denotes the plural, a word which denotes the plural also denotes
the singular, and a reference to any gender also denotes the other genders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A reference to a person includes, as appropriate, a company, trust, partnership, joint venture, association,
body corporate or government agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Where a word or phrase is given a defined meaning another part of speech or grammatical form in respect
to that word or phrase has a corresponding meaning.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) All references to time are to be calculated by reference to time in the place where the Company's
registered office is located.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The words written and in writing include all modes of representing or reproducing words in a visible form,
but do not include an Electronic Record where the distinction between a document in writing and an Electronic Record is expressed or implied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The words including, include and in particular or any similar expression are to be construed without limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The words in person for the purposes of attendance at meetings include virtual attendance through the
medium of conference telephone, video or any other form of communications equipment as may be authorised by these Articles.

**Exclusion of Table A Articles**

1.3 The regulations contained in Table A in the First Schedule of the Act and any other regulations contained
in any statute or subordinate legislation are expressly excluded and do not apply to the Company.

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| | |
|:---|:---|
| 2 | Shares |

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**Power to issue Shares and options, with or without special rights**

2.1 Subject to the provisions of the Act and these Articles and, where applicable, the rules of the Designated
Stock Exchange and/or any competent regulatory authority, and without prejudice to any rights attached to any existing Shares, the directors
have general and unconditional authority to allot (with or without confirming rights of renunciation), issue, grant options over or otherwise
deal with any unissued Shares of the Company to such persons, at such times and on such terms and conditions as they may decide. No Share
may be issued at a discount except in accordance with the provisions of the Act.

2.2 Without limitation to the preceding Article, the directors may so deal with the unissued Shares of the
Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either at a premium or at par;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with or without preferred, deferred or other special rights or restrictions whether in regard to dividend, voting, return of capital
or otherwise.

2.3 The Company may issue rights, options, warrants or convertible securities or securities of similar nature
conferring the right upon the holders thereof to subscribe for, purchase or receive any class of Shares or other securities in the Company
at such times and on such terms and conditions as the directors may decide.

2.4 The Company may issue units of securities in the Company, which may be comprised of Shares, rights, options,
warrants or convertible securities or securities of similar nature conferring the right upon the holders thereof to subscribe for, purchase or receive any class
of Shares or other securities in the Company, on such terms and conditions as the directors may decide.

2.5 Each Share in the Company confers upon the Member:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the right to one vote at a meeting of the Members of the Company or on any resolution of Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a *pro rata* right in any dividend paid by the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a *pro rata* right in the distribution of the surplus assets of the Company on its liquidation..

**Power to issue fractions of a Share**

2.6 Subject to the Act, the Company may, but shall not otherwise be obliged to, issue fractions of a Share
of any class or round up or down fractional holdings of Shares to its nearest whole number. A fraction of a Share shall be subject to
and carry the corresponding fraction of liabilities (whether with respect to calls or otherwise), limitations, preferences, privileges,
qualifications, restrictions, rights and other attributes of a Share of that class of Shares.

**Power to pay commissions and brokerage fees**

2.7 The Company may, in so far as the Act permits, pay a commission to any person in consideration of that
person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subscribing or agreeing to subscribe, whether absolutely or conditionally; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) procuring or agreeing to procure subscriptions, whether absolute or conditional for any Shares in the
Company. That commission may be satisfied by the payment of cash or the allotment of Fully Paid or partly-paid Shares or partly in one
way and partly in another.

2.8 The Company may employ a broker in the issue of its capital and pay him any proper commission or brokerage.

**Trusts not recognised**

2.9 Except as required by Applicable Law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company shall not be bound by or compelled to recognise in any way (even when notified) any equitable,
contingent, future or partial interest in any Share, or (except only as is otherwise provided by the Articles) any other rights in respect
of any Share other than an absolute right to the entirety thereof in the holder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no person other than the Member shall be recognised by the Company as having any right in a Share.

**Power to vary class rights**

2.10 If the share capital is divided into different classes of Shares then, unless the terms on which a class
of Shares was issued state otherwise, the rights attaching to a class of Shares may only be varied if one of the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Members holding two thirds of the issued Shares of that class consent in writing to the variation;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the variation is made with the sanction of a Special Resolution passed at a separate general meeting of
the Members holding the issued Shares of that class.

2.11 For the purpose of paragraph (b) of the preceding Article, all the provisions of these Articles relating
to general meetings apply, *mutatis mutandis*, to every such separate meeting except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the necessary quorum shall be one or more persons holding, or representing by proxy, not less than one third of the issued Shares
of the class; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Member holding issued Shares of the class, present in person or by proxy or, in the case of a corporate Member, by its duly authorised
representative, may demand a poll.

**Effect of new Share issue on existing class rights**

2.12 Unless the terms on which a class of Shares was issued state otherwise, the rights conferred on the Member
holding Shares of any class shall not be deemed to be varied by the creation or issue of further Shares ranking *pari passu* with
the existing Shares of that class.

**Capital contributions without issue of further Shares**

2.13 With the consent of a Member, the directors may accept a voluntary contribution to the capital of the
Company from that Member without issuing Shares in consideration for that contribution. In that event, the contribution shall be dealt
with in the following manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It shall be treated as if it were a share premium.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless the Member agrees otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the Member holds Shares in a single class of Shares - it shall be credited to the share premium account
for that class of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the Member holds Shares of more than one class - it shall be credited rateably to the share premium
accounts for those classes of Shares (in the proportion that the sum of the issue prices for each class of Shares that the Member holds
bears to the total issue prices for all classes of Shares that the Member holds).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It shall be subject to the provisions of the Act and these Articles applicable to share premiums.

**No bearer Shares or warrants**

2.14 The Company shall not issue Shares or warrants to bearers.

**Treasury Shares**

2.15 Shares that the Company purchases, redeems or acquires by way of surrender in accordance with the Act
shall be held as Treasury Shares and not treated as cancelled if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the directors so determine prior to the purchase, redemption or surrender of those shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the relevant provisions of the Memorandum and Articles and the Act are otherwise complied with.

**Rights attaching to Treasury Shares and related matters**

2.16 No dividend may be declared or paid, and no other distribution (whether in cash or otherwise) of the Company's
assets (including any distribution of assets to members on a winding up) may be made to the Company in respect of a Treasury Share.

2.17 The Company shall be entered in the Register as the holder of the Treasury Shares. However:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company shall not be treated as a member for any purpose and shall not exercise any right in respect
of the Treasury Shares, and any purported exercise of such a right shall be void;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Treasury Share shall not be voted, directly or indirectly, at any meeting of the Company and shall not
be counted in determining the total number of issued shares at any given time, whether for the purposes of these Articles or the Act.

2.18 Nothing in the preceding Article prevents an allotment of Shares as fully paid bonus shares in respect
of a Treasury Share and Shares allotted as fully paid bonus shares in respect of a Treasury Share shall be treated as Treasury Shares.

2.19 Treasury Shares may be disposed of by the Company in accordance with the Act and otherwise on such terms
and conditions as the directors determine.

3 Register of Members <br>

3.1 The Company shall maintain or cause to be maintained the Register of Members in accordance with the Act.

3.2 The directors may determine that the Company shall maintain one or more branch registers of Members in
accordance with the Act. The directors may also determine which Register of Members shall constitute the principal register and which
shall constitute the branch register or registers, and to vary such determination from time to time.

3.3 The title to Public Shares may be evidenced and transferred in accordance with the laws applicable to
the rules and regulations of the Designated Stock Exchange and, for these purposes, the Register of Members may be maintained in accordance
with Section 40B of the Act.

4 Share certificates Issue of share certificates <br>

4.1 A Member shall only be entitled to a share certificate if the directors resolve that share certificates
shall be issued. Share certificates representing Shares, if any, shall be in such form as the directors may determine. If the directors
resolve that share certificates shall be issued, upon being entered in the register of Members as the holder of a Share, the directors
may issue to any Member:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) without payment, one certificate for all the Shares of each class held by that Member (and, upon transferring
a part of the Member's holding of Shares of any class, to a certificate for the balance of that holding); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon payment of such reasonable sum as the directors may determine for every certificate after the first,
several certificates each for one or more of that Member's Shares.

4.2 Every certificate shall specify the number, class and distinguishing numbers (if any) of the Shares to
which it relates and whether they are Fully Paid or partly paid up. A certificate may be executed under seal or executed in such other
manner as the directors determine. All certificates surrendered to the Company for transfer shall be cancelled and, subject to the Articles,
no new certificate shall be issued until the former certificate representing the same number of relevant Shares shall have been surrendered
and cancelled.

4.3 Every certificate shall bear legends required under the Applicable Laws.

4.4 The Company shall not be bound to issue more than one certificate for Shares held jointly by several persons and delivery of a certificate
for a Share to one joint holder shall be a sufficient delivery to all of them.

**Renewal of lost or damaged share certificates**

4.5 If a share certificate is defaced, worn-out, lost or destroyed, it may be renewed on such terms (if any) as to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) evidence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) indemnity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) payment of the expenses reasonably incurred by the Company in investigating the evidence; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) payment of a reasonable fee, if any, for issuing a replacement share certificate as the directors may
determine, and (in the case of defacement or wearing-out) on delivery to the Company of the old certificate. The Company will not be responsible
for any share certificate lost or delayed in the course of delivery. Share certificates shall be issued within the relevant time limit
as prescribed by the Act, if applicable, or as the rules and regulations of the Designated Stock Exchange, the SEC and/or any other competent
regulatory authority may from time to time determine or otherwise under Applicable Law, whichever is shorter, after the allotment or,
except in the case of a Share transfer which the Company is for the time being entitled to refuse to register and does not register, after
lodgement of an instrument of transfer with the Company.

**5 Lien on Shares Nature and scope of lien**

5.1 The Company has a first and paramount lien on all Shares (whether Fully Paid or not) registered in the
name of a Member (whether solely or jointly with others). The lien is for all moneys payable to the Company by the Member or the Member's
estate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either alone or jointly with any other person, whether or not that other person is a Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whether or not those moneys are presently payable.

5.2 At any time the directors may declare any Share to be wholly or partly exempt from the provisions of this
Article.

**Company may sell Shares to satisfy lien**

5.3 The Company may sell any Shares over which it has a lien if all of the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the sum in respect of which the lien exists is presently payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company gives notice to the Member holding the Share (or to the person entitled to it in consequence
of the death or bankruptcy of that Member) demanding payment and stating that if the notice is not complied with the Shares may be sold;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that sum is not paid within 14 Clear Days after that notice is deemed to be given under these Articles.

5.4 The Shares may be sold in such manner as the directors determine.

5.5 To the maximum extent permitted by Applicable Law, the directors shall incur no personal liability to
the Member concerned in respect of the sale.

**Authority to execute instrument of transfer**

5.6 To give effect to a sale, the directors may authorise any person to execute an instrument of transfer
of the Shares sold to, or in accordance with the directions of, the purchaser. The title of the transferee of the Shares shall not be
affected by any irregularity or invalidity in the proceedings in respect of the sale.

**Consequences of sale of Shares to satisfy lien**

5.7 On sale pursuant to the preceding Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the name of the Member concerned shall be removed from the Register of Members as the holder of those Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that person shall deliver to the Company for cancellation the certificate for those Shares.

Despite this, that person shall remain liable to the Company for all monies which, at the date of sale, were presently payable by him to the Company in respect of those Shares. That person shall also be liable to pay interest on those monies from the date of sale until payment at the rate at which interest was payable before that sale or, failing that, at the Default Rate. The directors may waive payment wholly or in part or enforce payment without any allowance for the value of the Shares at the time of sale or for any consideration received on their disposal.

**Application of proceeds of sale**

5.8 The net proceeds of the sale, after payment of the costs, shall be applied in payment of so much of the
sum for which the lien exists as is presently payable. Any residue shall be paid to the person whose Shares have been sold:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if no certificate for the Shares was issued, at the date of the sale; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if a certificate for the Shares was issued, upon surrender to the Company of that certificate for cancellation
but, in either case, subject to the Company retaining a like lien for all sums not presently payable as existed on the Shares before the
sale.

6 Calls on Shares and forfeiture Power to make calls and effect of calls <br>

6.1 Subject to the terms of allotment, the directors may make calls on the Members in respect of any moneys
unpaid on their Shares including any premium. The call may provide for payment to be by instalments. Subject to receiving at least 14
Clear Days' notice specifying when and where payment is to be made, each Member shall pay to the Company the amount called on his
Shares as required by the notice.

6.2 Before receipt by the Company of any sum due under a call, that call may be revoked in whole or in part
and payment of a call may be postponed in whole or in part. Where a call is to be paid in instalments, the Company may revoke the call
in respect of all or any remaining instalments in whole or in part and may postpone payment of all or any of the remaining instalments
in whole or in part.

6.3 A Member on whom a call is made shall remain liable for that call notwithstanding the subsequent transfer
of the Shares in respect of which the call was made. A person shall not be liable for calls made after such person is no longer registered
as Member in respect of those Shares.

**Time when call made**

6.4 A call shall be deemed to have been made at the time when the resolution of the directors authorising
the call was passed.

**Liability of joint holders**

6.5 Members registered as the joint holders of a Share shall be jointly and severally liable to pay all calls
in respect of the Share.

**Interest on unpaid calls**

6.6 If a call remains unpaid after it has become due and payable the person from whom it is due and payable
shall pay interest on the amount unpaid from the day it became due and payable until it is paid:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at the rate fixed by the terms of allotment of the Share or in the notice of the call; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if no rate is fixed, at the Default Rate.

The directors may waive payment of the interest wholly or in part.

**Deemed calls**

6.7 Any amount payable in respect of a Share, whether on allotment or on a fixed date or otherwise, shall
be deemed to be payable as a call. If the amount is not paid when due the provisions of these Articles shall apply as if the amount had
become due and payable by virtue of a call.

**Power to accept early payment**

6.8 The Company may accept from a Member the whole or a part of the amount remaining unpaid on Shares held
by him although no part of that amount has been called up.

**Power to make different arrangements at time of issue of Shares**

6.9 Subject to the terms of allotment, the directors may make arrangements on the issue of Shares to distinguish
between Members in the amounts and times of payment of calls on their Shares.

**Notice of default**

6.10 If a call remains unpaid after it has become due and payable the directors may give to the person from
whom it is due not less than 14 Clear Days' notice requiring payment of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the amount unpaid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any interest which may have accrued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any expenses which have been incurred by the Company due to that person's default.

6.11 The notice shall state the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the place where payment is to be made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a warning that if the notice is not complied with the Shares in respect of which the call is made will be liable to be forfeited.

**Forfeiture or surrender of Shares**

6.12 If the notice under the preceding Article is not complied with, the directors may, before the payment
required by the notice has been received, resolve that any Share the subject of that notice be forfeited. The forfeiture shall include
all dividends or other moneys payable in respect of the forfeited Share and not paid before the forfeiture. Despite the foregoing, the
directors may determine that any Share the subject of that notice be accepted by the Company as surrendered by the Member holding that
Share in lieu of forfeiture.

6.13 The directors may accept the surrender for no consideration of any Fully Paid Share.

**Disposal of forfeited or surrendered Share and power to cancel forfeiture or surrender**

6.14 A forfeited or surrendered Share may be sold, re-allotted or otherwise disposed of on such terms and in
such manner as the directors determine either to the former Member who held that Share or to any other person. The forfeiture or surrender
may be cancelled on such terms as the directors think fit at any time before a sale, re-allotment or other disposition. Where, for the
purposes of its disposal, a forfeited or surrendered Share is to be transferred to any person, the directors may authorise some person
to execute an instrument of transfer of the Share to the transferee.

**Effect of forfeiture or surrender on former Member**

6.15 On forfeiture or surrender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the name of the Member concerned shall be removed from the Register of Members as the holder of those Shares and that person shall
cease to be a Member in respect of those Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that person shall surrender to the Company for cancellation the certificate (if any) for the forfeited or surrendered Shares.

6.16 Despite the forfeiture or surrender of his Shares, that person shall remain liable to the Company for
all moneys which at the date of forfeiture or surrender were presently payable by him to the Company in respect of those Shares together
with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) interest from the date of forfeiture or surrender until payment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at the rate of which interest was payable on those moneys before forfeiture; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if no interest was so payable, at the Default Rate. The directors,
however, may waive payment wholly or in part.

**Evidence of forfeiture or surrender**

6.17 A declaration, whether statutory or under oath, made by a director or the Secretary shall be conclusive
evidence of the following matters stated in it as against all persons claiming to be entitled to forfeited Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that the person making the declaration is a director or Secretary of the Company, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that the particular Shares have been forfeited or surrendered on a particular date.

Subject to the execution of an instrument of transfer, if necessary, the declaration shall constitute good title to the Shares.

**Sale of forfeited or surrendered Shares**

6.18 Any person to whom the forfeited or surrendered Shares are disposed of shall not be bound to see to the
application of the consideration, if any, of those Shares nor shall his title to the Shares be affected by any irregularity in, or invalidity
of the proceedings in respect of, the forfeiture, surrender or disposal of those Shares.

**7 Transfer of Shares Form of transfer**

7.1 Subject to the following Articles about the transfer of Shares, and provided that such transfer complies
with applicable rules of the SEC, the Designated Stock Exchange and federal and state securities laws of the United States, a Member may
transfer Shares to another person by completing an instrument of transfer in a common form or in a form prescribed by the Designated Stock
Exchange, the SEC and/or any other competent regulatory authority or otherwise under Applicable Law or in any other form approved by the
directors, executed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where the Shares are Fully Paid, by or on behalf of that Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where the Shares are partly paid, by or on behalf of that Member and the transferee.

7.2 The transferor shall be deemed to remain the holder of a Share until the name of the transferee is entered
into the Register of Members.

**Power to refuse registration**

7.3 If the Shares in question were issued in conjunction with rights, options or warrants issued pursuant
to Article 2.4 on terms that one cannot be transferred without the other, the directors shall refuse to register the transfer of any such
Share without evidence satisfactory to them of the like transfer of such option or warrant.

**Power to suspend registration**

7.4 The directors may suspend registration of the transfer of Shares at such times and for such periods, not
exceeding 30 days in any calendar year, as they determine.

**Company may retain instrument of transfer**

7.5 The Company shall be entitled to retain any instrument of transfer which is registered; but an instrument
of transfer which the directors refuse to register shall be returned to the person lodging it when notice of the refusal is given.

8 Transmission of Shares Persons entitled on death of a Member

8.1 If a Member dies, the only persons recognised by the Company as having any title to the deceased Members'
interest are the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where the deceased Member was a joint holder, the survivor or survivors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where the deceased Member was a sole holder, that Member's personal representative or representatives.

8.2 Nothing in these Articles shall release the deceased Member's estate from any liability in respect
of any Share, whether the deceased was a sole holder or a joint holder.

**Registration of transfer of a Share following death or bankruptcy**

8.3 A person becoming entitled to a Share in consequence of the death or bankruptcy of a Member may elect
to do either of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to become the holder of the Share; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to transfer the Share to another person.

8.4 That person must produce such evidence of his entitlement as the directors may properly require.

8.5 If the person elects to become the holder of the Share, he must give notice to the Company to that effect.
For the purposes of these Articles, that notice shall be treated as though it were an executed instrument of transfer.

8.6 If the person elects to transfer the Share to another person then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Share is Fully Paid, the transferor must execute an instrument of transfer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Share is partly paid, the transferor and the transferee must execute an instrument of transfer.

8.7 All the Articles relating to the transfer of Shares shall apply to the notice or, as appropriate, the
instrument of transfer.

**Indemnity**

8.8 A person registered as a Member by reason of the death or bankruptcy of another Member shall indemnify
the Company and the directors against any loss or damage suffered by the Company or the directors as a result of that registration.

**Rights of person entitled to a Share following death or bankruptcy**

8.9 A person becoming entitled to a Share by reason of the death or bankruptcy of a Member shall have the
rights to which he would be entitled if he were registered as the holder of the Share. However, until he is registered as Member in respect
of the Share, he shall not be entitled to attend or vote at any meeting of the Company or at any separate meeting of the holders of that
class of Shares in the Company.

9 Alteration of capital

**Increasing, consolidating, converting, dividing and cancelling share capital**

9.1 To the fullest extent permitted by the Act, the Company may by Ordinary Resolution do any of the following
and amend its Memorandum for that purpose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase its share capital by new Shares of the amount fixed by that Ordinary Resolution and with the
attached rights, priorities and privileges set out in that Ordinary Resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consolidate and divide all or any of its share capital into Shares of larger amount than its existing
Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) convert all or any of its Paid Up Shares into stock, and reconvert that stock into Paid Up Shares of any
denomination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) sub-divide its Shares or any of them into Shares of an amount smaller than that fixed by the Memorandum,
so, however, that in the sub-division, the proportion between the amount paid and the amount, if any, unpaid on each reduced Share shall
be the same as it was in case of the Share from which the reduced Share is derived; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) cancel Shares which, at the date of the passing of that Ordinary Resolution, have not been taken or agreed
to be taken by any person, and diminish the amount of its share capital by the amount of the Shares so cancelled or, in the case of Shares
without nominal par value, diminish the number of Shares into which its capital is divided.

**Dealing with fractions resulting from consolidation of Shares**

9.2 Whenever, as a result of a consolidation of Shares, any Members would become entitled to fractions of
a Share the directors may on behalf of those Members:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) sell the Shares representing the fractions for the best price reasonably obtainable to any person (including,
subject to the provisions of the Act, the Company); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) distribute the net proceeds in due proportion among those Members.

For that purpose, the directors may authorise some person to execute an instrument of transfer of the Shares to, or in accordance with the directions of, the purchaser. The transferee shall not be bound to see to the application of the purchase money nor shall the transferee's title to the Shares be affected by any irregularity in, or invalidity of, the proceedings in respect of the sale.

**Reducing share capital**

9.3 Subject to the Act and to any rights for the time being conferred on the Members holding a particular
class of Shares, the Company may, by Special Resolution, reduce its share capital in any way.

10 Redemption and purchase of own Shares

**Power to issue redeemable Shares and to purchase own Shares**

10.1 Subject to the Act, and to any rights for the time being conferred on the Members holding a particular
class of Shares, and, where applicable, the rules of the Designated Stock Exchange and/or any competent regulatory authority, the Company
may by its directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue Shares that are to be redeemed or liable to be redeemed, at the option of the Company or the Member
holding those redeemable Shares, on the terms and in the manner its directors determine before the issue of those Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with the consent by Special Resolution of the Members holding Shares of a particular class, vary the rights attaching to that class
of Shares so as to provide that those Shares are to be redeemed or are liable to be redeemed at the option of the Company on the
terms and in the manner which the directors determine at the time of such variation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) purchase all or any of its own Shares of any class including any redeemable Shares on the terms and in the manner which the directors
determine at the time of such purchase.

The Company may make a payment in respect of the redemption or purchase of its own Shares in any manner authorised by the Act, including out of any combination of the following: capital, its profits and the proceeds of a fresh issue of Shares.

**Power to pay for redemption or purchase in cash or in specie**

10.2 When making a payment in respect of the redemption or purchase of Shares, the directors may make the payment
in cash or in specie (or partly in one and partly in the other) if so authorised by the terms of the allotment of those Shares, or by
the terms applying to those Shares in accordance with Article 10.1, or otherwise by agreement with the Member holding those Shares.

**Effect of redemption or purchase of a Share**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 Upon the date of redemption or purchase of a Share:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Member holding that Share shall cease to be entitled to any rights in respect of the Share other than the right to receive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the price for the Share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any dividend declared in respect of the Share prior to the date of redemption or purchase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Member's name shall be removed from the Register of Members with respect to the Share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Share shall be cancelled or held as a Treasury Shares, as the directors may determine.

For the purpose of this Article, the date of redemption or purchase is the date when the redemption or purchase falls due.

11 Meetings of Members Power to call meetings

11.1 To the extent required by the Designated Stock Exchange, an annual general meeting of the Company shall
be held no later than one year after the first financial year end occurring after the IPO, and shall be held in each year thereafter at
such time as determined by the directors and the Company may, but shall not (unless required by the Act or the rules and regulations of
the Designated Stock Exchange) be obliged to, in each year hold any other general meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 The agenda of the annual general meeting shall be set by the directors and shall include the presentation
of the Company's annual accounts and the report of the directors (if any).

11.3 Annual general meetings shall be held in New York, USA or in such other places as the directors may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 All general meetings other than annual general meetings shall be called extraordinary general meetings
and the Company shall specify the meeting as such in the notices calling it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 The directors may call a general meeting at any time.

11.6 If there are insufficient directors to constitute a quorum and the remaining directors are unable to agree
on the appointment of additional directors, the directors must call a general meeting for the purpose of appointing additional directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7 The directors must also call a general meeting if requisitioned in the manner set out in the next two Articles.

11.8 The requisition must be in writing and given by one or more Members who together hold at least 10% of
the rights to vote at such general meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.9 The requisition must also:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) specify the purpose of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be signed by or on behalf of each requisitioner (and for this purpose each joint holder shall be obliged
to sign). The requisition may consist of several documents in like form signed by one or more of the requisitioners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) be delivered in accordance with the notice provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.10 Should the directors fail to call a general meeting within 21 Clear Days from the date of receipt of a
requisition, the requisitioners or any of them may call a general meeting within three months after the end of that period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.11 Without limitation to the foregoing, if there are insufficient directors to constitute a quorum and the
remaining directors are unable to agree on the appointment of additional directors, any one or more Members who together hold at least
10% of the rights to vote at a general meeting may call a general meeting for the purpose of considering the business specified in the
notice of meeting which shall include as an item of business the appointment of additional directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.12 Members seeking to bring business before the annual general meeting or to nominate candidates for election
as Directors at the annual general meeting must deliver notice to the principal executive offices of the Company not later than the close
of business on the 90th day nor earlier than the close of business on the 120th day prior to the scheduled date of the annual general
meeting.

**Content of notice**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.13 Notice of a general meeting shall specify each of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the place (unless only held virtually), the date and the hour of the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the meeting is to be held solely virtually or in two or more places, the technology that will be used
to facilitate the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) subject to paragraph (d), the general nature of the business to be transacted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if a resolution is proposed as a Special Resolution, the text of that resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.14 In each notice there shall appear with reasonable prominence the following statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that a Member who is entitled to attend and vote is entitled to appoint one or more proxies to attend
and vote instead of that Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that a proxyholder need not be a Member.

**Period of notice**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.15 At least five Clear Days' notice of a general meeting must be given to Members, provided that a
general meeting of the Company shall, whether or not the notice specified in this Article has been given and whether or not the provisions
of the Articles regarding general meetings have been complied with, be deemed to have been duly convened if it is so agreed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of an annual general meeting, by all of the Members entitled to attend and vote thereat; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of an extraordinary general meeting, by a majority in number of the Members having a right
to attend and vote at the meeting, together holding not less than 95% in par value of the Shares giving that right.

**Persons entitled to receive notice**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.16 Subject to the provisions of these Articles and to any restrictions imposed on any Shares, the notice
shall be given to the following people:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) persons entitled to a Share in consequence of the death or bankruptcy of a Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the directors.

**Publication of notice on a website**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.17 Subject to the Act or the rules of the Designated Stock Exchange, a notice of a general meeting may be
published on a website providing the recipient is given separate notice of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the publication of the notice on the website;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the place on the website where the notice may be accessed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) how it may be accessed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the place, date and time of the general meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.18 If a Member notifies the Company that he is unable for any reason to access the website, the Company must
as soon as practicable give notice of the meeting to that Member by any other means permitted by these Articles. This will not affect
when that Member is deemed to have received notice of the meeting.

**Time a website notice is deemed to be given**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.19 A website notice is deemed to be given when the Member is given notice of its publication.

**Required duration of publication on a website**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.20 Where the notice of meeting is published on a website, it shall continue to be published in the same place
on that website from the date of the notification until at least the conclusion of the meeting to which the notice relates.

**Accidental omission to give notice or non-receipt of notice**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.21 Proceedings at a meeting shall not be invalidated by the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an accidental failure to give notice of the meeting to any person entitled to notice; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) non-receipt of notice of the meeting by any person entitled to notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.22 In addition, where a notice of meeting is published on a website, proceedings at the meeting shall not
be invalidated merely because it is accidentally published:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in a different place on the website; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for part only of the period from the date of the notification until the conclusion of the meeting to which the notice relates.

**12 Proceedings at meetings of Members Quorum**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 Save as provided in the following Article, no business shall be transacted at any meeting unless a quorum is present in person or
by proxy. One or more Members who together hold not less than a majority of the issued and outstanding Shares entitled to
attend and vote at such meeting being individuals present in person or by proxy or if a corporation or other non-natural person by its
duly authorised representative or proxy shall be a quorum.

**Lack of quorum**

12.2 If a quorum is not present within 15 minutes of the time appointed for the meeting, or if at any time
during the meeting it becomes inquorate, then the following provisions apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the meeting was requisitioned by Members, it shall be cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In any other case, the meeting shall stand adjourned to the same time and place seven days hence, or to
such other time or place as is determined by the directors. If a quorum is not present within 15 minutes of the time appointed for the
adjourned meeting, then the meeting shall be dissolved.

**Use of technology**

12.3 A person may participate in a general meeting through the medium of conference telephone, video or any
other form of communications equipment providing all persons participating in the meeting are able to hear and speak to each other throughout
the meeting. A person participating in this way is deemed to be present in person at the meeting.

**Chairman**

12.4 The chairman of a general meeting shall be the chairman of the board or such other director as the directors
have nominated to chair board meetings in the absence of the chairman of the board. Absent any such person being present within 15 minutes
of the time appointed for the meeting, the directors present shall elect one of their number to chair the meeting.

12.5 If no director is present within 15 minutes of the time appointed for the meeting, or if no director is
willing to act as chairman, the Members present in person or by proxy and entitled to vote shall choose one of their number to chair the
meeting.

**Right of a director to attend and speak**

12.6 Even if a director is not a Member, he shall be entitled to attend and speak at any general meeting and
at any separate meeting of Members holding a particular class of Shares in the Company.

**Adjournment**

12.7 The chairman may at any time adjourn a meeting with the consent of the Members constituting a quorum.
The chairman must adjourn the meeting if so directed by the meeting. No business, however, can be transacted at an adjourned meeting other
than business which might properly have been transacted at the original meeting.

12.8 Should a meeting be adjourned for more than twenty Clear Days, whether because of a lack of quorum or
otherwise, Members shall be given at least five Clear Days' notice of the date, time and place of the adjourned meeting and the
general nature of the business to be transacted. Otherwise it shall not be necessary to give any notice of the adjournment.

**Method of voting**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.9 A resolution put to the vote of the meeting shall be decided on a poll.

**Taking of a poll**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.10 A poll demanded on the question of adjournment shall be taken immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.11 A poll demanded on any other question shall be taken either immediately or at an adjourned meeting at
such time and place as the chairman directs, not being more than 30 Clear Days after the poll was demanded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.12 The demand for a poll shall not prevent the meeting continuing to transact any business other than the question on which the poll
was demanded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.13 A poll shall be taken in such manner as the chairman directs. He may appoint scrutineers (who need not
be Members) and fix a place and time for declaring the result of the poll. If, through the aid of technology, the meeting is held in more
than place, the chairman may appoint scrutineers in more than place; but if he considers that the poll cannot be effectively monitored
at that meeting, the chairman shall adjourn the holding of the poll to a date, place and time when that can occur.

**Chairman's casting vote**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.14 If the votes on a resolution are equal, the chairman may if he wishes exercise a casting vote.

**Amendments to resolutions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.15 An Ordinary Resolution to be proposed at a general meeting may be amended by Ordinary Resolution if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) not less than 48 hours before the meeting is to take place (or such later time as the chairman of the
meeting may determine), notice of the proposed amendment is given to the Company in writing by a Member entitled to vote at that meeting;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the proposed amendment does not, in the reasonable opinion of the chairman of the meeting, materially
alter the scope of the resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.16 A Special Resolution to be proposed at a general meeting may be amended by Ordinary Resolution, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the chairman of the meeting proposes the amendment at the general meeting at which the resolution is to
be proposed, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the amendment does not go beyond what the chairman considers is necessary to correct a grammatical or
other non-substantive error in the resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.17 If the chairman of the meeting, acting in good faith, wrongly decides that an amendment to a resolution
is out of order, the chairman's error does not invalidate the vote on that resolution.

**Written resolutions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.18 Members may pass a resolution in writing without holding a meeting if the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all Members entitled so to vote are given notice of the resolution as if the same were being proposed
at a meeting of Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all Members entitled so to vote :

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) sign a document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) sign several documents in the like form each signed by one or more of those Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the signed document or documents is or are delivered to the Company, including, if the Company so nominates,
by delivery of an Electronic Record by Electronic means to the address specified for that purpose.

Such written resolution shall be as effective as if it had been passed at a meeting of the Members entitled to vote duly convened and held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.19 If a written resolution is described as a Special Resolution or as an Ordinary Resolution, it has effect
accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.20 The directors may determine the manner in which written resolutions shall be put to Members. In particular,
they may provide, in the form of any written resolution, for each Member to indicate, out of the number of votes the Member would have been entitled
to cast at a meeting to consider the resolution, how many votes he wishes to cast in favour of the resolution and how many against the
resolution or to be treated as abstentions. The result of any such written resolution shall be determined on the same basis as on a poll.

**Sole-member company**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.21 If the Company has only one Member, and the Member records in writing his decision on a question, that
record shall constitute both the passing of a resolution and the minute of it.

**13 Voting rights of Members Right to vote**

13.1 Unless their Shares carry no right to vote, or unless a call or other amount presently payable has not
been paid, all Members are entitled to vote at a general meeting, and all Members holding Shares of a particular class of Shares are entitled
to vote at a meeting of the holders of that class of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 Members may vote in person or by proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 Every Member shall have one vote for each Share he holds, unless any Share carries special voting rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4 A fraction of a Share shall entitle its holder to an equivalent fraction of one vote.

13.5 No Member is bound to vote on his Shares or any of them; nor is he bound to vote each of his Shares in
the same way.

**Rights of joint holders**

13.6 If Shares are held jointly, only one of the joint holders may vote. If more than one of the joint holders
tenders a vote, the vote of the holder whose name in respect of those Shares appears first in the Register of Members shall be accepted
to the exclusion of the votes of the other joint holder.

**Representation of corporate Members**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.7 Save where otherwise provided, a corporate Member must act by a duly authorised representative.

13.8 A corporate Member wishing to act by a duly authorised representative must identify that person to the
Company by notice in writing.

13.9 The authorisation may be for any period of time, and must be delivered to the Company not less than two
hours before the commencement of the meeting at which it is first used.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.10 The directors of the Company may require the production of any evidence which they consider necessary
to determine the validity of the notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.11 Where a duly authorised representative is present at a meeting that Member is deemed to be present in
person; and the acts of the duly authorised representative are personal acts of that Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.12 A corporate Member may revoke the appointment of a duly authorised representative at any time by notice
to the Company; but such revocation will not affect the validity of any acts carried out by the duly authorised representative before
the directors of the Company had actual notice of the revocation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.13 If a clearing house (or its nominee(s)), being a corporation, is a Member, it may authorise such persons
as it sees fit to act as its representative at any meeting of the Company or at any meeting of any class of Members provided that the
authorisation shall specify the number and class of Shares in respect of which each such representative is so authorised. Each person
so authorised under the provisions of this Article shall be deemed to have been duly authorised without further evidence of the facts
and be entitled to exercise the same rights and powers on behalf of the clearing house (or its nominee(s)) as if such person was the registered
holder of such Shares held by the clearing house (or its nominee(s)).

**Member with mental disorder**

13.14 A Member in respect of whom an order has been made by any
court having jurisdiction (whether in the Cayman Islands or elsewhere) in matters concerning mental disorder may vote, by that Member's
receiver, curator bonis or other person authorised in that behalf appointed by that court.

13.15 For the purpose of the preceding Article, evidence to the satisfaction of the directors of the authority
of the person claiming to exercise the right to vote must be received not less than 24 hours before holding the relevant meeting or the
adjourned meeting in any manner specified for the delivery of forms of appointment of a proxy, whether in writing or by Electronic means.
In default, the right to vote shall not be exercisable.

**Objections to admissibility of votes**

13.16 An objection to the validity of a person's vote may only be raised at the meeting or at the adjourned
meeting at which the vote is sought to be tendered. Any objection duly made shall be referred to the chairman whose decision shall be
final and conclusive.

**Form of proxy**

13.17 An instrument appointing a proxy shall be in any common form or in any other form approved by the directors.

13.18 The instrument must be in writing and signed in one of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by the Member; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by the Member's authorised attorney; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Member is a corporation or other body corporate, under seal or signed by an authorised officer,
secretary or attorney.

If the directors so resolve, the Company may accept an Electronic Record of that instrument delivered in the manner specified below and otherwise satisfying the Articles about authentication of Electronic Records.

13.19 The directors may require the production of any evidence which they consider necessary to determine the
validity of any appointment of a proxy.

13.20 A Member may revoke the appointment of a proxy at any time by notice to the Company duly signed in accordance
with the Article above about signing proxies; but such revocation will not affect the validity of any acts carried out by the proxy before
the directors of the Company had actual notice of the revocation.

**How and when proxy is to be delivered**

13.21 Subject to the following Articles, the form of appointment of a proxy and any authority under which it
is signed (or a copy of the authority certified notarially or in any other way approved by the directors) must be delivered so that it
is received by the Company not less than 48 hours before the time for holding the meeting or adjourned meeting at which the person named
in the form of appointment of proxy proposes to vote. They must be delivered in either of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the case of an instrument in writing, it must be left at or sent by post:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the registered office of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to such other place specified in the notice convening the meeting or in any form of appointment of proxy sent out by the Company in
relation to the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, pursuant to the notice provisions, a notice may be given to the Company in an Electronic Record, an
Electronic Record of an appointment of a proxy must be sent to the address specified pursuant to those provisions unless another address
for that purpose is specified:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the notice convening the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in any form of appointment of a proxy sent out by the Company in relation to the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in any invitation to appoint a proxy issued by the Company in relation to the meeting.

13.22 Where a poll is taken:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if it is taken more than seven Clear Days after it is demanded, the form of appointment of a proxy and
any accompanying authority (or an Electronic Record of the same) must be delivered as required under the preceding Article not less than
24 hours before the time appointed for the taking of the poll;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) but if it to be taken within seven Clear Days after it was demanded, the form of appointment of a proxy
and any accompanying authority (or an Electronic Record of the same) must be e delivered as required under the preceding Article not less
than two hours before the time appointed for the taking of the poll.

13.23 If the form of appointment of proxy is not delivered on time, it is invalid.

**Voting by proxy**

13.24 A proxy shall have the same voting rights at a meeting or adjourned meeting as the Member would have had
except to the extent that the instrument appointing him limits those rights. Notwithstanding the appointment of a proxy, a Member may
attend and vote at a meeting or adjourned meeting. If a Member votes on any resolution a vote by his proxy on the same resolution, unless
in respect of different Shares, shall be invalid.

---

| | |
|:---|:---|
| **14** | **Number of directors** |

---

Unless otherwise determined by Ordinary Resolution, the minimum number of directors shall be one and there shall be no maximum.

---

| | |
|:---|:---|
| **15** | **Appointment, disqualification and removal of directors No age limit** |

---

15.1 There is no age limit for directors save that they must be aged at least 18 years.

**Corporate directors**

15.2 Unless prohibited by Applicable Law, a body corporate may be a director. If a body corporate is a director,
the Articles about representation of corporate Members at general meetings apply, *mutatis mutandis*, to the Articles about directors'
meetings.

**No shareholding qualification**

15.3 Unless a shareholding qualification for directors is fixed by Ordinary Resolution, no director shall be
required to own Shares as a condition of his appointment.

**Appointment and removal of directors**

15.4 The directors shall be divided into three classes: Class I,
Class II and Class III. The number of directors in each class shall be as nearly equal as possible. The existing directors shall by resolution
classify themselves as Class I, Class II or Class III directors. The Class I directors shall stand elected for a term expiring at the
Company's first annual general meeting that follows the consummation of the Business Combination, the Class II directors shall
stand elected for a term expiring at the Company's second annual general meeting that follows the consummation of the Business
Combination and the Class III directors shall stand elected for a term expiring at the Company's third annual general meeting that
follows the consummation of the Business Combination. Commencing at the Company's first annual general meeting that follows the
consummation of the Business Combination, and at each annual general meeting thereafter, directors elected to succeed those directors
whose terms expire shall be elected for a term of office to expire at the third succeeding annual general meeting after their election.
All directors shall hold office until the expiration of their respective terms of office and until their successors shall have been elected
and qualified.

15.5 The Company may by Ordinary Resolution appoint any person to be a director.

15.6 Subject to death, resignation or removal, and with the exception of those directors appointed prior to
the first annual general meeting of the Company, each director shall serve a term of office that will expire at the third succeeding annual
general meeting after their appointment or election.

15.7 A director may be removed from office with or without cause by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an Ordinary Resolution passed at a meeting of Members called for the purposes of removing the director
or for purposes including the removal of the director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a resolution of directors passed at a meeting of directors.

15.8 The directors shall have power at any time to appoint any person to be a director who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is recommended as a director nominee by a majority of the Independent Directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is willing to act as a director, either to fill a vacancy or as an additional director. A director elected
to fill a vacancy resulting from the death, resignation or removal of a director shall serve for the remainder of the full term of the
director whose death, resignation or removal shall have created such vacancy and until his successor shall have been elected and qualified.
Notwithstanding the other provisions of these Articles, in any case where, as a result of death, the Company has no directors and no shareholders,
the personal representatives of the last shareholder to have died have the power, by notice in writing to the Company, to appoint a person
to be a director. For the purpose of this Article:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) where two or more shareholders die in circumstances rendering it uncertain who was the last to die, a
younger shareholder is deemed to have survived an older shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if the last shareholder died leaving a will which disposes of that shareholder's shares in the Company
(whether by way of specific gift, as part of the residuary estate, or otherwise):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the expression personal representatives of the last shareholder means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) until a grant of probate in respect of that will has been obtained from the Grand Court of the Cayman
Islands, all of the executors named in that will who are living at the time the power of appointment under this Article is exercised;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) after such grant of probate has been obtained, only such of those executors who have proved that will;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) without derogating from section 3(1) of the Succession Act (Revised), the executors named in that will
may exercise the power of appointment under this Article without first obtaining a grant of probate.

15.9 A remaining director may appoint a director even though there is not a quorum of directors.

15.10 No appointment can cause the number of directors to exceed the maximum; and any such appointment shall
be invalid.

15.11 For so long as Shares are listed on a Designated Stock Exchange, the directors shall include at least
such number of Independent Directors as Applicable Law or the rules and regulations of the Designated Stock Exchange require, subject
to applicable phase-in rules of the Designated Stock Exchange.

**Resignation of directors**

15.12 A director may at any time resign office by giving to the Company notice in writing or, if permitted pursuant to the notice provisions,
in an Electronic Record delivered in either case in accordance with those provisions.

15.13 Unless the notice specifies a different date, the director shall be deemed to have resigned on the date that the notice is delivered
to the Company.

**Termination of the office of director**

15.14 A director's office shall be terminated forthwith if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) he is prohibited by the law of the Cayman Islands from acting as a director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) he is made bankrupt or makes an arrangement or composition with his creditors generally; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the opinion of a registered medical practitioner by whom he is being treated he becomes physically
or mentally incapable of acting as a director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) he is made subject to any law relating to mental health or incompetence, whether by court order or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) without the consent of the other directors, he is absent from meetings of directors for a continuous period
of six months;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) an Ordinary Resolution is passed at a meeting of Members called for the purposes of removing the director
or for purposes including the removal of the director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) all of the other directors (being not less than two in number) determine that he should be removed as
a director, either by a resolution passed by all of the other directors at a meeting of the directors duly convened and held in accordance
with the Articles or by a resolution in writing signed by all of the other directors.

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| | |
|:---|:---|
| **16** | **Alternate directors** |

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**Appointment and removal**

16.1 Any director may appoint any other person, including another director, to act in his place as an alternate
director. No appointment shall take effect until the director has given notice of the appointment to the other directors. Such notice
must be given to each other director by either of the following methods:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by notice in writing in accordance with the notice provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the other director has an email address, by emailing to that address a scanned copy of the notice as
a PDF attachment (the PDF version being deemed to be the notice unless Article 30.7 applies), in which event notice shall be taken to
be given on the date of receipt by the recipient in readable form. For the avoidance of doubt, the same email may be sent to the email
address of more than one director (and to the email address of the Company pursuant to Article 16.4(c)).

16.2 Without limitation to the preceding Article, a director may appoint an alternate for a particular meeting
by sending an email to his fellow directors informing them that they are to take such email as notice of such appointment for such meeting.
Such appointment shall be effective without the need for a signed notice of appointment or the giving of notice to the Company in accordance
with Article 16.4.

16.3 A director may revoke his appointment of an alternate at any time. No revocation shall take effect until
the director has given notice of the revocation to the other directors. Such notice must be given by either of the methods specified in
Article 16.1.

16.4 A notice of appointment or removal of an alternate director must also be given to the Company by any of
the following methods:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by notice in writing in accordance with the notice provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Company has a facsimile address for the time being, by sending by facsimile transmission to that
facsimile address a facsimile copy or, otherwise, by sending by facsimile transmission to the facsimile address of the Company's
registered office a facsimile copy (in either case, the facsimile copy being deemed to be the notice unless Article 30.7 applies), in
which event notice shall be taken to be given on the date of an error-free transmission report from the sender's fax machine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Company has an email address for the time being, by emailing to that email address a scanned copy
of the notice as a PDF attachment or, otherwise, by emailing to the email address provided by the Company's registered office a
scanned copy of the notice as a PDF attachment (in either case, the PDF version being deemed to be the notice unless Article 30.7 applies),
in which event notice shall be taken to be given on the date of receipt by the Company or the Company's registered office (as appropriate)
in readable form; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if permitted pursuant to the notice provisions, in some other form of approved Electronic Record delivered
in accordance with those provisions in writing.

**Notices**

16.5 All notices of meetings of directors shall continue to be given to the appointing director and not to
the alternate.

**Rights of alternate director**

16.6 An alternate director shall be entitled to attend and vote at any board meeting or meeting of a committee
of the directors at which the appointing director is not personally present, and generally to perform all the functions of the appointing
director in his absence.

16.7 For the avoidance of doubt:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if another director has been appointed an alternate director for one or more directors, he shall be entitled
to a separate vote in his own right as a director and in right of each other director for whom he has been appointed an alternate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if a person other than a director has been appointed an alternate director for more than one director,
he shall be entitled to a separate vote in right of each director for whom he has been appointed an alternate.

16.8 An alternate director, however, is not entitled to receive any remuneration from the Company for services
rendered as an alternate director.

**Appointment ceases when the appointor ceases to be a director**

16.9 An alternate director shall cease to be an alternate director if the director who appointed him ceases
to be a director.

**Status of alternate director**

16.10 An alternate director shall carry out all functions of the director who made the appointment.

16.11 Save where otherwise expressed, an alternate director shall be treated as a director under these Articles.

16.12 An alternate director is not the agent of the director appointing him.

16.13 An alternate director is not entitled to any remuneration for acting as alternate director.

**Status of the director making the appointment**

16.14 A director who has appointed an alternate is not thereby relieved from the duties which he owes the Company.

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| | |
|:---|:---|
| **17** | **Powers of directors** |

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**Powers of directors**

17.1 Subject to the provisions of the Act, the Memorandum and these Articles, the business of the Company shall be managed by the directors
who may for that purpose exercise all the powers of the Company.

17.2 No prior act of the directors shall be invalidated by any subsequent alteration of the Memorandum or these
Articles. However, to the extent allowed by the Act, Members may by Special Resolution validate any prior or future act of the directors
which would otherwise be in breach of their duties.

**Appointments to office**

17.3 The directors may appoint a director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as chairman of the board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as vice-chairman of the board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) as managing director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to any other executive office for such period and on such terms, including as to remuneration, as they
think fit.

17.4 The appointee must consent in writing to holding that office.

17.5 Where a chairman is appointed he shall, unless unable to do so, preside at every meeting of directors.

17.6 If there is no chairman, or if the chairman is unable to preside at a meeting, that meeting may select
its own chairman; or the directors may nominate one of their number to act in place of the chairman should he ever not be available.

17.7 Subject to the provisions of the Act, the directors may also appoint any person, who need not be a director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as Secretary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to any office that may be required (including, for the avoidance of doubt, one or more chief executive
officers, presidents, a chief financial officer, a treasurer, vice-presidents, one or more assistant vice- presidents, one or more assistant
treasurers and one or more assistant secretaries), for such period and on such terms, including as to remuneration, as they think fit.
In the case of an Officer, that Officer may be given any title the directors decide.

17.8 The Secretary or Officer must consent in writing to holding that office.

17.9 A director, Secretary or other Officer of the Company may not hold the office, or perform the services,
of auditor.

**Remuneration**

17.10 The remuneration to be paid to the directors, if any, shall be such remuneration as the directors shall
determine. The directors shall also be entitled to be paid all out of pocket expenses properly incurred by them in connection with activities
on behalf of the Company.

17.11 Remuneration may take any form and may include arrangements to pay pensions, health insurance, death or
sickness benefits, whether to the director or to any other person connected to or related to him.

17.12 Unless his fellow directors determine otherwise, a director is not accountable to the Company for remuneration
or other benefits received from any other company which is in the same group as the Company or which has common shareholdings.

**Disclosure of information**

17.13 The directors may release or disclose to a third party any information regarding the affairs of the Company,
including any information contained in the Register of Members relating to a Member, (and they may authorise any director, Officer or
other authorised agent of the Company to release or disclose to a third party any such information in his possession) if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company or that person, as the case may be, is lawfully required to do so under Applicable Law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such disclosure is in compliance with the rules of any stock exchange upon which the Company's shares
are listed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such disclosure is in accordance with any contract entered into by the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the directors are of the opinion such disclosure would assist or facilitate the Company's operations.

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| | |
|:---|:---|
| **18** | **Delegation of powers** |

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**Power to delegate any of the directors' powers to a committee**

18.1 The directors may delegate any of their powers to any committee consisting of one or more persons who
need not be Members. Persons on the committee may include non-directors so long as the majority of those persons are directors.

18.2 The delegation may be collateral with, or to the exclusion of, the directors' own powers.

18.3 The delegation may be on such terms as the directors think fit, including provision for the committee
itself to delegate to a sub-committee; save that any delegation must be capable of being revoked or altered by the directors at will.

18.4 Unless otherwise permitted by the directors, a committee must follow the procedures prescribed for the
taking of decisions by directors.

**Power to appoint an agent of the Company**

18.5 The directors may appoint any person, either generally or in respect of any specific matter, to be the
agent of the Company with or without authority for that person to delegate all or any of that person's powers. The directors may
make that appointment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by causing the Company to enter into a power of attorney or agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in any other manner they determine.

**Power to appoint an attorney or authorised signatory of the Company**

18.6 The directors may appoint any person, whether nominated directly or indirectly by the directors, to be
the attorney or the authorised signatory of the Company. The appointment may be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for any purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with the powers, authorities and discretions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for the period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) subject to such conditions as they think fit. The powers, authorities and discretions, however, must not
exceed those vested in, or exercisable, by the directors under these Articles. The directors may do so by power of attorney or any other
manner they think fit.

18.7 Any power of attorney or other appointment may contain such provision for the protection and convenience
for persons dealing with the attorney or authorised signatory as the directors think fit. Any power of attorney or other appointment may
also authorise the attorney or authorised signatory to delegate all or any of the powers, authorities and discretions vested in that person.

**Power to appoint a proxy**

18.8 Any director may appoint any other person, including another director, to represent him at any meeting
of the directors. If a director appoints a proxy, then for all purposes the presence or vote of the proxy shall be deemed to be that of
the appointing director.

18.9 Articles 16.1 to 16.4 inclusive (relating to the appointment by directors of alternate directors) apply, *mutatis mutandis*, to the appointment of proxies by directors.

18.10 A proxy is an agent of the director appointing him and is not an officer of the Company.

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| | |
|:---|:---|
| **19** | **Meetings of directors** |

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**Regulation of directors' meetings**

19.1 Subject to the provisions of these Articles, the directors may regulate their proceedings as they think fit.

**Calling meetings**

19.2 Any director may call a meeting of directors at any time. The Secretary, if any, must call a meeting of
the directors if requested to do so by a director.

**Notice of meetings**

19.3 Every director shall be given notice of a meeting, although a director may waive retrospectively the requirement
to be given notice. Notice may be oral. Attendance at a meeting without written objection shall be deemed to be a waiver of such notice
requirement.

**Period of notice**

19.4 At least one Clear Days' notice of a meeting of directors must be given to directors. A meeting
may be convened on shorter notice with the consent of all directors.

**Use of technology**

19.5 A director may participate in a meeting of directors through the medium of conference telephone, video
or any other form of communications equipment providing all persons participating in the meeting are able to hear and speak to each other
throughout the meeting.

19.6 A director participating in this way is deemed to be present in person at the meeting.

**Place of meetings**

19.7 If all the directors participating in a meeting are not in the same place, they may decide that the meeting
is to be treated as taking place wherever any of them is.

**Quorum**

19.8 The quorum for the transaction of business at a meeting of directors shall be two unless the directors
fix some other number or unless the Company has only one director.

**Voting**

19.9 A question which arises at a board meeting shall be decided by a majority of votes. If votes are equal the chairman may, if he wishes,
exercise a casting vote.

**Validity**

19.10 Anything done at a meeting of directors is unaffected by the fact that it is later discovered that any person was not properly appointed,
or had ceased to be a director, or was otherwise not entitled to vote.

**Recording of dissent**

19.11 A director present at a meeting of directors shall be presumed to have assented to any action taken at that meeting unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) his dissent is entered in the minutes of the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) he has filed with the meeting before it is concluded signed dissent from that action; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) he has forwarded to the Company as soon as practical following the conclusion of that meeting signed dissent.

A director who votes in favour of an action is not entitled to record his dissent to it.

**Written resolutions**

19.12 The directors may pass a resolution in writing without holding a meeting if all directors sign a document
or sign several documents in the like form each signed by one or more of those directors.

19.13 Despite the foregoing, a resolution in writing signed by a validly appointed alternate director or by
a validly appointed proxy need not also be signed by the appointing director. If a written resolution is signed personally by the appointing
director, it need not also be signed by his alternate or proxy.

19.14 Such written resolution shall be as effective as if it had been passed at a meeting of the directors duly
convened and held; and it shall be treated as having been passed on the day and at the time that the last director signs.

**Sole director's minute**

19.15 Where a sole director signs a minute recording his decision on a question, that record shall constitute the passing of a resolution
in those terms.

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| | |
|:---|:---|
| **20** | **Permissible directors' interests and disclosure** |

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**Permissible interests subject to disclosure**

20.1 Save as expressly permitted by these Articles or as set out below, a director may not have a direct or indirect interest or duty which
conflicts or may possibly conflict with the interests of the Company.

20.2 If, notwithstanding the prohibition in the preceding Article, a director discloses to his fellow directors the nature and extent of
any material interest or duty in accordance with the next Article, he may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) be a party to, or otherwise interested in, any transaction or arrangement with the Company or in which
the Company is or may otherwise be interested; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be interested in another body corporate promoted by the Company or in which the Company is otherwise interested.
In particular, the director may be a director, secretary or officer of, or employed by, or be a party to any transaction or arrangement
with, or otherwise interested in, that other body corporate.

20.3 Such disclosure may be made at a meeting of the board or otherwise (and, if otherwise, it must be made
in writing). The director must disclose the nature and extent of his direct or indirect interest in or duty in relation to a transaction
or arrangement or series of transactions or arrangements with the Company or in which the Company has any material interest.

20.4 If a director has made disclosure in accordance with the preceding Article, then he shall not, by reason
only of his office, be accountable to the Company for any benefit that he derives from any such transaction or arrangement or from any
such office or employment or from any interest in any such body corporate, and no such transaction or arrangement shall be liable to be
avoided on the ground of any such interest or benefit.

**Notification of interests**

20.5 For the purposes of the preceding Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a general notice that a director gives to the other directors that he is to be regarded as having an interest
of the nature and extent specified in the notice in any transaction or arrangement in which a specified person or class of persons is
interested shall be deemed to be a disclosure that he has an interest in or duty in relation to any such transaction of the nature and
extent so specified; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an interest of which a director has no knowledge and of which it is unreasonable to expect him to have
knowledge shall not be treated as an interest of his.

**Voting where a director is interested in a matter**

20.6 A director may vote at a meeting of directors on any resolution concerning a matter in which that director
has an interest or duty, whether directly or indirectly, so long as that director discloses any material interest pursuant to these Articles.
The director shall be counted towards a quorum of those present at the meeting. If the director votes on the resolution, his vote shall
be counted.

20.7 Where proposals are under consideration concerning the appointment of two or more directors to offices
or employment with the Company or any body corporate in which the Company is interested, the proposals may be divided and considered in
relation to each director separately and each of the directors concerned shall be entitled to vote and be counted in the quorum in respect
of each resolution except that concerning his or her own appointment.

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| | |
|:---|:---|
| **21** | **Minutes** |

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The Company shall cause minutes to be made in books kept for the purpose in accordance with the Act.

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| | |
|:---|:---|
| **22** | **Accounts and audit** |

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**Accounting and other records**

22.1 The directors must ensure that proper accounting and other records are kept, and that accounts and associated reports are distributed
in accordance with the requirements of the Act.

**No automatic right of inspection**

22.2 Members are only entitled to inspect the Company's records if they are expressly entitled to do so by Applicable Law, or by
resolution made by the directors or passed by Ordinary Resolution.

**Sending of accounts and reports**

22.3 The Company's accounts and associated directors' report or auditor's report that are required or permitted to be
sent to any person pursuant to Applicable Law shall be treated as properly sent to that person if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) they are sent to that person in accordance with the notice provisions: or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) they are published on a website providing that person is given separate notice of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the fact that publication of the documents has been published on the website;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the address of the website; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the place on the website where the documents may be accessed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) how they may be accessed.

22.4 If, for any reason, a person notifies the Company that he is unable to access the website, the Company
must, as soon as practicable, send the documents to that person by any other means permitted by these Articles. This, however, will not
affect when that person is taken to have received the documents under the next Article.

**Time of receipt if documents are published on a website**

22.5 Documents sent by being published on a website in accordance with the preceding two Articles are only
treated as sent at least five Clear Days before the date of the meeting at which they are to be laid if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the documents are published on the website throughout a period beginning at least five Clear Days before the date of the meeting and
ending with the conclusion of the meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the person is given at least five Clear Days' notice of the hearing.

**Validity despite accidental error in publication on website**

22.6 If, for the purpose of a meeting, documents are sent by being published on a website in accordance with the preceding Articles, the
proceedings at that meeting are not invalidated merely because:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) those documents are, by accident, published in a different place on the website to the place notified; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) they are published for part only of the period from the date of notification until the conclusion of that meeting.

**Audit**

22.7 The directors may appoint an Auditor of the Company who shall hold office on such terms as the directors
determine.

22.8 The directors may delegate any of their powers, authorities and discretions, including the power to sub-
delegate, to any committee consisting of one or more Directors (including, without limitation, the Audit Committee, the Compensation Committee
and the Nominating and Corporate Governance Committee). Any such delegation may be made subject to any conditions the directors may impose
and either collaterally with or to the exclusion of their own powers and any such delegation may be revoked or altered by the directors.
Subject to any such conditions, the proceedings of a committee of directors shall be governed by the Articles regulating the proceedings
of directors, so far as they are capable of applying. The composition and responsibilities of each of the Audit Committee, the Compensation
Committee and the Nominating and Corporate Governance Committee shall comply with the rules and regulations of the SEC and the Designated
Stock Exchange and the directors may adopt formal written charters for such committees. Each of these committees shall be empowered to
do all things necessary to exercise the rights of such committee set forth in the Articles and shall have such powers as the directors
may delegate pursuant to the Articles and as required by the rules and regulations of the Designated Stock Exchange, the SEC and/or any
other competent regulatory authority or otherwise under Applicable Law. The Audit Committee shall meet at least once every financial quarter,
or more frequently as circumstances dictate.

22.9 The Audit Committee shall monitor compliance with the terms of the IPO and, if any non-compliance is identified,
the Audit Committee shall be charged with the responsibility to take all action necessary to rectify such non-compliance or otherwise
cause compliance with the terms of the IPO.

22.10 At least one member of the Audit Committee shall be an "audit committee financial expert"
as determined by the rules and regulations of the Designated Stock Exchange, the SEC and/or any other competent regulatory authority or
otherwise under Applicable Law. The "audit committee financial expert" shall have such past employment experience in finance
or accounting, requisite professional certification in accounting, or any other comparable experience or background which results in the
individual's financial sophistication.

22.11 If the Shares are listed or quoted on the Designated Stock Exchange, the Company shall conduct an appropriate
review of all related party transactions on an ongoing basis and shall utilise the Audit Committee for the review and approval of potential
conflicts of interest.

22.12 The remuneration of the Auditor shall be fixed by the Audit Committee (if one exists).

22.13 If the office of Auditor becomes vacant by resignation or death of the Auditor, or by his becoming incapable
of acting by reason of illness or other disability at a time when his services are required, the directors shall fill the vacancy and
determine the remuneration of such Auditor.

22.14 Every Auditor of the Company shall have a right of access at all times to the books and accounts and vouchers
of the Company and shall be entitled to require from the directors and officers of the Company such information and explanation as may
be necessary for the performance of the duties of the Auditor.

22.15 Auditors shall, if so required by the directors, make a report on the accounts of the Company during their
tenure of office at the next annual general meeting following their appointment in the case of a company which is registered with the
Registrar of Companies as an ordinary company, and at the next extraordinary general meeting following their appointment in the case of
a company which is registered with the Registrar of Companies as an exempted company, and at any other time during their term of office,
upon request of the directors or any general meeting of the Members.

23 Financial year

Unless the directors otherwise specify, the financial year of the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) shall end on 30<sup>th</sup> September in the year of its incorporation and each following year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) shall begin when it was incorporated and on 1st August each following year.

24 Record dates

Except to the extent of any conflicting rights attached to Shares, the directors may fix any time and date as the record date for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) calling a general meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) declaring or paying a dividend;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) making or issuing an allotment of Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) conducting any other business required pursuant to these Articles.

The record date may be before or after the date on which a dividend, allotment or issue is declared, paid or made.

25 Dividends

**Declaration of dividends by Members**

25.1 Subject to the provisions of the Act, the Company may by Ordinary Resolution declare dividends in accordance
with the respective rights of the Members but no dividend shall exceed the amount recommended by the directors.

**Payment of interim dividends and declaration of final dividends by directors**

25.2 The directors may pay interim dividends or declare final dividends in accordance with the respective rights
of the Members if it appears to them that they are justified by the financial position of the Company and that such dividends may lawfully
be paid.

25.3 Subject to the provisions of the Act, in relation to the distinction between interim dividends and final dividends, the following
applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon determination to pay a dividend or dividends described as interim by the directors in the dividend

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon declaration of a dividend or dividends described as final by the directors in the dividend resolution,
a debt shall be created immediately following the declaration, the due date to be the date the dividend is stated to be payable in the
resolution.

If the resolution fails to specify whether a dividend is final or interim, it shall be assumed to be interim.

25.4 In relation to Shares carrying differing rights to dividends or rights to dividends at a fixed rate, the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the share capital is divided into different classes, the directors may pay dividends on Shares which
confer deferred or non-preferred rights with regard to dividends as well as on Shares which confer preferential rights with regard to
dividends but no dividend shall be paid on Shares carrying deferred or non-preferred rights if, at the time of payment, any preferential
dividend is in arrears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The directors may also pay, at intervals settled by them, any dividend payable at a fixed rate if it appears
to them that there are sufficient funds of the Company lawfully available for distribution to justify the payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the directors act in good faith, they shall not incur any liability to the Members holding Shares conferring
preferred rights for any loss those Members may suffer by the lawful payment of the dividend on any Shares having deferred or non-preferred
rights.

**Apportionment of dividends**

25.5 Except as otherwise provided by the rights attached to Shares, all dividends shall be declared and paid
according to the amounts paid up on the Shares on which the dividend is paid. All dividends shall be apportioned and paid proportionately
to the amount paid up on the Shares during the time or part of the time in respect of which the dividend is paid. If a Share is issued
on terms providing that it shall rank for dividend as from a particular date, that Share shall rank for dividend accordingly.

**Right of set off**

25.6 The directors may deduct from a dividend or any other amount payable to a person in respect of a Share
any amount due by that person to the Company on a call or otherwise in relation to a Share.

**Power to pay other than in cash**

25.7 If the directors so determine, any resolution declaring a dividend may direct that it shall be satisfied
wholly or partly by the distribution of assets. If a difficulty arises in relation to the distribution, the directors may settle that
difficulty in any way they consider appropriate. For example, they may do any one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue fractional Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) fix the value of assets for distribution and make cash payments to some Members on the footing of the
value so fixed in order to adjust the rights of Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) vest some assets in trustees.

**How payments may be made**

25.8 A dividend or other monies payable on or in respect of a Share may be paid in any of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Member holding that Share or other person entitled to that Share nominates a bank account for that purpose - by wire transfer
to that bank account; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by cheque or warrant sent by post to the registered address of the Member holding that Share or other person entitled to that Share.

25.9 For the purpose of paragraph (a) of the preceding Article, the nomination may be in writing or in an Electronic
Record and the bank account nominated may be the bank account of another person. For the purpose of paragraph (b) of the preceding Article,
subject to Applicable Law, the cheque or warrant shall be made to the order of the Member holding that Share or other person entitled
to the Share or to his nominee, whether nominated in writing or in an Electronic Record, and payment of the cheque or warrant shall be
a good discharge to the Company.

25.10 If two or more persons are registered as the holders of the Share or are jointly entitled to it by reason
of the death or bankruptcy of the registered holder (**Joint Holders**), a dividend (or other amount) payable on or in respect of that
Share may be paid as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to the registered address of the Joint Holder of the Share who is named first on the Register of Members or to the registered address
of the deceased or bankrupt holder, as the case may be; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to the address or bank account of another person nominated by the Joint Holders, whether that nomination is in writing or in an Electronic
Record.

25.11 Any Joint Holder of a Share may give a valid receipt for a dividend (or other amount) payable in respect
of that Share.

**Dividends or other moneys not to bear interest in absence of special rights**

25.12 Unless provided for by the rights attached to a Share, no dividend or other monies payable by the Company
in respect of a Share shall bear interest.

**Dividends unable to be paid or unclaimed**

25.13 If a dividend cannot be paid to a Member or remains unclaimed within six weeks after it was declared or
both, the directors may pay it into a separate account in the Company's name. If a dividend is paid into a separate account, the
Company shall not be constituted trustee in respect of that account and the dividend shall remain a debt due to the Member.

25.14 A dividend that remains unclaimed for a period of six years after it became due for payment shall be forfeited
to, and shall cease to remain owing by, the Company.

26 Capitalisation of profits

**Capitalisation of profits or of any share premium account or capital redemption reserve**

26.1 The directors may resolve to capitalise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any part of the Company's profits not required for paying any preferential dividend (whether or not those profits are available
for distribution); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any sum standing to the credit of the Company's share premium account or capital redemption reserve, if any.

The amount resolved to be capitalised must be appropriated to the Members who would have been entitled to it had it been distributed by way of dividend and in the same proportions. The benefit to each Member so entitled must be given in either or both of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by paying up the amounts unpaid on that Member's Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by issuing Fully Paid Shares, debentures or other securities of the Company to that Member or as that
Member directs. The directors may resolve that any Shares issued to the Member in respect of partly paid Shares (**Original Shares**)
rank for dividend only to the extent that the Original Shares rank for dividend while those Original Shares remain partly paid.

**Applying an amount for the benefit of members**

26.2 The amount capitalised must be applied to the benefit of Members in the proportions to which the Members
would have been entitled to dividends if the amount capitalised had been distributed as a dividend.

26.3 Subject to the Act, if a fraction of a Share, a debenture, or other security is allocated to a Member,
the directors may issue a fractional certificate to that Member or pay him the cash equivalent of the fraction.

27 Share premium account

**Directors to maintain share premium account**

27.1 The directors shall establish a share premium account in accordance with the Act. They shall carry to
the credit of that account from time to time an amount equal to the amount or value of the premium paid on the issue of any Share or capital
contributed or such other amounts required by the Act.

**Debits to share premium account**

27.2 The following amounts shall be debited to any share premium account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on the redemption or purchase of a Share, the difference between the nominal value of that Share and the
redemption or purchase price; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any other amount paid out of a share premium account as permitted by the Act.

27.3 Notwithstanding the preceding Article, on the redemption or purchase of a Share, the directors may pay
the difference between the nominal value of that Share and the redemption purchase price out of the profits of the Company or, as permitted
by the Act, out of capital.

28 Seal Company seal

28.1 The Company may have a seal if the directors so determine.

**Duplicate seal**

28.2 Subject to the provisions of the Act, the Company may also have a duplicate seal or seals for use in any
place or places outside the Cayman Islands. Each duplicate seal shall be a facsimile of the original seal of the Company. However, if
the directors so determine, a duplicate seal shall have added on its face the name of the place where it is to be used.

**When and how seal is to be used**

28.3 A seal may only be used by the authority of the directors. Unless the directors otherwise determine, a
document to which a seal is affixed must be signed in one of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by a director (or his alternate) and the Secretary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by a single director (or his alternate).

**If no seal is adopted or used**

28.4 If the directors do not adopt a seal, or a seal is not used, a document may be executed in the following manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by a director (or his alternate) or any Officer to which authority has been delegated by resolution duly adopted by the directors;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by a single director (or his alternate); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in any other manner permitted by the Act.

**Power to allow non-manual signatures and facsimile printing of seal**

28.5 The directors may determine that either or both of the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that the seal or a duplicate seal need not be affixed manually but may be affixed by some other method or system of reproduction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that a signature required by these Articles need not be manual but may be a mechanical or Electronic Signature.

**Validity of execution**

28.6 If a document is duly executed and delivered by or on behalf of the Company, it shall not be regarded
as invalid merely because, at the date of the delivery, the Secretary, or the director, or other Officer or person who signed the document
or affixed the seal for and on behalf of the Company ceased to be the Secretary or hold that office and authority on behalf of the Company.

29 Indemnity Indemnity

29.1 To the maximum extent permitted by Applicable Law, the Company shall indemnify each existing or former Secretary, director (including alternate director), and
other Officer of the Company (including an investment adviser or an administrator or liquidator) and their personal representatives against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained
by the existing or former Secretary or Officer in or about the conduct of the Company's business or affairs or in the execution
or discharge of the existing or former Secretary's or Officer's duties, powers, authorities or discretions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) without limitation to paragraph (a), all costs, expenses, losses or liabilities incurred by the existing
or former Secretary or Officer in defending (whether successfully or otherwise) any civil, criminal, administrative or investigative proceedings
(whether threatened, pending or completed) concerning the Company or its affairs in any court or tribunal, whether in the Cayman Islands
or elsewhere.

No such existing or former Secretary or Officer, however, shall be indemnified in respect of any matter arising out of his own actual fraud, wilful default or wilful neglect.

29.2 To the extent permitted by Applicable Law, the Company may make a payment, or agree to make a payment,
whether by way of advance, loan or otherwise, for any legal costs incurred by an existing or former Secretary or Officer of the Company
in respect of any matter identified in paragraph (a) or paragraph (b) of the preceding Article on condition that the Secretary or Officer
must repay the amount paid by the Company to the extent that it is ultimately found not liable to indemnify the Secretary or that Officer
for those legal costs.

**Release**

29.3 To the extent permitted by Applicable Law, the Company may by Special Resolution release any existing
or former director (including alternate director), Secretary or other Officer of the Company from liability for any loss or damage or
right to compensation which may arise out of or in connection with the execution or discharge of the duties, powers, authorities or discretions
of his office; but there may be no release from liability arising out of or in connection with that person's own actual fraud, wilful
default or wilful neglect.

**Insurance**

29.4 To the extent permitted by Applicable Law, the Company may pay, or agree to pay, a premium in respect
of a contract insuring each of the following persons against risks determined by the directors, other than liability arising out of that
person's own dishonesty:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an existing or former director (including alternate director), Secretary or Officer or auditor of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a company which is or was a subsidiary of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a company in which the Company has or had an interest (whether direct or indirect); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a trustee of an employee or retirement benefits scheme or other trust in which any of the persons referred to in paragraph (a) is
or was interested.

30 Notices Form of notices

30.1 Save where these Articles provide otherwise, any notice to be given to or by any person pursuant to these Articles shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in writing signed by or on behalf of the giver in the manner set out below for written notices; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subject to the next Article, in an Electronic Record signed by or on behalf of the giver by Electronic
Signature and authenticated in accordance with Articles about authentication of Electronic Records; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) where these Articles expressly permit, by the Company by means of a website.

**Electronic communications**

30.2 Without limitation to Articles 16.1 to 16.4 inclusive (relating to the appointment and removal by directors
of alternate directors) and to Articles 18.8 to 18.10 inclusive (relating to the appointment by directors of proxies), a notice may only
be given to the Company in an Electronic Record if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the directors so resolve;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the resolution states how an Electronic Record may be given and, if applicable, specifies an email address for the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the terms of that resolution are notified to the Members for the time being and, if applicable, to those directors who were absent
from the meeting at which the resolution was passed.

If the resolution is revoked or varied, the revocation or variation shall only become effective when its terms have been similarly notified.

30.3 A notice may not be given by Electronic Record to a person other than the Company unless the recipient
has notified the giver of an Electronic address to which notice may be sent.

**Persons authorised to give notices**

30.4 A notice by either the Company or a Member pursuant to these Articles may be given on behalf of the Company
or a Member by a director or company secretary of the Company or a Member.

**Delivery of written notices**

30.5 Save where these Articles provide otherwise, a notice in writing may be given personally to the recipient,
or left at (as appropriate) the Member's or director's registered address or the Company's registered office, or posted
to that registered address or registered office.

**Joint holders**

30.6 Where Members are joint holders of a Share, all notices shall be given to the Member whose name first
appears in the Register of Members.

**Signatures**

30.7 A written notice shall be signed when it is autographed by or on behalf of the giver, or is marked in
such a way as to indicate its execution or adoption by the giver.

30.8 An Electronic Record may be signed by an Electronic Signature.

**Evidence of transmission**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.9 A notice given by Electronic Record shall be deemed sent if an Electronic Record is kept demonstrating
the time, date and content of the transmission, and if no notification of failure to transmit is received by the giver.

30.10 A notice given in writing shall be deemed sent if the giver can provide proof that the envelope containing
the notice was properly addressed, pre-paid and posted, or that the written notice was otherwise properly transmitted to the recipient.

**Giving notice to a deceased or bankrupt Member**

30.11 A notice may be given by the Company to the persons entitled to a Share in consequence of the death or
bankruptcy of a Member by sending or delivering it, in any manner authorised by these Articles for the giving of notice to a Member, addressed
to them by name, or by the title of representatives of the deceased, or trustee of the bankrupt or by any like description, at the address,
if any, supplied for that purpose by the persons claiming to be so entitled.

30.12 Until such an address has been supplied, a notice may be given in any manner in which it might have been given if the death or bankruptcy
had not occurred.

**Date of giving notices**

30.13 A notice is given on the date identified in the following table.

---

| | |
|:---|:---|
| **Method for giving notices** | **When taken to be given** |
| Personally | At the time and date of delivery |
| By leaving it at the member's registered address | At the time and date it was left |
| If the recipient has an address within the Cayman Islands, by posting it by prepaid post to the street or postal address of that recipient | 48 hours after it was posted |
| If the recipient has an address outside the Cayman Islands, by posting it by prepaid airmail to the street or postal address of that recipient | 3 Clear Days after posting |
| By Electronic Record (other than publication on a website), to recipient's Electronic address | Within 24 hours after it was sent |
| By publication on a website | See the Articles about the time when notice of a meeting of Members or accounts and reports, as the case may be, are published on a website |

---

**Saving provision**

30.14 None of the preceding notice provisions shall derogate from the Articles about the delivery of written
resolutions of directors and written resolutions of Members.

31 Authentication of Electronic Records Application of Articles

31.1 Without limitation to any other provision of these Articles, any notice, written resolution or other document
under these Articles that is sent by Electronic means by a Member, or by the Secretary, or by a director or other Officer of the Company,
shall be deemed to be authentic if either Article 31.2 or Article 31.4 applies.

**Authentication of documents sent by Members by Electronic means**

31.2 An Electronic Record of a notice, written resolution or other document sent by Electronic means by or
on behalf of one or more Members shall be deemed to be authentic if the following conditions are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Member or each Member, as the case may be, signed the original document, and for this purpose **Original Document** includes several documents in like form signed by one or more of those Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Electronic Record of the Original Document was sent by Electronic means by, or at the direction of,
that Member to an address specified in accordance with these Articles for the purpose for which it was sent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Article 31.7 does not apply.

31.3 For example, where a sole Member signs a resolution and sends the Electronic Record of the original resolution,
or causes it to be sent, by facsimile transmission to the address in these Articles specified for that purpose, the facsimile copy shall
be deemed to be the written resolution of that Member unless Article 31.7 applies.

**Authentication of document sent by the Secretary or Officers of the Company by Electronic means**

31.4 An Electronic Record of a notice, written resolution or other document sent by or on behalf of the Secretary
or an Officer or Officers of the Company shall be deemed to be authentic if the following conditions are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Secretary or the Officer or each Officer, as the case may be, signed the original document, and for
this purpose **Original Document** includes several documents in like form signed by the Secretary or one or more of those Officers;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Electronic Record of the Original Document was sent by Electronic means by, or at the direction of,
the Secretary or that Officer to an address specified in accordance with these Articles for the purpose for which it was sent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Article 31.7 does not apply.

This Article applies whether the document is sent by or on behalf of the Secretary or Officer in his own right or as a representative of the Company.

31.5 For example, where a sole director signs a resolution and scans the resolution, or causes it to be scanned,
as a PDF version which is attached to an email sent to the address in these Articles specified for that purpose, the PDF version shall
be deemed to be the written resolution of that director unless Article 31.7 applies.

**Manner of signing**

31.6 For the purposes of these Articles about the authentication of Electronic Records, a document will be
taken to be signed if it is signed manually or in any other manner permitted by these Articles.

**Saving provision**

31.7 A notice, written resolution or other document under these Articles will not be deemed to be authentic
if the recipient, acting reasonably:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) believes that the signature of the signatory has been altered after the signatory had signed the original
document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) believes that the original document, or the Electronic Record of it, was altered, without the approval
of the signatory, after the signatory signed the original document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) otherwise doubts the authenticity of the Electronic Record of the document and the recipient promptly
gives notice to the sender setting the grounds of its objection. If the recipient invokes this Article, the sender may seek to establish
the authenticity of the Electronic Record in any way the sender thinks fit.

32 Transfer by way of continuation

32.1 The Company may, by Special Resolution, resolve to be registered by way of continuation in a jurisdiction
outside:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Cayman Islands; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such other jurisdiction in which it is, for the time being, incorporated, registered or existing.

32.2 To give effect to any resolution made pursuant to the preceding Article, the directors may cause the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an application be made to the Registrar of Companies to deregister the Company in the Cayman Islands or
in the other jurisdiction in which it is for the time being incorporated, registered or existing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all such further steps as they consider appropriate to be taken to effect the transfer by way of continuation of the Company.

33 Winding up Distribution of assets in specie

33.1 If the Company is wound up, the Members may, subject to these Articles and any other sanction required by the Act, pass a Special
Resolution allowing the liquidator to do either or both of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to divide in specie among the Members the whole or any part of the assets of the Company and, for that
purpose, to value any assets and to determine how the division shall be carried out as between the Members or different classes of Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to vest the whole or any part of the assets in trustees for the benefit of Members and those liable to
contribute to the winding up.

**No obligation to accept liability**

33.2 No Member shall be compelled to accept any assets if an obligation attaches to them.

**The directors are authorised to present a winding up petition**

33.3 The directors have the authority to present a petition for the winding up of the Company to the Grand
Court of the Cayman Islands on behalf of the Company without the sanction of a resolution passed at a general meeting.

34 Amendment of Memorandum and Articles

**Power to change name or amend Memorandum**

34.1 Subject to the Act, the Company may, by Special Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) change its name; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) change the provisions of its Memorandum with respect to its objects, powers or any other matter specified in the Memorandum.

**Power to amend these Articles**

34.2 Subject to the Act and as provided in these Articles, the Company may, by Special Resolution, amend these
Articles in whole or in part.

35 Mergers and Consolidations

The Company shall have the power to merge or consolidate with one or more constituent companies (as defined in the Act) upon such terms as the directors may determine and (to the extent required by the Act) with the approval of a Special Resolution.

36 Certain Tax Filings

36.1 Each Tax Filing Authorised Person and any such other person, acting alone, as any director shall designate
from time to time, are authorised to file tax forms SS-4, W-8 BEN, W-8 IMY, W-9, 8832 and 2553 and such other similar tax forms as are
customary to file with any US state or federal governmental authorities or foreign governmental authorities in connection with the formation,
activities and/or elections of the Company and such other tax forms as may be approved from time to time by any director or officer of
the Company. The Company further ratifies and approves any such filing made by any Tax Filing Authorised Person or such other person prior
to the date of the Articles.

## Exhibit 4.1

**Exhibit 4.1**

**CERTAIN INFORMATION IN THIS DOCUMENT, MARKED BY [\*\*\*], HAS BEEN EXCLUDED<br> PURSUANT TO REGULATION S-K, ITEM 601(a)(6). SUCH EXCLUDED INFORMATION IS NOT <br> MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.**

**<u>WARRANT SUBSCRIPTION AGREEMENT</u>**

THIS WARRANT SUBSCRIPTION AGREEMENT (this "<u>Agreement</u>") is made as of May 15, 2025 (the "<u>Effective Date</u>") by and between Graphjet Technology (the "<u>Company</u>") and Aiden Lee Ping Wei (the "<u>Purchaser</u>").

**<u>Recitals</u>:**

WHEREAS the Board of Directors of the Company (the "<u>Board</u>") has approved the sale of 20,000,000 warrants (the "<u>Warrants</u>") to purchase up to 200,000,000 shares of the Company's Class A ordinary shares, par value $0.0001 per share ("<u>Ordinary Shares</u>"), at an exercise price of $0.055 per warrant share to the Purchaser. The Company has agreed to issue and sell to the Purchaser, and the Purchaser wishes to purchase from the Company, the Warrants in accordance with the terms and provisions of this Agreement.

 ****

***The Purchaser understands and accepts that the purchase of the Warrants involves a high degree of risk and that such purchase should be considered only by persons who can bear the risk of the loss of their entire investment****.*

NOW, THEREFORE, in consideration of the foregoing, and of the mutual covenants contained herein and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Company and the Purchaser, intending to be legally bound, hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Purchase and Sale of the Shares**. The Company hereby issues and sells to the Purchaser, and the Purchaser hereby purchases from the Company, the Warrants, for the total purchase price set forth on the signature page to this Agreement (the "<u>Purchase Price</u>"). The Company acknowledges receipt of the Purchase Price as of Effective Date in full payment for the Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Representations and Warranties of the Company**. The Company represents and warrants to the Purchaser as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The execution, delivery and performance by the Company of this Agreement has been duly authorized by all requisite corporate action on the part of the Company, and this Agreement has been, and upon issuance, the Warrants will be, duly executed and delivered by the Company and constitute the valid and binding obligations of the Company enforceable against the Company in accordance with their respective terms, except: (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws of general application affecting enforcement of creditors' rights and (b) general principles of equity that restrict the availability of equitable remedies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company (i) is duly qualified or licensed and in good standing in the jurisdiction in which it is incorporated or registered and in each other jurisdiction where it does business or operates to the extent that the character of the property owned, or leased or operated by it or the nature of the business conducted by it makes such qualification or licensing necessary and (ii) has the power and authority to own its property and assets and to transact the business in which it is engaged, to execute and deliver this Agreement, to issue and sell the Warrants and to comply with its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The authorized capital of the Company consists of 479,000,000 Ordinary Shares, 20,000,000 Class B ordinary shares, par value $0.0001 per share ("<u>Class B Ordinary Shares</u>"), and 1,000,000 preferred shares, par value $0.0001 ("<u>Preferred Shares</u>"). Immediately prior to the sale of the Warrants, 147,391,887 shares of Ordinary Shares are issued and outstanding, and there are no Class B Ordinary Shares or Preferred Shares issued and outstanding. In addition, 13,800,000 shares of Ordinary Shares are reserved for issuance pursuant to the Company's 2023 Omnibus Equity Incentive Plan, and warrants to purchase up to 12,028,075 Ordinary Shares have been granted and are currently outstanding. All of the outstanding shares of Ordinary Shares have been duly authorized, validly issued, fully paid and nonassessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All action on the part of the Company, its officers, directors and stockholders required for the authorization, execution, delivery and performance of this Agreement by the Company has been taken.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No authorization, consent or approval of, exemption by or notice to, any governmental or public body or authority or any other person or entity is required to authorize, or is required in connection with, the execution, delivery and performance of any of this Agreement, or the taking of any action contemplated hereby, by the Company, except those that have been obtained or provided, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Company is not in violation of any applicable law, statute, rule, regulation or other requirement of any government authority or instrumentality or agency thereof, or any other binding obligation on the Company, which violation would have a material adverse effect upon the present or future business, condition, prospects or operations of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Investment Representations of the Purchaser**. In connection with the purchase of the Warrants, the Purchaser hereby represents to the Company as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 The Purchaser is aware of the Company's business affairs and financial condition and has acquired sufficient information about the Company to reach an informed and knowledgeable decision to acquire the Warrants. The Purchaser is capable of evaluating the merits and risks of the Purchaser's investment in the Company and has the capacity to protect the Purchaser's own interests. The Purchaser has had an opportunity to discuss the Company's business, management and financial affairs with its management. The Purchaser has also had an opportunity to ask questions of officers of the Company, which questions were answered to the Purchaser's satisfaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 The Purchaser is acquiring the Warrants for investment for the Purchaser's own account, not as a nominee or agent, and not with the view to, or for resale in connection with, any distribution thereof within the meaning of the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), and the Purchaser has no present intention of selling, granting any participation in, or otherwise distributing the same. By executing this Agreement, the Purchaser further represents that the Purchaser does not presently have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participation to such person or to any third person, with respect to any of the Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 The Purchaser is an "accredited investor" as defined in Regulation D under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 The Purchaser acknowledges that the Purchaser's investment in the Company is highly speculative and entails a substantial degree of risk and the Purchaser is in a position to lose the entire amount of such investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 The Purchaser understands that no public market now exists for the Warrants and that the Company has made no assurances that a public market will ever exist for the Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 The Purchaser understands that the Warrants have not been, and will not be, registered under the Securities Act by reason of a specific exemption from the registration provisions of the Securities Act, the availability of which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the Purchaser's representations as expressed herein. The Purchaser further understands that the Warrants must be held indefinitely unless they are subsequently registered under the Securities Act or an exemption from such registration is available. The Purchaser further acknowledges and understands that the Company is under no obligation to register the Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 The Purchaser understands that the Warrants shall not be transferrable by the Purchaser for a period of twelve (12) months from the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 The Purchaser understands that in no event shall the Company be required to execute and deliver to the Purchaser, in accordance with the terms of the Warrant, more than 29,000,000 Ordinary Shares unless and until the Company's shareholders have approved the delivery of such excess amount of Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Legends**. The certificates representing the Warrants sold pursuant to this Agreement will be imprinted with a legend substantially in the following form:

"THE WARRANT EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. THE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED, OR OTHERWISE TRANSFERRED EXCEPT (1) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OR (2) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE STATE SECURITIES LAWS AND THE SECURITIES LAWS OF OTHER JURISDICTIONS, AND IN THE CASE OF A TRANSACTION EXEMPT FROM REGISTRATION, UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT OR SUCH OTHER APPLICABLE LAWS."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Tax Consequences**. The Purchaser has reviewed with the Purchaser's own tax advisors the federal, state, local and foreign tax consequences of this investment and the transactions contemplated by this Agreement. The Purchaser is relying solely on such advisors and not on any statements or representations of the Company or any of its agents. The Purchaser understands that the Purchaser (and not the Company) shall be responsible for the Purchaser's own tax liability that may arise as a result of this investment or the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. General Provisions**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 This Agreement shall be governed by, construed and enforced in accordance with the laws of the State of Delaware without regard to the conflict of laws principles thereof. Each of the Company and the Purchaser (i) submits to the exclusive jurisdiction of the Chancery Court of the State of Delaware (or in any other court in the State of Delaware or any appellate court thereof) (the "<u>Specified Courts</u>") for the purpose of any action arising out of or relating to this Agreement brought by any party hereto and (ii) irrevocably waives, and agrees not to assert by way of motion, defense or otherwise, in any such action, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the action is brought in an inconvenient forum, that the venue of the action is improper, or that this Agreement or the transactions contemplated hereby may not be enforced in or by any Specified Court. Each of the Company and the Purchaser consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 This Agreement and the Warrant constitute the entire agreement of the parties with respect to the subject matter hereof and supersedes in their entirety all prior undertakings and agreements of the Company and the Purchaser with respect to the subject matter hereof, and may not be modified except by means of a writing signed by the Company and the Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 The rights and benefits of the Company under this Agreement shall be transferable by the Company to single or multiple assignees, and all covenants and agreements hereunder shall inure to the benefit of, and be enforceable by, the Company's successors and assigns. The rights and obligations of the Purchaser under this Agreement may be assigned only with the prior written consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 Either party's failure to enforce any provision of this Agreement shall not in any way be construed as a waiver of any such provision, nor prevent that party thereafter from enforcing each and every other provision of this Agreement. The rights granted both parties hereunder are cumulative and shall not constitute a waiver of either party's right to assert all other legal remedies available to it under the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 The Purchaser agrees upon request to execute any further documents or instruments necessary or desirable to carry out the purposes or intent of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument. Facsimile, PDF copies or other electronic transmission of signatures shall constitute original signatures for all purposes of this Agreement and any enforcement hereof. The words "execution," "signed," "signature," "delivery," and words of like import in or relating to this Agreement or any document to be signed in connection with this Agreement shall be deemed to include Electronic Signatures (as defined below), deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, and the Parties hereto consent to conduct the transactions contemplated hereunder by electronic means. "<u>Electronic Signatures</u>" means any electronic symbol or process attached to, or associated with, any contract or other record and adopted by a person with the intent to sign, authenticate or accept such contract or record.

[*Signature page follows.*]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and effective as of the Effective Date.

Number of Warrants: 20,000,000

Number of Warrant Shares: 200,000,000

Total Purchase Price: $200,000.00

---

| |
|:---|
| AIDEN LEE PING WEI |
| By: |
| Address: |
| 44, Lorong Alma Jaya, Taman Alma Jaya 31 |
| Bukit Mertajam, Pulau Pinang, 14000 |
| Malaysia |

---

---

| |
|:---|
| Email: |
| Telephone: |
| Tax ID No.: [\*\*\*] |

---

 **

***NOTE TO PURCHASER: PLEASE (I) INSERT THE NUMBER OF WARRANTS SUBSCRIBED FOR AND TOTAL PURCHASE PRICE ABOVE AND (III) COMPLETE THE PURCHASER ACCREDITATION QUESTIONNAIRE. SEE EXHIBIT II FOR WIRE TRANSFER INSTRUCTIONS.***

 **

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| | |
|:---|:---|
| GRAPHJET TECHNOLOGIES | GRAPHJET TECHNOLOGIES |
| By: | /s/ Chris Lai |
|  | Chris Lai, CEO/CFO |
| Address: | Address: |
| Lot 3895, Lorong 6D, Kampung Baru Subang | Lot 3895, Lorong 6D, Kampung Baru Subang |
| Seksyen U6, 40150 Shah Alam | Seksyen U6, 40150 Shah Alam |
| Selangor, Malaysia | Selangor, Malaysia |

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**Exhibit I**

**Purchaser Accreditation Questionnaire**

To reflect that the Purchaser is an "accredited investor" as defined in Rule 501(a) promulgated under the Securities Act of 1933, as amended (the "Securities Act"), the Purchaser has initialed <u>each</u> category below which applies to the Purchaser:

(1) any director or executive officer of the Company;

(2) any natural person whose individual net worth, or joint net worth with that person's spouse (or cohabitant occupying a relationship
generally equivalent to that of a spouse), exceeds $1,000,000, excluding the value of that person's primary residence;

(3) any natural person who had an individual income in excess of $200,000 in each of the two most recent years or joint income with that
person's spouse (or cohabitant occupying a relationship generally equivalent to that of a spouse) in excess of $300,000 in each
of those years and has a reasonable expectation of reaching the same income level in the current year;

(4) any trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the Warrants, whose purchase is
directed by a sophisticated person as described in Rule 506(b)(2)(ii) of Regulation D under the Securities Act;

(5) any natural person holding in good standing one or more professional licenses listed below:  ***[Please check the specific license(s) that apply.]*** 

(a) the General Securities Representative license (Series 7);

(b) the Investment Adviser Representative license (Series 65); and/or

(c) the Private Securities Offerings Representative license (Series 82);

(6) any entity of a type not listed above, not formed for the specific purpose of acquiring the Warrants, and owning investments in excess
of $5,000,000;

(7) a bank as defined in Section 3(a)(2) of the Securities Act, or any savings and loan association or other institution as defined in Section
3(a)(5)(A) of the Securities Act, whether acting in its individual or fiduciary capacity; any broker or dealer registered pursuant to
Section 15 of the Securities Exchange Act of 1934; any investment adviser registered pursuant to Section 203 of the Investment Advisers
Act of 1940 ("Advisers Act") or registered pursuant to the laws of a state; any investment adviser relying on the exemption
from registration requirements under Section 203(l) or (m) of the Advisers Act; any insurance company as defined in Section 2(a)(13)
of the Securities Act; any investment company registered under the Investment Company Act of 1940 (the "1940 Act") or a business
development company as defined in Section 2(a)(48) of the 1940 Act; a Small Business Investment Company licensed by the U.S. Small Business
Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958; any Rural Business Investment Company as defined
in Section 384A of the Consolidated Farm and Rural Development Act; any plan established and maintained by a state, its political subdivisions
or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, if such plan has total assets
in excess of $5,000,000; any employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974 ("ERISA"),
if the investment decision is made by a plan fiduciary, as defined in Section 3(21) of ERISA, which is either a bank, savings and loan
association, insurance company or registered investment adviser, or if the employee benefit plan has total assets in excess of $5,000,000
or, if a self-directed plan, with investment decisions made solely by persons that are accredited investors; any "family office"
as defined in Rule 202(a)(11)(G)–1 of the Advisers Act with assets under management in excess of $5,000,000, that is not formed
for the specific purpose of acquiring the Warrants, and whose prospective investment is directed by a person who has such knowledge and
experience in financial and business matters that such family office is capable of evaluating the merits and risks of the prospective
investment; or any "family client," as defined in Rule 202(a)(11)(G)–1 under the Advisers Act, of such family office
and whose prospective purchase of the Warrants is directed by such family office;

(8) any private business development company as defined in Section 202(a)(22) of the Advisers Act;

(9) any organization described in Section 501(c)(3) of the Internal Revenue Code, corporation, business trust, limited liability company
or partnership, not formed for the specific purpose of acquiring the Warrants, with total assets in excess of $5,000,000; and/or

(10) any entity in which all of the equity owners are accredited investors, within the categories checked above in this item.  ***[Please check the specific category(ies) above that are applicable to such equity owners.]*** 

**EXHIBIT II**

**Wire Transfer Instructions**

Graphjet Technology

Lot 3895, Lorong 6D, Kampung Baru Subang

Seksyen U6, 40150 Shah Alam

Selangor, Malaysia

[\*\*\*]

## Exhibit 4.2

**Exhibit 4.2**

**CERTAIN INFORMATION IN THIS DOCUMENT, MARKED BY [\*\*\*], HAS BEEN EXCLUDED PURSUANT TO REGULATION S-K, ITEM 601(B)(10)(IV). SUCH EXCLUDED INFORMATION IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.**

**WARRANT**

THE WARRANT EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. THE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED, OR OTHERWISE TRANSFERRED EXCEPT (1) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OR (2) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE STATE SECURITIES LAWS AND THE SECURITIES LAWS OF OTHER JURISDICTIONS, AND IN THE CASE OF A TRANSACTION EXEMPT FROM REGISTRATION, UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT OR SUCH OTHER APPLICABLE LAWS.

Warrant Certificate No.: 001

Original Issue Date: May 16, 2025

FOR VALUE RECEIVED, Graphjet Technology, a Cayman Island exempted entity (the "**Company**"), hereby certifies that Aiden Lee Ping Wei, a natural person, or his assigns (the "**Holder**") is entitled to purchase from the Company 200,000,000 duly authorized, validly issued, fully paid, and nonassessable shares of Common Stock at a purchase price per share of $0.055 (subject to adjustment as provided herein, the "**Exercise Price**"), all subject to the terms, conditions, and adjustments set forth below in this Warrant. Certain capitalized terms used herein are defined in Section 1 hereof.

This Warrant has been issued pursuant to the terms of the Warrant Subscription Agreement, dated as of May 15, 2025 (the "**Purchase Agreement**"), between the Company and the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Definitions</u>. As used in this Warrant, the following terms have the respective meanings set forth below:

"**Aggregate Exercise Price**" means an amount equal to the product of (a) the number of Warrant Shares in respect of which this Warrant is then being exercised pursuant to Section 3 hereof, *multiplied by* (b) the Exercise Price in effect as of the Exercise Date in accordance with the terms of this Warrant.

"**Board**" means the board of directors of the Company.

"**Business Day**" means any day, except a Saturday, Sunday, or legal holiday on which banking institutions in the Cayman Islands are authorized or obligated by law or executive order to close.

"**Common Stock**" means Class A ordinary shares, par value $0.0001 per share, of the Company, and any capital stock into which such Common Stock shall have been converted, exchanged, or reclassified following the date hereof.

"**Common Stock Deemed Outstanding**" means, at any given time, the number of shares of Common Stock actually outstanding at such time.

"**Company**" has the meaning set forth in the preamble.

"**Convertible Securities**" means any securities (directly or indirectly) convertible into or exchangeable for Common Stock, but excluding Options.

"**Excluded Issuances**" means any issuance or sale (or deemed issuance or sale in accordance with Section 4(d)) by the Company after the Original Issue Date of: (a) shares of Common Stock issued upon the exercise of this Warrant; (b) up to an aggregate of 15,000,000 shares of Common Stock (as such number of shares is equitably adjusted for subsequent stock splits, stock combinations, stock dividends, and recapitalizations) issued directly or upon the exercise of Options to directors, officers, employees, or consultants of the Company in connection with their service as directors of the Company, their employment by the Company, or their retention as consultants by the Company, in each case authorized by the Board and issued pursuant to the Company's 2023 Omnibus Equity Incentive Plan (including all such shares of Common Stock and Options outstanding prior to the Original Issue Date); (c) shares of Common Stock issued upon the conversion or exercise of Options (other than Options covered by clause (b) above) or Convertible Securities issued prior to the Original Issue Date, *provided* that such securities are not amended after the date hereof to increase the number of shares of Common Stock issuable thereunder or to lower the exercise or conversion price thereof except in accordance with the terms of such Options or Convertible Securities; (d) shares of Common Stock, Options, or Convertible Securities issued (i) to Persons in connection with a joint venture, strategic alliance, or other commercial relationship with such Person (including Persons that are customers, suppliers, and strategic partners of the Company) relating to the operation of the Company's business and not for the primary purpose of raising equity capital, (ii) in connection with a transaction in which the Company, directly or indirectly, acquires another business or its tangible or intangible assets, or (iii) to lenders as equity kickers in connection with debt financings of the Company, in each case where such transactions have been approved by the Board; (e) shares of Common Stock in an offering for cash for the account of the Company that is underwritten on a firm commitment basis and is registered with the Securities and Exchange Commission under the Securities Act; or (f) shares of Common Stock, Options, or Convertible Securities issued to the lessor or vendor in any office lease or equipment lease or similar equipment financing transaction in which the Company obtains the use of such office space or equipment for its business.

"**Exercise Date**" means, for any given exercise of this Warrant, the date on which the conditions to such exercise as set forth in Section 3 shall have been satisfied at or prior to 5:00 p.m., Eastern Time, on a Business Day, including the receipt by the Company of the Exercise Notice, the Warrant, and the Aggregate Exercise Price.

"**Exercise Notice**" has the meaning set forth in Section 3(a)(i).

"**Exercise Period**" has the meaning set forth in Section 2.

"**Exercise Price**" has the meaning set forth in the preamble.

"**Fair Market Value**" means, as of any particular date: (a) the volume weighted average of the closing sales prices of the Common Stock for such day on all domestic securities exchanges on which the Common Stock may at the time be listed; (b) if there have been no sales of the Common Stock on any such exchange on any such day, the average of the highest bid and lowest asked prices for the Common Stock on all such exchanges at the end of such day; (c) if on any such day the Common Stock is not listed on a domestic securities exchange, the closing sales price of the Common Stock as quoted on the OTC Bulletin Board, the Pink OTC Markets, or similar quotation system or association for such day; or (d) if there have been no sales of the Common Stock on the OTC Bulletin Board, the Pink OTC Markets, or similar quotation system or association on such day, the average of the highest bid and lowest asked prices for the Common Stock quoted on the OTC Bulletin Board, the Pink OTC Markets, or similar quotation system or association at the end of such day; in each case, averaged over twenty (20) consecutive Business Days ending on the Business Day immediately prior to the day as of which "Fair Market Value" is being determined; *provided*, that if the Common Stock is listed on any domestic securities exchange, the term "Business Day" as used in this sentence means Business Days on which such exchange is open for trading. If at any time the Common Stock is not listed on any domestic securities exchange or quoted on the OTC Bulletin Board, the Pink OTC Markets, or similar quotation system or association, the "Fair Market Value" of the Common Stock shall be the fair market value per share as determined jointly by the Board and the Holder; *provided*, that if the Board and the Holder are unable to agree on the fair market value per share of the Common Stock within a reasonable period of time (not to exceed ten (10) Business Days from the Company's receipt of the Exercise Notice), such fair market value shall be determined by a nationally recognized investment banking, accounting, or valuation firm engaged by the Company. The determination of such firm shall be final and conclusive, and the fees and expenses of such valuation firm shall be borne equally by the Company and the Holder.

In determining the Fair Market Value of the Common Stock, an orderly sale transaction between a willing buyer and a willing seller shall be assumed, using valuation techniques then prevailing in the securities industry without regard to the lack of liquidity of the Common Stock due to any restrictions (contractual or otherwise) applicable thereto or any discount for minority interests and assuming full disclosure of all relevant information and a reasonable period of time for effectuating such sale and assuming the sale of all of the issued and outstanding Common Stock (including fractional interests) calculated on a fully diluted basis to include the conversion or exchange of all securities then outstanding that are convertible into or exchangeable for Common Stock and the exercise of all rights and warrants then outstanding and exercisable to purchase shares of Common Stock or securities convertible into or exchangeable for shares of Common Stock; *provided*, that such assumption shall not include those securities, rights, and warrants (a) owned or held by or for the account of the Company or any of its subsidiaries, or (b) convertible or exchangeable into Common Stock where the conversion, exchange, or exercise price per share is greater than the Fair Market Value.

"**Holder**" has the meaning set forth in the preamble.

"**Options**" means any warrants or other rights or options to subscribe for or purchase Common Stock or Convertible Securities.

"**Original Issue Date**" means the date on which the Warrant was issued by the Company pursuant to the Purchase Agreement.

"**Nasdaq**" means The NASDAQ Stock Market LLC.

"**OTC Bulletin Board**" means the Financial Industry Regulatory Authority OTC Bulletin Board electronic inter-dealer quotation system.

"**Person**" means any individual, sole proprietorship, partnership, limited liability company, corporation, joint venture, trust, incorporated organization, or government or department or agency thereof.

"**Pink OTC Markets**" means the OTC Markets Group Inc. electronic inter-dealer quotation system, including OTCQX, OTCQB, and OTC Pink.

"**Purchase Agreement**" has the meaning set forth in the preamble.

"**Securities Act**" has the meaning set forth in Section 9(a).

"**Warrant**" means this Warrant and all warrants issued upon division or combination of, or in substitution for, this Warrant.

"**Warrant Shares**" means the shares of Common Stock or other capital stock of the Company then purchasable upon exercise of this Warrant in accordance with the terms of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Term of Warrant</u>. Subject to the terms and conditions hereof, at any time or from time to time after the date hereof and prior to 5:00 p.m., Eastern Time, on the fifth year anniversary of the Purchase Agreement or, if such day is not a Business Day, on the next preceding Business Day (the "**Exercise Period**"), the Holder of this Warrant may exercise this Warrant for all or any part of the Warrant Shares purchasable hereunder (subject to adjustment as provided herein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Exercise of Warrant</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Exercise Procedure</u>. Subject to the terms of the Purchase Agreement, this Warrant may be exercised from time to time on any Business Day during the Exercise Period, for all or any part of the unexercised Warrant Shares, upon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) surrender of this Warrant to the Company at its then principal executive offices (or an indemnification undertaking with respect to this Warrant in the case of its loss, theft, or destruction), together with an Exercise Notice in the form attached hereto as <u>Exhibit A</u> (each, an "**Exercise Notice**"), duly completed (including specifying the number of Warrant Shares to be purchased) and executed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) payment to the Company of the Aggregate Exercise Price in accordance with Section 3(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Payment of the Aggregate Exercise Price</u>. Payment of the Aggregate Exercise Price shall be made, at the option of the Holder as expressed in the Exercise Notice, by one of the following methods:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by delivery to the Company of a certified or official bank check payable to the order of the Company or by wire transfer of immediately available funds to an account designated in writing by the Company, in the amount of such Aggregate Exercise Price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by instructing the Company to withhold a number of Warrant Shares then issuable upon exercise of this Warrant with an aggregate Fair Market Value as of the Exercise Date equal to such Aggregate Exercise Price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) by surrendering to the Company (x) Warrant Shares previously acquired by the Holder with an aggregate Fair Market Value as of the Exercise Date equal to such Aggregate Exercise Price and/or (y) other securities of the Company having a value as of the Exercise Date equal to the Aggregate Exercise Price (which value in the case of debt securities shall be the principal amount thereof plus accrued and unpaid interest, in the case of preferred stock shall be the liquidation value thereof plus accumulated and unpaid dividends and in the case of shares of Common Stock shall be the Fair Market Value thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any combination of the foregoing.

In the event of any withholding of Warrant Shares or surrender of other equity securities pursuant to Section 3(b)(ii), 3(b)(iii) or 3(b)(iv) above where the number of shares whose value is equal to the Aggregate Exercise Price is not a whole number, the number of shares withheld by or surrendered to the Company shall be rounded up to the nearest whole share and the Company shall make a cash payment to the Holder (by delivery of a certified or official bank check or by wire transfer of immediately available funds) based on the incremental fraction of a share being so withheld by or surrendered to the Company in an amount equal to the product of (x) such incremental fraction of a share being so withheld or surrendered multiplied by (y) in the case of Common Stock, the Fair Market Value per Warrant Share as of the Exercise Date, and, in all other cases, the value thereof as of the Exercise Date determined in accordance with clause (iii)(y) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Delivery of Stock Certificates</u>. Upon receipt by the Company of the Exercise Notice, surrender of this Warrant, and payment of the Aggregate Exercise Price (in accordance with Section 3(a) hereof), the Company shall, as promptly as practicable, and in any event within five (5) Business Days thereafter, execute (or cause to be executed) and deliver (or cause to be delivered) to the Holder a certificate or certificates representing the Warrant Shares issuable upon such exercise, together with cash in lieu of any fraction of a share, as provided in Section 3(d) hereof. The stock certificate or certificates so delivered shall be registered in the name of the Holder or, subject to compliance with Section 6 below, such other Person's name as shall be designated in the Exercise Notice. This Warrant shall be deemed to have been exercised and such certificate or certificates of Warrant Shares shall be deemed to have been issued, and the Holder or any other Person so designated to be named therein shall be deemed to have become a holder of record of such Warrant Shares for all purposes, as of the Exercise Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Fractional Shares</u>. The Company shall not be required to issue a fractional Warrant Share upon exercise of any Warrant. As to any fraction of a Warrant Share that the Holder would otherwise be entitled to purchase upon such exercise, the Company shall pay to such Holder an amount in cash (by delivery of a certified or official bank check or by wire transfer of immediately available funds) equal to the product of (i) such fraction multiplied by (ii) the Fair Market Value of one Warrant Share on the Exercise Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Delivery of New Warrant</u>. Unless the purchase rights represented by this Warrant shall have expired or shall have been fully exercised, the Company shall, at the time of delivery of the certificate or certificates representing the Warrant Shares being issued in accordance with Section 3(c) hereof, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unexpired and unexercised Warrant Shares called for by this Warrant. Such new Warrant shall in all other respects be identical to this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Valid Issuance of Warrant and Warrant Shares; Payment of Taxes</u>. With respect to the exercise of this warrant, the Company hereby represents, covenants, and agrees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) This Warrant is, and any Warrant issued in substitution for or replacement of this Warrant shall be, upon issuance, duly authorized and validly issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All Warrant Shares issuable upon the exercise of this Warrant pursuant to the terms hereof shall be, upon issuance, and the Company shall take all such actions as may be necessary or appropriate in order that such Warrant Shares are, validly issued, fully paid, and non-assessable, issued without violation of any preemptive or similar rights of any stockholder of the Company and free and clear of all taxes, liens, and charges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Company shall take all such actions as may be necessary to ensure that all such Warrant Shares are issued without violation by the Company of any applicable law or governmental regulation or any requirements of any domestic securities exchange upon which shares of Common Stock or other securities constituting Warrant Shares may be listed at the time of such exercise (except for official notice of issuance which shall be immediately delivered by the Company upon each such issuance).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Company shall use its best efforts to cause the Warrant Shares, immediately upon such exercise, to be listed on any domestic securities exchange upon which shares of Common Stock or other securities constituting Warrant Shares are listed at the time of such exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Company shall pay all expenses in connection with, and all taxes and other governmental charges that may be imposed with respect to, the issuance or delivery of Warrant Shares upon exercise of this Warrant; *provided*, that the Company shall not be required to pay any tax or governmental charge that may be imposed with respect to any applicable withholding or the issuance or delivery of the Warrant Shares to any Person other than the Holder, and no such issuance or delivery shall be made unless and until the Person requesting such issuance has paid to the Company the amount of any such tax, or has established to the satisfaction of the Company that such tax has been paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Conditional Exercise</u>. Notwithstanding any other provision hereof, if an exercise of any portion of this Warrant is to be made in connection with a public offering or a sale of the Company (pursuant to a merger, sale of stock, or otherwise), such exercise may at the election of the Holder be conditioned upon the consummation of such transaction, in which case such exercise shall not be deemed to be effective until immediately prior to the consummation of such transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Reservation of Shares</u>. During the Exercise Period, the Company shall at all times reserve and keep available out of its authorized but unissued Common Stock or other securities constituting Warrant Shares, solely for the purpose of issuance upon the exercise of this Warrant, the maximum number of Warrant Shares issuable upon the exercise of this Warrant, and the par value per Warrant Share shall at all times be less than or equal to the applicable Exercise Price. The Company shall not increase the par value of any Warrant Shares receivable upon the exercise of this Warrant above the Exercise Price then in effect, and shall take all such actions as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable shares of Common Stock upon the exercise of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Adjustment to Exercise Price and Number of Warrant Shares</u>. In order to prevent dilution of the purchase rights granted under this Warrant, the Exercise Price and the number of Warrant Shares issuable upon exercise of this Warrant shall be subject to adjustment from time to time as provided in this Section 4 (in each case, after taking into consideration any prior adjustments pursuant to this Section 4).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Adjustment to Exercise Price Upon Issuance of Common Stock</u>. Except as provided in Section 4(c) and except in the case of an event described in either Section 4(e) or Section 4(f), if the Company shall, at any time or from time to time after the Original Issue Date, issue or sell, or in accordance with Section 4(d) is deemed to have issued or sold, any shares of Common Stock without consideration or for consideration per share less than the Exercise Price in effect immediately prior to such issuance or sale (or deemed issuance or sale), then immediately upon such issuance or sale (or deemed issuance or sale), the Exercise Price in effect immediately prior to such issuance or sale (or deemed issuance or sale) shall be reduced (and in no event increased) to an Exercise Price equal to the quotient obtained by dividing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the sum of (A) the product obtained by multiplying the Common Stock Deemed Outstanding immediately prior to such issuance or sale (or deemed issuance or sale) by the Exercise Price then in effect plus (B) the aggregate consideration, if any, received by the Company upon such issuance or sale (or deemed issuance or sale); by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the sum of (A) the Common Stock Deemed Outstanding immediately prior to such issuance or sale (or deemed issuance or sale) plus (B) the aggregate number of shares of Common Stock issued or sold (or deemed issued or sold) by the Company in such issuance or sale (or deemed issuance or sale).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Adjustment to Number of Warrant Shares Upon Adjustment to Exercise Price. Upon any and each adjustment of the Exercise Price as provided in Section 4(a), the number of Warrant Shares issuable upon the exercise of this Warrant immediately prior to any such adjustment shall be increased to a number of Warrant Shares equal to the quotient obtained by dividing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the product of (A) the Exercise Price in effect immediately prior to any such adjustment multiplied by (B) the number of Warrant Shares issuable upon exercise of this Warrant immediately prior to any such adjustment; by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Exercise Price resulting from such adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Exceptions To Adjustment Upon Issuance of Common Stock. Anything herein to the contrary notwithstanding, there shall be no adjustment to the Exercise Price or the number of Warrant Shares issuable upon exercise of this Warrant with respect to any Excluded Issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Effect of Certain Events on Adjustment to Exercise Price</u>. For purposes of determining the adjusted Exercise Price under Section 4(a) hereof, the following shall be applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Issuance of Options</u>. If the Company shall, at any time or from time to time after the Original Issue Date, in any manner grant or sell (whether directly or by assumption in a merger or otherwise) any Options, whether or not such Options or the right to convert or exchange any Convertible Securities issuable upon the exercise of such Options are immediately exercisable, and the price per share (determined as provided in this paragraph and in Section 4(d)(v)) for which Common Stock is issuable upon the exercise of such Options or upon the conversion or exchange of Convertible Securities issuable upon the exercise of such Options is less than the Exercise Price in effect immediately prior to the time of the granting or sale of such Options, then the total maximum number of shares of Common Stock issuable upon the exercise of such Options or upon conversion or exchange of the total maximum amount of Convertible Securities issuable upon the exercise of such Options shall be deemed to have been issued as of the date of granting or sale of such Options (and thereafter shall be deemed to be outstanding for purposes of adjusting the Exercise Price under Section 4(a)), at a price per share equal to the quotient obtained by dividing (A) the sum (which sum shall constitute the applicable consideration received for purposes of Section 4(a)) of (x) the total amount, if any, received or receivable by the Company as consideration for the granting or sale of all such Options, plus (y) the minimum aggregate amount of additional consideration payable to the Company upon the exercise of all such Options, plus (z) in the case of such Options which relate to Convertible Securities, the minimum aggregate amount of additional consideration, if any, payable to the Company upon the issuance or sale of all such Convertible Securities and the conversion or exchange of all such Convertible Securities, by (B) the total maximum number of shares of Common Stock issuable upon the exercise of all such Options or upon the conversion or exchange of all Convertible Securities issuable upon the exercise of all such Options. Except as otherwise provided in Section 4(d)(iii), no further adjustment of the Exercise Price shall be made upon the actual issuance of Common Stock or of Convertible Securities upon exercise of such Options or upon the actual issuance of Common Stock upon conversion or exchange of Convertible Securities issuable upon exercise of such Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Issuance of Convertible Securities</u>. If the Company shall, at any time or from time to time after the Original Issue Date, in any manner grant or sell (whether directly or by assumption in a merger or otherwise) any Convertible Securities, whether or not the right to convert or exchange any such Convertible Securities is immediately exercisable, and the price per share (determined as provided in this paragraph and in Section 4(d)(v)) for which Common Stock is issuable upon the conversion or exchange of such Convertible Securities is less than the Exercise Price in effect immediately prior to the time of the granting or sale of such Convertible Securities, then the total maximum number of shares of Common Stock issuable upon conversion or exchange of the total maximum amount of such Convertible Securities shall be deemed to have been issued as of the date of granting or sale of such Convertible Securities (and thereafter shall be deemed to be outstanding for purposes of adjusting the Exercise Price pursuant to Section 4(a)), at a price per share equal to the quotient obtained by dividing (A) the sum (which sum shall constitute the applicable consideration received for purposes of Section 4(a)) of (x) the total amount, if any, received or receivable by the Company as consideration for the granting or sale of such Convertible Securities, plus (y) the minimum aggregate amount of additional consideration, if any, payable to the Company upon the conversion or exchange of all such Convertible Securities, by (B) the total maximum number of shares of Common Stock issuable upon the conversion or exchange of all such Convertible Securities. Except as otherwise provided in Section 4(d)(iii), no further adjustment of the Exercise Price shall be made upon the actual issuance of Common Stock upon conversion or exchange of such Convertible Securities or the issue or sale of Convertible Securities upon exercise of any Options to purchase any such Convertible Securities for which adjustments of the Exercise Price have been made pursuant to the other provisions of this Section 4(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Change in Terms of Options or Convertible Securities</u>. Upon any change in any of (A) the total amount received or receivable by the Company as consideration for the granting or sale of any Options or Convertible Securities referred to in Section 4(d)(i) or Section 4(d)(ii) hereof, (B) the minimum aggregate amount of additional consideration, if any, payable to the Company upon the exercise of any Options or upon the issuance, conversion or exchange of any Convertible Securities referred to in Section 4(d)(i) or Section 4(d)(ii) Section 4(d)(i) or Section 4(d)(ii) hereof, (C) the rate at which Convertible Securities referred to in hereof are convertible into or exchangeable for Common Stock, or (D) the maximum number of shares of Common Stock issuable in connection with any Options referred to in Section 4(d)(i) hereof or any Convertible Securities referred to in Section 4(d)(ii) hereof (in each case, other than in connection with an Excluded Issuance), then (whether or not the original issuance or sale of such Options or Convertible Securities resulted in an adjustment to the Exercise Price pursuant to this Section 4) the Exercise Price in effect at the time of such change shall be adjusted or readjusted, as applicable, to the Exercise Price which would have been in effect at such time pursuant to the provisions of this Section 4 had such Options or Convertible Securities still outstanding provided for such changed consideration, conversion rate, or maximum number of shares, as the case may be, at the time initially granted, issued, or sold, but only if as a result of such adjustment or readjustment the Exercise Price then in effect is reduced, and the number of Warrant Shares issuable upon the exercise of this Warrant immediately prior to any such adjustment or readjustment shall be correspondingly adjusted or readjusted pursuant to the provisions of Section 4(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Treatment of Expired or Terminated Options or Convertible Securities</u>. Upon the expiration or termination of any unexercised Option (or portion thereof) or any unconverted or unexchanged Convertible Security (or portion thereof) for which any adjustment (either upon its original issuance or upon a revision of its terms) was made pursuant to this Section 4 (including upon the redemption or purchase for consideration of all or any portion of such Option or Convertible Security by the Company), the Exercise Price then in effect hereunder shall forthwith be changed pursuant to the provisions of this Section 4 to the Exercise Price which would have been in effect at the time of such expiration or termination had such unexercised Option (or portion thereof) or unconverted or unexchanged Convertible Security (or portion thereof), to the extent outstanding immediately prior to such expiration or termination, never been issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) C<u>alculation of Consideration Received</u>. If the Company shall, at any time or from time to time after the Original Issue Date, issue or sell, or is deemed to have issued or sold in accordance with Section 4(d), any shares of Common Stock, Options, or Convertible Securities: (A) for cash, the consideration received therefor shall be deemed to be the net amount received by the Company therefor; (B) for consideration other than cash, the amount of the consideration other than cash received by the Company shall be the fair value of such consideration, except where such consideration consists of marketable securities, in which case the amount of consideration received by the Company shall be the market price (as reflected on any securities exchange, quotation system or association, or similar pricing system covering such security) for such securities as of the end of business on the date of receipt of such securities; (C) for no specifically allocated consideration in connection with an issuance or sale of other securities of the Company, together comprising one integrated transaction, the amount of the consideration therefor shall be deemed to be the fair value of such portion of the aggregate consideration received by the Company in such transaction as is attributable to such shares of Common Stock, Options, or Convertible Securities, as the case may be, issued in such transaction; or (D) to the owners of the non-surviving entity in connection with any merger in which the Company is the surviving corporation, the amount of consideration therefor shall be deemed to be the fair value of such portion of the net assets and business of the non-surviving entity as is attributable to such shares of Common Stock, Options, or Convertible Securities, as the case may be, issued to such owners. The net amount of any cash consideration and the fair value of any consideration other than cash or marketable securities shall be determined in good faith jointly by the Board and the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) <u>Record Date</u>. For purposes of any adjustment to the Exercise Price or the number of Warrant Shares in accordance with this Section 4, in case the Company shall take a record of the holders of its Common Stock for the purpose of entitling them (A) to receive a dividend or other distribution payable in Common Stock, Options, or Convertible Securities or (B) to subscribe for or purchase Common Stock, Options, or Convertible Securities, then such record date shall be deemed to be the date of the issue or sale of the shares of Common Stock deemed to have been issued or sold upon the declaration of such dividend or the making of such other distribution or the date of the granting of such right of subscription or purchase, as the case may be; *provided*, that if before the distribution to its holders of Common Stock the Company legally abandons its plan to pay or deliver such dividend, distribution, subscription, or purchase rights, then thereafter no adjustment shall be required by the taking of such record and any such adjustment previously made in respect thereof shall be rescinded and annulled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) <u>Treasury Shares</u>. The number of shares of Common Stock outstanding at any given time shall not include shares owned or held by or for the account of the Company or any of its wholly-owned subsidiaries, and the disposition of any such shares (other than the cancellation or retirement thereof or the transfer of such shares among the Company and its wholly-owned subsidiaries) shall be considered an issue or sale of Common Stock for the purpose of this Section 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Adjustment to Exercise Price and Warrant Shares Upon Dividend, Subdivision or Combination of Common Stock</u>. If the Company shall, at any time or from time to time after the Original Issue Date, (i) pay a dividend or make any other distribution upon the Common Stock or any other capital stock of the Company payable in shares of Common Stock or in Options or Convertible Securities, or (ii) subdivide (by any stock split, recapitalization, or otherwise) its outstanding shares of Common Stock into a greater number of shares, the Exercise Price in effect immediately prior to any such dividend, distribution, or subdivision shall be proportionately reduced and the number of Warrant Shares issuable upon exercise of this Warrant shall be proportionately increased. If the Company at any time combines (by combination, reverse stock split, or otherwise) its outstanding shares of Common Stock into a smaller number of shares, the Exercise Price in effect immediately prior to such combination shall be proportionately increased and the number of Warrant Shares issuable upon exercise of this Warrant shall be proportionately decreased. Any adjustment under this Section 4(e) shall become effective at the close of business on the date the dividend, subdivision, or combination becomes effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Adjustment to Exercise Price and Warrant Shares Upon Reorganization, Reclassification, Consolidation, or Merger</u>. In the event of any (i) capital reorganization of the Company, (ii) reclassification of the stock of the Company (other than a change in par value or from par value to no par value or from no par value to par value or as a result of a stock dividend or subdivision, split-up, or combination of shares), (iii) consolidation or merger of the Company with or into another Person, (iv) sale of all or substantially all of the Company's assets to another Person or (v) other similar transaction (other than any such transaction covered by Section 4(e)), in each case which entitles the holders of Common Stock to receive (either directly or upon subsequent liquidation) stock, securities, or assets with respect to or in exchange for Common Stock, each Warrant shall, immediately after such reorganization, reclassification, consolidation, merger, sale, or similar transaction, remain outstanding and shall thereafter, in lieu of or in addition to (as the case may be) the number of Warrant Shares then exercisable under this Warrant, be exercisable for the kind and number of shares of stock or other securities or assets of the Company or of the successor Person resulting from such transaction to which the Holder would have been entitled upon such reorganization, reclassification, consolidation, merger, sale, or similar transaction if the Holder had exercised this Warrant in full immediately prior to the time of such reorganization, reclassification, consolidation, merger, sale, or similar transaction and acquired the applicable number of Warrant Shares then issuable hereunder as a result of such exercise (without taking into account any limitations or restrictions on the exercisability of this Warrant); and, in such case, appropriate adjustment (in form and substance satisfactory to the Holder) shall be made with respect to the Holder's rights under this Warrant to insure that the provisions of Section 4 shall thereafter be applicable, as nearly as possible, to this Warrant in relation to any shares of stock, securities, or assets thereafter acquirable upon exercise of this Warrant (including, in the case of any consolidation, merger, sale, or similar transaction in which the successor or purchasing Person is other than the Company, an immediate adjustment in the Exercise Price to the value per share for the Common Stock reflected by the terms of such consolidation, merger, sale, or similar transaction, and a corresponding immediate adjustment to the number of Warrant Shares acquirable upon exercise of this Warrant without regard to any limitations or restrictions on exercise, if the value so reflected is less than the Exercise Price in effect immediately prior to such consolidation, merger, sale, or similar transaction). The provisions of this Section 4(f) shall similarly apply to successive reorganizations, reclassifications, consolidations, mergers, sales, or similar transactions. The Company shall not effect any such reorganization, reclassification, consolidation, merger, sale, or similar transaction unless, prior to the consummation thereof, the successor Person (if other than the Company) resulting from such reorganization, reclassification, consolidation, merger, sale, or similar transaction, shall assume, by written instrument substantially similar in form and substance to this Warrant and satisfactory to the Holder, the obligation to deliver to the Holder such shares of stock, securities, or assets which, in accordance with the foregoing provisions, such Holder shall be entitled to receive upon exercise of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Certificate as to Adjustment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) As promptly as reasonably practicable following any adjustment of the Exercise Price, but in any event not later than five (5) Business Days thereafter, the Company shall furnish to the Holder a certificate of an executive officer setting forth in reasonable detail such adjustment and the facts upon which it is based and certifying the calculation thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) As promptly as reasonably practicable following the receipt by the Company of a written request by the Holder, but in any event not later than five (5) Business Days thereafter, the Company shall furnish to the Holder a certificate of an executive officer certifying the Exercise Price then in effect and the number of Warrant Shares or the amount, if any, of other shares of stock, securities, or assets then issuable upon exercise of the Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Notices</u>. In the event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that the Company shall take a record of the holders of its Common Stock (or other capital stock or securities at the time issuable upon exercise of the Warrant) for the purpose of entitling or enabling them to receive any dividend or other distribution, to vote at a meeting (or by written consent), to receive any right to subscribe for or purchase any shares of capital stock of any class or any other securities, or to receive any other security; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) of any capital reorganization of the Company, any reclassification of the Common Stock of the Company, any consolidation or merger of the Company with or into another Person, or any sale of all or substantially all of the Company's assets to another Person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) of the voluntary or involuntary dissolution, liquidation, or winding-up of the Company;

then, and in each such case, the Company shall send or cause to be sent to the Holder at least five (5) Business Days prior to the applicable record date or the applicable expected effective date, as the case may be, for the event, a written notice specifying, as the case may be, (A) the record date for such dividend, distribution, meeting or consent, or other right or action, and a description of such dividend, distribution, or other right or action to be taken at such meeting or by written consent, or (B) the effective date on which such reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation, or winding-up is proposed to take place, and the date, if any is to be fixed, as of which the books of the Company shall close or a record shall be taken with respect to which holders of record of Common Stock (or such other capital stock or securities at the time issuable upon exercise of the Warrant) shall be entitled to exchange their shares of Common Stock (or such other capital stock or securities) for securities or other property deliverable upon such reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation, or winding-up, and the amount per share and character of such exchange applicable to the Warrant and the Warrant Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Purchase Rights</u>. In addition to any adjustments pursuant to Section 4 above, if at any time the Company grants, issues, or sells any shares of Common Stock, Options, Convertible Securities, or rights to purchase stock, warrants, securities, or other property pro rata to the record holders of Common Stock (the "**Purchase Rights**"), then the Holder shall be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder would have acquired if the Holder had held the number of Warrant Shares acquirable upon complete exercise of this Warrant immediately before the date on which a record is taken for the grant, issuance, or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of Common Stock are to be determined for the grant, issue, or sale of such Purchase Rights. Anything herein to the contrary notwithstanding, the Holder shall not be entitled to the Purchase Rights granted herein with respect to any Excluded Issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Transfer of Warrant</u>. Subject to the terms of the Purchase Agreement and the transfer conditions referred to in the legend endorsed hereon, this Warrant and all rights hereunder are transferable, in whole or in part, by the Holder without charge to the Holder, upon surrender of this Warrant to the Company at its then principal executive offices with a properly completed and duly executed assignment in the form attached hereto as <u>Exhibit B</u>, together with funds sufficient to pay any transfer taxes described in Section 3(f)(v) in connection with the making of such transfer. Upon such compliance, surrender, and delivery and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees and in the denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant, if any, not so assigned and this Warrant shall promptly be cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Holder Not Deemed a Stockholder; Limitations on Liability</u>. Except as otherwise specifically provided herein, prior to the issuance to the Holder of the Warrant Shares to which the Holder is then entitled to receive upon the due exercise of this Warrant, the Holder shall not be entitled to receive dividends or be deemed the holder of shares of capital stock of the Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, as such, any of the rights of a stockholder of the Company or any right to receive notice of meetings, receive dividends or subscription rights, or otherwise. In addition, nothing contained in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the Company or by creditors of the Company. Notwithstanding anything to the contrary in the Purchase Agreement or herein, the Holder of the Warrant Shares shall have the right to vote, give, or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation, merger, conveyance, or otherwise) of the Company as if the Holder were a stockholder of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Replacement on Loss; Division and Combination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Replacement of Warrant on Loss</u>. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction, or mutilation of this Warrant and upon delivery of an indemnity reasonably satisfactory to it (it being understood that a written indemnification agreement or affidavit of loss of the Holder shall be a sufficient indemnity) and, in case of mutilation, upon surrender of such Warrant for cancellation to the Company, the Company at its own expense shall execute and deliver to the Holder, in lieu hereof, a new Warrant of like tenor and exercisable for an equivalent number of Warrant Shares as the Warrant so lost, stolen, mutilated, or destroyed; *provided*, that, in the case of mutilation, no indemnity shall be required if this Warrant in identifiable form is surrendered to the Company for cancellation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Division and Combination of Warrant</u>. Subject to compliance with the applicable provisions of this Warrant as to any transfer or other assignment which may be involved in such division or combination, this Warrant may be divided or, following any such division of this Warrant, subsequently combined with other Warrants, upon the surrender of this Warrant or Warrants to the Company at its then principal executive offices, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the respective Holders or their agents or attorneys. Subject to compliance with the applicable provisions of this Warrant as to any transfer or assignment which may be involved in such division or combination, the Company shall at its own expense execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants so surrendered in accordance with such notice. Such new Warrant or Warrants shall be of like tenor to the surrendered Warrant or Warrants and shall be exercisable in the aggregate for an equivalent number of Warrant Shares as the Warrant or Warrants so surrendered in accordance with such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Compliance with the Securities Act</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Agreement to Comply with the Securities Act; Legend</u>. The Holder, by acceptance of this Warrant, agrees to comply in all respects with the provisions of this Section 9 and the restrictive legend requirements set forth on the face of this Warrant and further agrees that such Holder shall not offer, sell, or otherwise dispose of this Warrant or any Warrant Shares to be issued upon exercise hereof except under circumstances that will not result in a violation of the Securities Act of 1933, as amended (the "**Securities Act**"). This Warrant and all Warrant Shares issued upon exercise of this Warrant (unless registered under the Securities Act) shall be stamped or imprinted with a legend in substantially the following form:

"THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. THE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED, OR OTHERWISE TRANSFERRED EXCEPT (1) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OR (2) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE STATE SECURITIES LAWS AND THE SECURITIES LAWS OF OTHER JURISDICTIONS, AND IN THE CASE OF A TRANSACTION EXEMPT FROM REGISTRATION, UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT OR SUCH OTHER APPLICABLE LAWS."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Representations of the Holder</u>. In connection with the issuance of this Warrant, the Holder specifically represents, as of the date hereof, to the Company by acceptance of this Warrant as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Holder is an "accredited investor" as defined in Rule 501(a) of Regulation D promulgated under the Securities Act. The Holder is acquiring this Warrant and the Warrant Shares to be issued upon exercise hereof for investment for its own account and not with a view towards, or for resale in connection with, the public sale or distribution of this Warrant or the Warrant Shares, except pursuant to sales registered or exempted under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Holder understands and acknowledges that this Warrant and the Warrant Shares to be issued upon exercise hereof are "restricted securities" under the federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that, under such laws and applicable regulations, such securities may be resold without registration under the Securities Act only in certain limited circumstances. In addition, the Holder represents that it is familiar with Rule 144 under the Securities Act, as presently in effect, and understands the resale limitations imposed thereby and by the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Holder acknowledges that it can bear the economic and financial risk of its investment for an indefinite period, and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Warrant and the Warrant Shares. The Holder has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of the Warrant and the business, properties, prospects, and financial condition of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Warrant Register</u>. The Company shall keep and properly maintain at its principal executive offices books for the registration of the Warrant and any transfers thereof. The Company may deem and treat the Person in whose name the Warrant is registered on such register as the Holder thereof for all purposes, and the Company shall not be affected by any notice to the contrary, except any assignment, division, combination, or other transfer of the Warrant effected in accordance with the provisions of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Notices</u>. All notices, requests, consents, claims, demands, waivers, and other communications hereunder shall be in writing and shall be deemed to have been given: (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by email of a PDF document (with confirmation of transmission) if sent during normal business hours of the recipient, and on the next Business Day if sent after normal business hours of the recipient; or (d) on the third day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid. Such communications must be sent to the respective parties at the addresses indicated below (or at such other address for a party as shall be specified in a notice given in accordance with this Section 11).

---

| | |
|:---|:---|
| If to the Company: | Graphjet Technology<br> Lot 3895, Lorong 6D, Kampung Baru Subang<br> Seksyen U6, 40150 Shah Alam Selangor<br> Malaysia<br> Email: chrislai@graphjettech.com<br> Attention: Chris Lai<br>|
| with a copy to (which shall not constitute notice): | Duane Morris LLP<br> 901 New York Avenue, N.W.<br> Suite 700<br> Washington, DC 20001<br> Email: atucker@duanemorris.com<br> Attention: Andy Tucker<br>|
| If to the Holder: | Aiden Lee Ping Wei<br> 44, Lorong Alma Jaya, Taman Alma Jaya 31<br> Bukit Mertajam, Pulau Pinang, 14000<br> Malaysia<br> Email: [\*\*\*]<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Cumulative Remedies</u>. Except to the extent expressly provided in Section 7 to the contrary, the rights and remedies provided in this Warrant are cumulative and are not exclusive of, and are in addition to and not in substitution for, any other rights or remedies available at law, in equity or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Equitable Relief</u>. Each of the Company and the Holder acknowledges that a breach or threatened breach by such party of any of its obligations under this Warrant would give rise to irreparable harm to the other party hereto for which monetary damages would not be an adequate remedy and hereby agrees that in the event of a breach or a threatened breach by such party of any such obligations, the other party hereto shall, in addition to any and all other rights and remedies that may be available to it in respect of such breach, be entitled to equitable relief, including a restraining order, an injunction, specific performance, and any other relief that may be available from a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Entire Agreement</u>. This Warrant, together with the Purchase Agreement, constitutes the sole and entire agreement of the parties to this Warrant with respect to the subject matter contained herein, and supersedes all prior and contemporaneous understandings and agreements, both written and oral, with respect to such subject matter. In the event of any inconsistency between the statements in the body of this Warrant and the statements in the Purchase Agreement, the statements in the body of this Warrant shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Successor and Assigns</u>. This Warrant and the rights evidenced hereby shall be binding upon and shall inure to the benefit of the parties hereto and the successors of the Company and the successors and permitted assigns of the Holder. Such successors and/or permitted assigns of the Holder shall be deemed to be a Holder for all purposes hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>No Third-Party Beneficiaries</u>. This Warrant is for the sole benefit of the Company and the Holder and their respective successors and, in the case of the Holder, permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other Person any legal or equitable right, benefit, or remedy of any nature whatsoever, under or by reason of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Interpretation</u>. For purposes of this Warrant and unless the context otherwise requires, (a) the words "include," "includes," and "including" are deemed to be followed by the words "without limitation," (b) the word "or" is not exclusive, and (c) the words "herein," "hereof," "hereby," "hereto," and "hereunder" refer to this Warrant as a whole. All references to "$" means the lawful currency of the United States of America. Whenever the singular is used in this Warrant, the same shall include the plural, and whenever the plural is used herein, the same shall include the singular, where appropriate. The headings in this Warrant are for reference only and shall not affect the interpretation of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Amendment and Modification; Waiver</u>. Except as otherwise provided herein, this Warrant may only be amended, modified, or supplemented by an agreement in writing signed by each party hereto. No waiver by the Company or the Holder of any of the provisions hereof shall be effective unless explicitly set forth in writing and signed by the party so waiving. No waiver by any party shall operate or be construed as a waiver in respect of any failure, breach, or default not expressly identified by such written waiver, whether of a similar or different character, and whether occurring before or after that waiver. No failure to exercise, or delay in exercising, any rights, remedy, power, or privilege arising from this Warrant shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power, or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power, or privilege.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Severability</u>. If any term or provision of this Warrant is invalid, illegal, or unenforceable in any jurisdiction, such invalidity, illegality, or unenforceability shall not affect any other term or provision of this Warrant or invalidate or render unenforceable such term or provision in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Governing Law</u>. This Warrant shall be governed by and construed in accordance with the internal laws of the State of Delaware without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of laws of any jurisdiction other than those of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Submission to Jurisdiction</u>. Any legal suit, action, or proceeding arising out of or based upon this Warrant or the transactions contemplated hereby may be instituted in the federal courts of the United States of America or the courts of the State of Delaware, and each party irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action, or proceeding. Service of process, summons, notice, or other document by certified or registered mail to such party's address set forth herein shall be effective service of process for any suit, action, or other proceeding brought in any such court. The parties irrevocably and unconditionally waive any objection to the laying of venue of any suit, action, or any proceeding in such courts and irrevocably waive and agree not to plead or claim in any such court that any such suit, action, or proceeding brought in any such court has been brought in an inconvenient forum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Waiver of Jury Trial</u>. Each party acknowledges and agrees that any controversy which may arise under this Warrant is likely to involve complicated and difficult issues and, therefore, each such party irrevocably and unconditionally waives any right it may have to a trial by jury in respect of any legal action arising out of or relating to this Warrant or the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. <u>Counterparts</u>. This Warrant may be executed in counterparts, each of which shall be deemed an original, but all of which together shall be deemed to be one and the same agreement. A signed copy of this Warrant delivered by facsimile, e-mail, or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. <u>No Strict Construction</u>. This Warrant shall be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting an instrument or causing any instrument to be drafted.

[*Signature page follows*.]

IN WITNESS WHEREOF, the Company has duly executed this Warrant on the Original Issue Date.

---

| | |
|:---|:---|
| GRAPHJET TECHNOLOGY | GRAPHJET TECHNOLOGY |
| By: | /s/ Chris Lai |
|  | Chris Lai |
|  | Chief Executive Officer |

---

---

| | |
|:---|:---|
| Accepted and agreed, | Accepted and agreed, |
| AIDEN LEE PING WEI | AIDEN LEE PING WEI |
| By: | /s/ Aiden Lee Ping Wei |

---

**Exhibit A**

**NOTICE OF EXERCISE**

---

| | |
|:---|:---|
| TO: | **GRAPHJET TECHNOLOGY** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The undersigned hereby elects to purchase __________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Payment shall take the form of (check applicable box):

☐ in lawful money of the United States; or

☐ if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in Section 3(b), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in Section 3(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The time of day this Notice of Exercise is being executed is:

The Warrant Shares shall be delivered to the following DWAC Account Number:

[SIGNATURE OF HOLDER]

Name of Investing Entity:

*Signature of Authorized Signatory of Investing Entity*:

Name of Authorized Signatory:

Title of Authorized Signatory:

Date:

**Exhibit B**

ASSIGNMENT FORM

 

*(To assign the foregoing Warrant, execute this form and supply required information. Do not use this form to exercise the Warrant to purchase shares.)*

FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

---

| | |
|:---|:---|
| Name: | |
|  | (Please Print) |
| Address: | |
|  | (Please Print) |
| Phone Number: | |
| Email Address: | |
| Dated: | |
| Holder's Signature: | |
| Holder's Address: | |

---

## Exhibit 5.1

**Exhibit 5.1**

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| | |
|:---|:---|
| ![](ex5-1_001.jpg) | Harney Westwood & Riegels (Cayman) LLP |
| ![](ex5-1_001.jpg) | 3rd Floor, Harbour Place |
| ![](ex5-1_001.jpg) | 103 South Church Street, PO Box 11088 |
| ![](ex5-1_001.jpg) | Grand Cayman KY1-1008, Cayman Islands |
| ![](ex5-1_001.jpg) | Tel: +1 345 949 8599 |

---

**DATE: 22 December 2025**

christopher.hall@harneys.com

george.weston@harneys.com

GYW/RYD/066049.0001

**Graphjet Technology**

Harneys Fiduciary (Cayman) Limited

4<sup>th</sup> Floor

Harbour Place

103 Church Street

Grand Cayman

KY1-1002

Attention: Alwyn Burton

Dear Sir or Madam

**Re: Graphjet Technology (Company No. 379437) (*Company*)**

We are attorneys-at-law qualified to practise in the Cayman Islands and have been asked to provide this legal opinion to you with regard to the laws of the Cayman Islands in relation to the Company's Form S-1 Registration Statement (***Registration Statement***), and the resale of up to 17,772,578 class A ordinary shares of $0.006 par value each in the Company (the ***Resale Shares***).

For the purposes of giving this opinion, we have examined the Documents (as defined in Schedule 1). We have not examined any other documents, official or corporate records or external or internal registers and have not undertaken or been instructed to undertake any further enquiry or due diligence in relation to the transaction which is the subject of this opinion.

In giving this opinion we have relied upon the assumptions set out in Schedule 2 which we have not verified.

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|  | Anguilla \| Bermuda \| British Virgin Islands<br> Cayman Islands \| Cyprus \| Hong Kong \| Jersey |
| Jersey legal services are provided through a referral arrangement with Harneys (Jersey) which is an independently owned and controlled Jersey law firm. | London \| Luxembourg \| Shanghai \| Singapore<br> harneys.com |

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Based solely upon the foregoing examinations and assumptions and having regard to legal considerations which we deem relevant, and subject to the qualifications set out in Schedule 3, we are of the opinion that under the laws of the Cayman Islands:

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| 1 | **Existence and Good Standing**. The Company is an exempted company, duly incorporated with limited liability, and is validly existing and in good standing under the laws of the Cayman Islands. It is a separate legal entity and is subject to suit in its own name. |

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| 2 | **Authorised Share Capital.** Based on our review of the Mem & Arts (as defined in Schedule 1), the share capital of the Company is US$6,000,000.00 divided into 1,000,000,000 class A ordinary shares of $0.006 par value each in the share capital of the Company. |

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| 3 | **Valid Issuance of Resale Shares.** The Resale Shares, when issued and sold in accordance with the Registration Statement, once duly authorised by passed resolutions and once consideration of not less than the par value is paid per share, will be duly authorised, validly issued, fully paid and non-assessable. Shares in the Company are issued when the name of that shareholder is entered on the register of members of the Company. |

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| 4 | **Court Search.** Based solely on our inspection of the Court Search, the Court Register (as defined in Schedule 1) disclosed no writ, originating summons, originating motion, petition (including any winding-up petition), counterclaim nor third party notice (***Originating Process***) nor any amended Originating Process pending before the Grand Court of the Cayman Islands, in which the Company is identified as a defendant or respondent. |

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This opinion is confined to the matters expressly opined on herein and given on the basis of the laws of the Cayman Islands as they are in force and applied by the Cayman Islands courts at the date of this opinion.

We have made no investigation of, and express no opinion on, the laws of any other jurisdiction. We express no opinion as to matters of fact. We express no opinion with respect to the commercial terms of the transactions the subject of this opinion.

This opinion is rendered for your benefit in connection with the transactions contemplated by the Transaction Documents. It may be disclosed on a non-reliance basis to:

&nbsp;&nbsp;&nbsp;&nbsp;(i) your professional advisers (acting only in that capacity);

&nbsp;&nbsp;&nbsp;&nbsp;(ii) any person to whom disclosure is required to be made by applicable law or pursuant to the rules or regulations of any regulatory body
exercising jurisdiction over you or in connection with any judicial proceedings; and

&nbsp;&nbsp;&nbsp;&nbsp;(iii) any of your successors in title and assignees.

It may not be disclosed to or relied on by any other party or for any other purpose.

This opinion shall be construed in accordance with the laws of the Cayman Islands.

Yours faithfully

![](ex5-1_002.jpg)

Harney Westwood & Riegels (Cayman) LLP

**SCHEDULE 1**

List of Documents Examined

1 A copy of the Certificate of Incorporation of the Company dated 6 August 2021 and the Certificate of Incorporation on Change of Name of the Company dated 14 March 2024, each issued by the Registrar.

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| 2 | A copy of the Second Amended and Restated Memorandum and Articles of Association of the Company (***Mem & Arts***) dated 22 December 2025 August 2025, effective on 22 December 2025. |

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| 3 | A Certificate of Incumbency in respect of the Company, issued by Harneys Fiduciary (Cayman) Limited on 03 December 2025, as Registered Office provider to the Company (***Certificate of Incumbency***). |

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4 A Certificate of Good Standing in respect of the Company issued by the Registrar of Companies dated 03 December 2025.

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|:---|:---|
| 5 | The Register of Writs and other Originating Process of the Grand Court of the Cayman Islands (***Court Register***) via the Court's Digital System from the incorporation date of the Company to 22 December 2025 (***Court Search***). |

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| 6 | A copy of resolutions of the board of directors of the Company dated 22 December 2025 approving matters relating to this opinion (***Resolutions***). |

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1 to 7 above are the ***Corporate Documents***. The Corporate Documents and the Registration Statement are collectively referred to in this opinion as the ***Documents***.

**SCHEDULE 2**

Assumptions

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|:---|:---|
| 1 | **Authenticity of Documents.** All copies of Documents provided to us are true and complete copies of the originals. |

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|:---|:---|
| 2 | **Corporate Documents.** All matters required by law to be recorded in the Corporate Documents are so recorded, and all corporate minutes, resolutions, certificates, documents and records which we have reviewed are accurate and complete, and all facts expressed in or implied thereby are accurate and complete. |

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|:---|:---|
| 3 | **No Steps to Wind-up**. The directors and shareholders of the Company have not taken any steps to have the Company struck off or placed in liquidation, no steps have been taken to wind up the Company and no receiver has been appointed over any of the property or assets of the Company. |

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|:---|:---|
| 4 | **Resolutions.** The Resolutions have been duly executed by or on behalf of the directors, and the signature(s) and initial(s) thereon are those of a person or persons in whose name the Resolutions have been expressed to be signed. The Resolutions remain in full force and effect. |

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|:---|:---|
| 5 | **Unseen Documents.** Save for the Documents provided to us there are no resolutions, agreements, documents or arrangements which materially affect, amend or vary the transactions envisaged in the Registration Statement. |

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|:---|:---|
| 6 | **Shares.** That consideration shall be paid in cash for each Resale Shares and that such consideration shall be no less than the par value of the Resale Share. |

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**SCHEDULE 3**

Qualifications

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|:---|:---|
| 1 | **Foreign Statutes.** We express no opinion in relation to provisions making reference to foreign statutes in the Registration Statement. |

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| 2 | **Commercial Terms.** Except as specifically stated herein, we make no comment with respect to any representations and warranties which may be made by or with respect to the Company in any of the documents or instruments cited in this opinion or otherwise with respect to the commercial terms of the transactions the subject of this opinion. |

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| 3 | **Meaning of Non-Assessable.** In this opinion the phrase ***non-assessable*** means, with respect to the issuance of shares, that a shareholder shall not, in respect of the relevant shares, have any obligation to make further contributions to the assets of the relevant company (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil). |

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|:---|:---|
| 4 | **Good Standing.** The Company shall be deemed to be in good standing at any time if all fees (including annual filing fees) and penalties under the Law have been paid and the Registrar of Companies of the Cayman Islands has no knowledge that the Company is in default under the Law. |

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|:---|:---|
| 5 | **Court Search**. The search of the Court Register has been undertaken on a digital system made available through the Grand Court of the Cayman Islands, and through inadvertent errors or delays in updating such digital system (and/or the Court Register from which the digital information is drawn) may not constitute a complete record of all proceedings as at the Court Search Date and in particular may omit details of very recent filings. The search of the Court Register would not reveal, amongst other things, any writ, originating summons, originating motion, petition (including any winding-up petition), counterclaim or third party notice (***Originating Process***) filed with the Grand Court of the Cayman Islands which, pursuant to the rules of the Grand Court of the Cayman Islands or best practice of the Clerk of the Courts' office, should have been entered in the Court Register but was not in fact entered in the Court Register (properly or at all), or any Originating Process which has been placed under seal or anonymised (whether by order of the Court or pursuant to the practice of the Clerk of the Courts' office). |

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| 6 | **Sanctions**. The obligations of the Company may be subject to restrictions pursuant to United Nations and United Kingdom sanctions as implemented under the laws of the Cayman Islands. |

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|:---|:---|
| 7 | **Economic Substance**. We have undertaken no enquiry and express no view as to the compliance of the Company with the International Tax Co-operation (Economic Substance) Act (2024 Revision). |

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## Exhibit 10.1

**Exhibit 10.1**

**<u>DEBT SETTLEMENT AND SUBSCRIPTION AGREEMENT</u>**

This Debt Settlement and Subscription Agreement (this "***Agreement***") between Graphjet Technology, a Cayman Islands exempted company (the "***Company***"), and the undersigned (the "***Subscriber***") is dated August 14, 2025.

**BACKGROUND**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Company is indebted to the Subscriber in the aggregate amount of US$21,129.80 (the "***Outstanding Amount***"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Company and the Subscriber desire to enter into this Agreement pursuant to which the Company will issue to the Subscriber ordinary shares of the Company in full and complete satisfaction of the Outstanding Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Company is effecting a share consolidation of its issued and outstanding ordinary shares at a ratio of 1-for-60 expected to be effective on or about August 25, 2025 (the "***Share Consolidation***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. In consideration of the premises and mutual covenants in this Agreement, the parties agree as follows:

**AGREEMENT**

1. <u>Issuance of Shares</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. In full and complete settlement of the Outstanding Amount, the Company hereby agrees to issue to the Subscriber, and the Subscriber agrees to subscribe for and accept the 195,646 shares of the Company's ordinary shares (the "***Shares***"), as such number of ordinary shares will be adjusted to reflect the Share Consolidation. After giving effect to the Share Consolidation, the Subscriber will receive 3,261 post-Share Consolidation shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Upon the issuance and delivery of the Shares to the Subscriber, the Outstanding Amount shall be deemed paid in full, satisfied, and discharged, and the Subscriber hereby releases and forever discharges the Company from any and all claims relating to the Outstanding Amount.

2. <u>Delivery, Registration, and Transfer Restrictions</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Within 3 business days of the execution of this Agreement, the Company shall cause its transfer agent to issue the Shares to the Subscriber, either in certificate or in book-entry form, registered in the name of the Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Subscriber understands that the Shares being issued are characterized as "restricted securities" under the Securities Act of 1933, as amended (the "***Act***") and may not be sold or transferred except pursuant to an effective registration statement or an exemption from registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Subscriber agrees that is shall not, directly or indirectly, sell, offer to sell, pledge, contract to sell, grant any option for the sale of, or otherwise transfer or dispose of the Shares prior to the later of (i) September 30, 2025 (the "***Lock-Up Period***"), and (ii) the date on which the Registration Statement (as defined below) becomes effective under the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The Subscriber acknowledges that the Shares will initially bear the following legend:

"THESE SHARES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, OR OTHERWISE DISPOSED OF PRIOR TO THE LATER OF (i) SEPTEMBER 30, 2025, AND (ii) THE DATE ON WHICH THE REGISTRATION STATEMENT BECOMES EFFECTIVE UNDER THE ACT."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; e. The Company shall, within 30 days after the date of this Agreement, prepare and file with the U.S. Securities and Exchange Commission (the "***SEC***") a registration state on Form F-1 covering the resale of the Shares by the Subscriber (the "***Registration Statement***"), and shall use its commercially reasonable efforts to cause the Registration Statement to become effective as soon as practicable. The Company shall keep the Registration Statement effective until the earlier of (i) the date on which all the Shares covered thereby have been sold, or (ii) the date on which the Shares may be sold by the Subscriber without restriction under Rule 144 of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. The Company shall not be required to remove the restrictive legend from the Shares until (i) the Registration Statement has been declared effective by the SEC, and (ii) the Lock-Up Period has passed. Upon satisfaction of both conditions, and upon request by the Subscriber, the Company shall cause its transfer agent to promptly remove the restrictive legend set forth above.

&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Payment of Indebtedness and Release</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. As full and final payment of the Outstanding Amount, the Company will issue the Shares to the Subscriber, as fully paid and non-assessable, and the Subscriber will accept the Shares as full and final payment of the Outstanding Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Subscriber hereby agrees that upon delivery of the Shares by the Company in accordance with the provisions of this Agreement, the Outstanding Amount will be fully satisfied and extinguished, and the Subscriber will remise, release and forever discharge the Company and its respective directors, officers, employees, successors, solicitors, agents and assigns from any and all obligations relating to the Outstanding Amount.

4. <u>Representation and Warranties by Subscriber</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Subscriber represents that it has full power and authority to enter into this Agreement and that this Agreement constitutes a valid and legally binding obligation of such Subscriber;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Subscriber is acquiring the Shares as a principal for the Subscriber's own account, not as a nominee or agent, and not with a view toward the resale or distribution of any part. The Subscriber has no present intention of selling, granting any participation in, or otherwise distributing the same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. If other than an individual, Subscriber also represents it has not been organized for the purpose of acquiring the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The Subscriber is aware of the Company's business affairs and financial condition and has acquired sufficient information about the Company to reach an informed and knowledgeable decision to acquire the Shares and release the Company from any obligations related to the Outstanding Amount, including access to the Company's public filings with the SEC, and has been given the opportunity to ask questions of, and receive answers from, the Company's officers and representatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The Subscriber has had full opportunity to receive and review all requested information regarding the business and financial condition of the Company with Subscriber's legal and financial advisers before execution of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. The Subscriber understands that the Shares are not registered under the Act at the time of the issuances, that the shares are "restricted securities", and may not be resold or otherwise transferred prior to the later of (i) the Lock-Up Period, and (ii) the date of which the Registration Statement becomes effective under the Act except pursuant to an effective registration statement under the Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. The Subscriber does not have any contract, undertaking, agreement with any person to sell, transfer or grant participation to such person, or to any third person, with respect to any of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. The Subscriber has satisfied himself or herself as to the full observance of the laws of his or her jurisdiction in connection with any invitation to subscribe for the Shares and/or any use of this Agreement, including, (i) the legal requirements within his/her jurisdiction for the purchase of the Shares, (ii) any foreign exchange restrictions applicable to such purchase, (iii) any governmental or other consents that may need to be obtained, and (iv) the income tax and other consequences, if any, that may be relevant to the purchase, holding, redemption, sale, or transfer of the Shares.

5. <u>Representations and Warranties by the Company</u>. The
Company represents and warrants to the Subscriber that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Company is a corporation duly organized, existing and in good standing under the laws of the Cayman Islands and has the corporate power to conduct the business which it conducts and proposes to conduct; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The issuance of the Shares has been duly authorized by all the necessary corporate actions, and the Shares, when issued, shall be validly issued, fully paid, and non-assessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. No authorization, consent or approval of, exemption by or notice to, any governmental or public body or authority or any other person or entity is required to authorize, or is required in connection with, the execution, delivery and performance of any of this Agreement, or the taking of any action contemplated hereby, by the Company, except those that have been obtained or provided, as the case may be; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The Company is not in violation of any applicable law, statute, rule, regulation or other requirement of any government authority or instrumentality or agency thereof, or any other binding obligation on the Company, which violation would have a material adverse effect upon the present or future business, condition, prospects or operations of the Company.

6. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Any notice or other communication given shall be deemed sufficient if in writing and sent by registered or certified mail, return requested, addressed to the Company, at Lot 3895, Lorong 6D, Kampung Baru Subang, Seksyen U6, Shah Alam, Selangor, 40150, Malaysia, Attention to Chris Lai, and to the Subscriber at E-13-L3, Block E, Pusat Komersial Dataran Ecohill, Jalan Ecohill 1/2, Setia Ecohill, 43500, Semenyih. Notices shall be deemed to have been given on the date of mailing, except notices of change of address, which shall be deemed to have been given when received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. In case any one or more of the provisions contained in this Agreement shall, for any reason, be held to be invalid, illegal, or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Agreement, and this Agreement shall be construed as if such provision(s) had never been contained in this Agreement, provided that such provision(s) shall be curtailed, limited or eliminated only to the extent necessary to remove the invalidity, illegality or unenforceability in the jurisdiction where such provisions have been held to be invalid, illegal, or unenforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. This Agreement shall be governed by and interpreted in accordance with the laws of the State of Delaware, without regard to its conflicts of laws rules. Each party (a) irrevocably submits to the exclusive jurisdiction of the Court of Chancery of the State of Delaware (or, to the extent such court does not have subject matter jurisdiction, the Superior Court of the State of Delaware), or, if it has or can acquire jurisdiction, the United States District Court for the District of Delaware (collectively, the "***Courts***"), for purposes of any action, suit or other proceeding arising out of this Agreement; and (b) agrees not to raise any objection at any time to the laying or maintaining of the venue of any such action, suit or proceeding in any of the Courts, irrevocably waives any claim that such action, suit or other proceeding has been brought in an inconvenient forum and further irrevocably waives the right to object, with respect to such action, suit or other proceeding, that such Court does not have any jurisdiction over such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. EACH OF THE PARTIES WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE CONTEMPLATED TRANSACTIONS. EACH PARTY (A) CERTIFIES THAT NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF ANY ACTION, SEEK TO ENFORCE THAT FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The parties agree to execute and deliver all such further documents, agreements, and instruments, and take such other and further action as may be deemed necessary or appropriate to carry out the purposes and intent of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. This Agreement contains the entire agreement between the parties and supersedes any previous understandings, commitments or agreements, oral or written, with respect to the subject matter. No modification of this Agreement or waiver of the terms and conditions shall be binding upon either party, unless mutually approved in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. This Agreement may be executed in counterparts (delivered by email or other means of electronic transmission), each of which shall be deemed an original and which, when taken together, shall constitute one and the same document.

[*Signature page to follow*]

The parties have caused this Agreement to be executed as of the date first written above.

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|:---|:---|
| **COMPANY:** | **COMPANY:** |
| **Graphjet Technology** | **Graphjet Technology** |
| By: | /s/ Chris Lai |
| Name: | Chris Lai |
| Title: | Chief Executive Officer |
| **SUBSCRIBER:** | **SUBSCRIBER:** |
| **Yasuka Infinity Sdn Bhd** | **Yasuka Infinity Sdn Bhd** |
| By: | /s/ CHAN KENG ANN![](ex10-1_001.jpg) |
| Name: | CHAN KENG ANN |
| Title: | DIRECTOR |

---

[*Signature Page to Debt Settlement and Subscription Agreement*]

## Exhibit 10.2

**Exhibit 10.2**

**<u>DEBT SETTLEMENT AND SUBSCRIPTION AGREEMENT</u>**

This Debt Settlement and Subscription Agreement (this ***"Agreement"***) between Graphjet Technology, a Cayman Islands exempted company (the ***"Company"),*** and the undersigned (the ***"Subscriber")*** is dated August 14, 2025.

**BACKGROUND**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Company is indebted to the Subscriber in the aggregate amount of US$553,201.33 (the ***"Outstanding Amount"***); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Company and the Subscriber desire to enter into this Agreement pursuant to which the Company will issue to the Subscriber ordinary shares of the Company in full and complete satisfaction of the Outstanding Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Company is effecting a share consolidation of its issued and outstanding ordinary shares at a ratio of l-for-60 expected to be effective on or about August 25, 2025 (the ***"Share Consolidation"***)*.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. In consideration of the premises and mutual covenants in this Agreement, the parties agree as follows:

**AGREEMENT**

1. <u>Issuance of Shares.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. In full and complete settlement of the Outstanding Amount, the Company hereby agrees to issue to the Subscriber, and the Subscriber agrees to subscribe for and accept the 11,100,000 shares of the Company's ordinary shares (the ***"Shares"***), as such number of ordinary shares will be adjusted to reflect the Share Consolidation. After giving effect to the Share Consolidation, the Subscriber will receive 185,000 post-Share Consolidation shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Upon the issuance and delivery of the Shares to the Subscriber, the Outstanding Amount shall be deemed paid in full, satisfied, and discharged, and the Subscriber hereby releases and forever discharges the Company from any and all claims relating to the Outstanding Amount.

2. <u>Delivery, Registration, and Transfer Restrictions</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Within 3 business days of the execution of this Agreement, the Company shall cause its transfer agent to issue the Shares to the Subscriber, either in certificate or in book-entry form, registered in the name of the Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Subscriber understands that the Shares being issued are characterized as "restricted securities" under the Securities Act of 1933, as amended (the ***"Act"***) and may not be sold or transferred except pursuant to an effective registration statement or an exemption from registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Subscriber agrees that is shall not, directly or indirectly, sell, offer to sell, pledge, contract to sell, grant any option for the sale of, or otherwise transfer or dispose of the Shares prior to the later of (i) September 30, 2025 (the ***"Lock-Up Period"***), and (ii) the date on which the Registration Statement (as defined below) becomes effective under the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The Subscriber acknowledges that the Shares will initially bear the following legend:

"THESE SHARES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, OR OTHERWISE DISPOSED OF PRIOR TO THE LATER OF (i) SEPTEMBER 30, 2025, AND (ii) THE DATE ON WHICH THE REGISTRATION STATEMENT BECOMES EFFECTIVE UNDER THE ACT."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The Company shall, within 30 days after the date of this Agreement, prepare and file with the U.S. Securities and Exchange Commission (the ***"SEC"***) a registration state on Form S-l covering the resale of the Shares by the Subscriber (the ***"Registration Statement"***), and shall use its commercially reasonable efforts to cause the Registration Statement to become effective as soon as practicable. The Company shall keep the Registration Statement effective until the earlier of (i) the date on which all the Shares covered thereby have been sold, or (ii) the date on which the Shares may be sold by the Subscriber without restriction under Rule 144 of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; f. The Company shall not be required to remove the restrictive legend from the Shares until (i) the Registration Statement has been declared effective by the SEC, and (ii) the Lock-Up Period has passed. Upon satisfaction of both conditions, and upon request by the Subscriber, the Company shall cause its transfer agent to promptly remove the restrictive legend set forth above.

3. <u>Payment of Indebtedness and Release.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. As full and final payment of the Outstanding Amount, the Company will issue the Shares to the Subscriber, as fully paid and non-assessable, and the Subscriber will accept the Shares as full and final payment of the Outstanding Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Subscriber hereby agrees that upon delivery of the Shares by the Company in accordance with the provisions of this Agreement, the Outstanding Amount will be fully satisfied and extinguished, and the Subscriber will remise, release and forever discharge the Company and its respective directors, officers, employees, successors, solicitors, agents and assigns from any and all obligations relating to the Outstanding Amount.

4. <u>Representation and Warranties by Subscriber</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Subscriber represents that it has full power and authority to enter into this Agreement and that this Agreement constitutes a valid and legally binding obligation of such Subscriber;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Subscriber is acquiring the Shares as a principal for the Subscriber's own account, not as a nominee or agent, and not with a view toward the resale or distribution of any part. The Subscriber has no present intention of selling, granting any participation in, or otherwise distributing the same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. If other than an individual, Subscriber also represents it has not been organized for the purpose of acquiring the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The Subscriber is aware of the Company's business affairs and financial condition and has acquired sufficient information about the Company to reach an informed and knowledgeable decision to acquire the Shares and release the Company from any obligations related to the Outstanding Amount, including access to the Company's public filings with the SEC, and has been given the opportunity to ask questions of, and receive answers from, the Company's officers and representatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The Subscriber has had full opportunity to receive and review all requested information regarding the business and financial condition of the Company with Subscriber's legal and financial advisers before execution of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. The Subscriber understands that the Shares are not registered under the Act at the time of the issuances, that the shares are "restricted securities", and may not be resold or otherwise transferred prior to the later of (i) the Lock-Up Period, and (ii) the date of which the Registration Statement becomes effective under the Act except pursuant to an effective registration statement under the Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. The Subscriber does not have any contract, undertaking, agreement with any person to sell, transfer or grant participation to such person, or to any third person, with respect to any of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. The Subscriber has satisfied himself or herself as to the full observance of the laws of his or her jurisdiction in connection with any invitation to subscribe for the Shares and/or any use of this Agreement, including, (i) the legal requirements within his/her jurisdiction for the purchase of the Shares, (ii) any foreign exchange restrictions applicable to such purchase, (iii) any governmental or other consents that may need to be obtained, and (iv) the income tax and other consequences, if any, that may be relevant to the purchase, holding, redemption, sale, or transfer of the Shares.

5. <u>Representations and Warranties by the Company</u>. The
Company represents and warrants to the Subscriber that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Company is a corporation duly organized, existing and in good standing under the laws of the Cayman Islands and has the corporate power to conduct the business which it conducts and proposes to conduct; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The issuance of the Shares has been duly authorized by all the necessary corporate actions, and the Shares, when issued, shall be validly issued, fully paid, and non-assessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. No authorization, consent or approval of, exemption by or notice to, any governmental or public body or authority or any other person or entity is required to authorize, or is required in connection with, the execution, delivery and performance of any of this Agreement, or the taking of any action contemplated hereby, by the Company, except those that have been obtained or provided, as the case may be; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The Company is not in violation of any applicable law, statute, rule, regulation or other requirement of any government authority or instrumentality or agency thereof, or any other binding obligation on the Company, which violation would have a material adverse effect upon the present or future business, condition, prospects or operations of the Company.

6. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Any notice or other communication given shall be deemed sufficient if in writing and sent by registered or certified mail, return requested, addressed to the Company, at Lot 3895, Lorong 6D, Kampung Baru Subang, Seksyen U6, Shah Alam, Selangor, 40150, Malaysia, Attention to Chris Lai, and to the Subscriber at A-05-01, Block A Level 5, Sky Park @ One City, Jalan USJ25/1, 47650 Subang Jaya, Selangor. Notices shall be deemed to have been given on the date of mailing, except notices of change of address, which shall be deemed to have been given when received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. In case any one or more of the provisions contained in this Agreement shall, for any reason, be held to be invalid, illegal, or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Agreement, and this Agreement shall be construed as if such provision(s) had never been contained in this Agreement, provided that such provision(s) shall be curtailed, limited or eliminated only to the extent necessary to remove the invalidity, illegality or unenforceability in the jurisdiction where such provisions have been held to be invalid, illegal, or unenforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. This Agreement shall be governed by and interpreted in accordance with the laws of the State of Delaware, without regard to its conflicts of laws rules. Each party (a) irrevocably submits to the exclusive jurisdiction of the Court of Chancery of the State of Delaware (or, to the extent such court does not have subject matter jurisdiction, the Superior Court of the State of Delaware), or, if it has or can acquire jurisdiction, the United States District Court for the District of Delaware (collectively, the "***Courts***"), for purposes of any action, suit or other proceeding arising out of this Agreement; and (b) agrees not to raise any objection at any time to the laying or maintaining of the venue of any such action, suit or proceeding in any of the Courts, irrevocably waives any claim that such action, suit or other proceeding has been brought in an inconvenient forum and further irrevocably waives the right to object, with respect to such action, suit or other proceeding, that such Court does not have any jurisdiction over such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. EACH OF THE PARTIES WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE CONTEMPLATED TRANSACTIONS. EACH PARTY (A) CERTIFIES THAT NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF ANY ACTION, SEEK TO ENFORCE THAT FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The parties agree to execute and deliver all such further documents, agreements, and instruments, and take such other and further action as may be deemed necessary or appropriate to carry out the purposes and intent of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. This Agreement contains the entire agreement between the parties and supersedes any previous understandings, commitments or agreements, oral or written, with respect to the subject matter. No modification of this Agreement or waiver of the terms and conditions shall be binding upon either party, unless mutually approved in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. This Agreement may be executed in counterparts (delivered by email or other means of electronic transmission), each of which shall be deemed an original and which, when taken together, shall constitute one and the same document.

 

[*Signature page to follow*]

The parties have caused this Agreement to be executed as of the date first written above.

---

| | |
|:---|:---|
| **COMPANY:** | **COMPANY:** |
| **Graphjet Technology** | **Graphjet Technology** |
| By: | /s/ Chris Lai |
| Name: | Chris Lai |
| Title: | Chief Executive Officer |
| **SUBSCRIBER:** | **SUBSCRIBER:** |
| **Goh Meng Keong** | **Goh Meng Keong** |
| By: | ![](ex10-2_001.jpg) |
| Name: |  |

---

[*Signature Page to Debt Settlement and Subscription Agreement*]

## Exhibit 10.3

**Exhibit 10.3**

**DATED THIS 19<sup>th</sup> DAY OF AUGUST, 2025**

**SALE AND PURCHASE AGREEMENT**

**BETWEEN**

**COSMO ESTEEM SDN BHD<br> (Registration No. 201301020752 (1050582-A))**

**("Vendor")**

**AND**

**GRAPHJET TECHNOLOGY SDN BHD<br> (Registration No. 201901046089 (1355419-P))<br> ("Purchaser")**

**AND**

**GRAPHJET TECHNOLOGY**

**(Registration No. 379437)<br> ("GTI")**

**MESSRS. GARY TEH & NGIAM<br> Advocates & Solicitors**

**Unit 1608, 16th Floor**

**Block A, Damansara Intan**

**No. 1,** **Jalan SS20/27**

**47400 Petaling Jaya<br> Selangor Darul Ehsan<br> Tel: 03-7612 6982 Fax: 03-7666 5643**

 ****

**<u>SALE AND PURCHASE AGREEMENT</u>**

**AN AGREEMENT made 19 August 2025**

**BETWEEN**

**COSMO ESTEEM SDN BHD (Registration No. 201301020752 (1050582-A))**, a company incorporated in and under the laws of Malaysia and having its registered office at 3A-3-2, Platinum Mondrian, PV128, No. 128, Jalan Genting Klang, Setapak, 53300 Wilayah Persekutuan Kuala Lumpur and its business address at Lot 4006A, Jalan Bukit Badak, **Kampung Baru Subang, 40150 Shah Alam, Selangor** (hereinafter referred to as the "Vendor") of the one part;**

**AND**

**GRAPHJET TECHNOLOGY SDN BHD (Registration No. 201901046089 (1355419-P)), a company incorporated in and under the laws of Malaysia and having its registered office at No. B3-3-3, Block B, Megan Salak Park, Jalan 1/125E, Taman Desa Petaling, 57100 Wilayah Persekutuan Kuala Lumpur and its business address at Lot 3895 Lorong 6D, Jalan Kampung Baru Subang, Seksyen U6, 40150 Shah Alam, Selangor (hereinafter referred to as the "Purchaser") of the second part;**

**AND**

**GRAPHJET TECHNOLOGY (Registration No. 379437), a company incorporated in and under the laws of Cayman Islands and having its registered office at 4<sup>th</sup> Floor, Harbour Place, 103 South Church Street, P.O.Box 10240, Grand Cayman, KY1-1002, Cayman Island (hereinafter referred to as the "GTI") of the last part;**

**WHEREAS**

1) The Vendor is the registered proprietor and beneficial owner of the all that piece of leasehold land held under title **HSD 323542, PT 819, Pekan of Subang, District of Petaling, State of Selangor** (hereinafter referred to as the "**Title**") measuring 7,856 square meter together with the following building erected thereon and bearing postal address at **No, 3895, Lorong 6D, Kampung Baru Subang, Seksyen U6, 40150 Shah Alam, Selangor Darul Ehsan** (hereinafter referred to as the "**Property**"):-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) a
 single storey factory with basement;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) a three storey office annexed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) a guardhouse;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) a TNB substation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) a refuse chamber.

2) The Purchaser is a wholly owned subsidiary company of GTI whose shares are listed and traded on the NASDAQ stock exchange in the United States of America.

3) The Property is currently free from any restriction to sell assign and transfer and free from liens, easements, caveats, prohibitory orders and all encumbrances save for three (3) charges created in favour of **Hong Leong Bank Berhad (Company No. 97141-X)** (hereinafter referred to as the "**Chargee**") vide the following presentation number and registration date (hereinafter referred to as the "**Existing Charges**"):-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) presentation number: **001SC1179H/2014** 

registration date : **6 March 2014**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) presentation number: **001SC1315H/2018** 

registration date : **17 May 2018**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) presentation number: **001SC2257H/2020** 

registration date : **14 September 2020**

4) Vide a lease agreement dated 28 JULY 2023 as well as extension letters dated 01 AUGUST 2024 & 21 JULY 2025 made between the Vendor and the Purchaser (hereinafter referred to as the "**Tenancy Agreement**"), the Property is currently rented to the Purchaser upon the terms and conditions set out therein. The current tenancy of the Property is up to 31 January 2026 at a monthly rental of **Ringgit Malaysia Eighteen Thousand (RM18,000.00)** (hereinafter referred to as the "**Monthly Rental**").

5) Subject to the conditions precedent as stated in **Clause 1.1** being fulfilled, the Vendor agrees to sell on an "as is where is" basis and the Purchaser agrees to purchase the Property on an "as is where is" basis with legal possession and condition free from charges, liens, easements, caveats, prohibitory orders and all encumbrances and subject to all restrictions and conditions of the document of title (whether express or implied) affecting the Property upon the terms and conditions hereinafter appearing.

6) The Vendor had on its own volition opted not to be legally represented in this sale and purchase transaction.

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7) The Purchaser is represented by **MESSRS GARY TEH & NGIAM**, Advocates & Solicitors of Unit 1608, 16<sup>th</sup> Floor, Block A, Damansara Intan, No. 1, Jalan SS20/27, petaling Jaya, 47400 Selangor (hereinafter referred to as the "**Purchaser's Solicitors**").

NOW THIS AGREEMENT WITNESSETH as follows :-

**1.** **THIS AGREEMENT** 

1.1 <u>Conditions Precedent</u>: The sale and purchase of the Property herein
 shall be subject to and conditional upon the fulfilment of the following within six (6) months from
 the date of this Agreement or such further period as may be mutually agreed by the parties in writing
 (hereinafter referred to as the "**Conditional Period** "):-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Purchaser procuring the written consent
 of the state authority for the Purchaser (as foreign company as defined under the National
 Land Code) to purchase the Property (hereinafter referred to as the "**State Authority Consent** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Where applicable, the Vendor procuring the requisite consents and approvals from the appropriate authorities,
financiers or such other party to consummate the sale and purchase of the Property contemplated under this Agreement,

(hereinafter referred to as the "**Conditions Precedent**").

1.2 All costs and expenses to be incurred for fulfilment of the Condition(s) Precedent shall be fully borne
by the party responsible for fulfilment of the Condition(s) Precedent.

1.3 The parties shall use all necessary endeavours in procuring and fulfilling the Conditions Precedent within
the Conditional Period. To this end, each party undertakes to furnish all such documents and information as may be required for such purposes
without any condition or undue delay. Each party undertakes to notify the other parties as soon as reasonably practicable (and in any
event within Five (5) days) upon becoming aware that a Condition Precedent to be fulfilled by it has been fulfilled. Together with the
notification, the Vendor shall forward or cause to be forwarded to the Purchaser's Solicitors the original approvals/consents obtained.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 In the event that condition(s) is/are imposed in respect of any of
 the Conditions Precedent and any such condition(s) is/are unreasonably burdensome on either Party
 (the "**Affected Party** "), the Affected Party must, within a period of Seven (7) Working Days (or such
other period as may be mutually agreed between the parties in writing) from the date of its receipt of notice of such condition(s), notify
the other Party in writing of its election to either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) accept the condition(s) imposed, in which case the said Condition Precedent shall be deemed to have been
fulfilled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) appeal against the condition(s) imposed
 ()"**Appeal** ''), in which case **Clause 1.5** below shall apply;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) reject the condition(s) imposed, in which
 case the said Condition Precedent shall be deemed not fulfilled and **Clause 1.7** below
 shall apply *mutatis mutandis.* 

1.5 In the event that the Affected Party elects to Appeal, the Party responsible
 for fulfilment of the said Condition(s) Precedent must submit or procure the submission of the Appeal
 within Fourteen (14) days from the date of notification of the Affected Party's election to appeal
 pursuant to **Clause 1.4 (b)** above (or such other period as may be mutually agreed between the
 parties in writing) ()"**Appeal Period** "). Thereafter:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event that the Appeal is allowed in full terms, the said Condition Precedent shall be deemed to
have been fulfilled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that the Appeal is partially allowed, allowed subject to further condition(s) or rejected
in its entirety, the following provisions shall be applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of a partial or conditional
 allowance of the Appeal, the Affected Party must, within a period of Fourteen (14) days (or
 such other period as may be mutually agreed between the parties in writing) from the date
 the Affected Party receives the decision on the Appeal ()"**Decision Period** ")
 notify the other Party in writing of its election to either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) accept such partial or conditional allowance, including any
condition(s) attaching thereto, in which case the said Condition Precedent shall be deemed to have been fulfilled; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) reject such partial
 or conditional allowance, in which case the said Condition Precedent shall be deemed not
 fulfilled and **Clause 1.7** below shall apply *mutatis mutandis.* 

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If the Affected Party fails to notify the other Party of its acceptance or rejection of such partial or conditional allowance of the Appeal within the Decision Period, the Affected Party shall be deemed to have accepted such partial or conditional allowance, including any condition(s) attaching thereto and the said Condition Precedent shall be deemed to have been fulfilled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In the case of the Appeal being rejected, the Affected Party may within a period of Fourteen (14) days
(or such other period as may be mutually agreed between the parties in writing) from the date the Affected Party receives the decision
on the Appeal, notify the other Party in writing of its election to either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) further appeal against
 such rejection ()"**Further Appeal** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) accept the condition(s) imposed, in which case the said Condition
Precedent shall be deemed to have been fulfilled; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) reject the condition(s)
 imposed, in which case the said Condition Precedent shall be deemed not fulfilled and **Clause 1.7** below shall apply *mutatis mutandis.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event the decision of the Appeal of Further Appeal is not obtained
 within the Conditional Period, unless otherwise mutually agreed by the parties in writing,
 the said Condition Precedent shall be deemed not fulfilled and **Clause 1.7** below shall
 apply *mutatis mutandis.* 

1.6 Any of the Conditions Precedent may be waived in whole or in part and conditionally or unconditionally
upon the mutual agreement of the parties in writing.

1.7 In the event that the Conditions Precedent are not fulfilled within the Conditional Period, either Party
shall be entitled at its discretion to rescind this Agreement by issuing a written notice of termination to the other Party's or
their solicitors and the Vendor shall within Fourteen (14) days upon such notice received/issued, as the case may be, refund the Purchase
Price (as hereinafter defined) free from interest, failing which the Vendor shall pay interest at the rate of eight per centum (8%) per
annum calculated on a daily basis on such sums which has not been duly paid/refunded to the Purchaser beginning from the expiry of the
said Fourteen (14) days period up to the date of actual refund and payment and simultaneously in exchange for such refund, the Purchaser
shall at its own costs and expenses:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) withdraw all caveats lodged by or on behalf of the Purchaser;
and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) return to the Vendor's Solicitors all the documents provided by the Vendor under this Agreement
with the Vendor's interest intact,

thereafter this Agreement shall terminate and be of no further effect and neither parties hereto shall have any claim against the other save for any antecedent breach and thereafter the Vendor shall be at liberty to deal the Property in such manner as the Vendor shall think fit.

For the avoidance of doubt, in the event the Vendor is unable to refund the Purchase Price to be refunded within the stipulated period due to the Purchaser's non-fulfilment of its obligations set out in **Clause 1.7 (i)** and **(ii)** above, it shall not be deemed as a delay by the Vendor.

1.8 This Agreement shall be unconditional on
 a date the last of the Conditions Precedent is fulfilled or waived pursuant to the terms
 of this Agreement (hereinafter referred to as the **"Unconditional Date")**.

**2.** **AGREEMENT TO SELL AND PURCHASE** 

2.1 Subject to the fulfilment of the Conditions
 Precedent, the Vendor has agreed to sell and the Purchaser has agreed to purchase the Property
 on an "as is where is" basis with legal possession and condition free from charges,
 liens, easements, caveats, prohibitory orders and all encumbrances and subject to all restrictions
 and conditions of the document of title (whether express or implied) affecting the Property
 upon the terms and conditions herein and at the price of **Ringgit Malaysia Thirty Million Four Hundred and Fifty Thousand (RM30,450,000.00)** only (hereinafter referred to as the **"Purchase Price")**.

**3.** **PAYMENT OF THE PURCHASE PRICE** 

3.1 The parties agreed that the Purchase Price
 shall be settled in full on the date of this Agreement. Subject **Clause 3.2** below,
 the Purchase Price shall be satisfied by the Purchaser to the Vendor by allotment and issuance
 of 97,462,455 new ordinary shares in GTI (hereinafter referred to as the "**GTI Shares** ")
 to the Vendor at an issue price of **USD0.074** per ordinary shares (hereinafter referred
 to as the "**Issue Price**") (hereinafter referred to as the "**Consideration Shares** ").

3.2 The parties agree that
 upon the issuance and allotment of the Consideration Shares, the Purchaser shall cause the
 registration of the Consideration Shares which would allow the Vendor to sell the Consideration
 Shares on NASDAQ stock exchange (hereinafter referred to as the "**Shares Registration** ")
 in such number of tranches as may be determined by the Purchaser. The amount of Consideration
 Shares to be registered each time pursuant to the Shares Registration will be determined
 by the Purchaser.

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**Adjustments:**

For each registration of Consideration Shares, if the share price of the GTI Shares based on the date prior to the respective Share Registration date (hereinafter referred to as the "**Closing Price**") is lower than the Issue Price, the Purchaser agree to issue additional number of Consideration Shares to the Vendor as follows:-

---

| | | |
|:---|:---|:---|
| Additional | No. of Consideration | No. of Consideration |
| GTI Shares to | Shares to be registered | Shares to be registered |
| be issued by | x Issue Price | x Closing Price x 80% |
| the Purchaser | Closing Price | Closing Price |

---

The parties hereby agree that, in the event a fraction of GTI Share arise from the computation above, it shall be rounded down to the nearest whole number.

3.3 In the event the share price of the GTI Shares
 decrease by fifty per centum (50%) or more from the Issue Price at any time before all the
 Consideration Shares are registered, the Vendor shall have the right to terminate the Agreement
 whereby **Clause 8.2** below shall apply *mutatis mutandis.* 

3.4 The additional number of GTI Shares to be
 issued pursuant to **Clause 3.2** above shall be issued within Fourteen (14) days from
 the respective Shares Registration date.

3.5 For the avoidance of doubt, if the share price of the GTI Shares based on the date prior to the respective
Share Registration date is higher than the Issue Price, no adjustment shall be made to the Consideration Shares.

3.6 The parties hereby agree that the Vendor shall be at liberty to sell, dispose and/or deal with the Consideration
Shares or any part thereof in such manner as the Vendor shall think fit upon the Shares Registrations.

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**4.** **EXECUTION AND DELIVERY OF DOCUMENTS** 

4.1 Within Fourteen (14) days from the date of this Agreement,
the parties shall provide the following documents to the other party:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.1 The Vendor shall deposit
 or cause to be deposited with the Purchaser's Solicitors the following documents (hereinafter
 collectively referred to as the "**Vendor's Documents** "):-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) copy of the sale and purchase agreement evidencing the purchase
of the Property by the Vendor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) three (3) certified true copies the Vendor's Memorandum & Articles of Association/Constitution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) three (3) certified true copies of the Vendor's latest Form 9 and Form 13 under the Companies Act
1965 or the Certificate of Incorporation and Certificate of Incorporation on Change of Name under the Companies Act 2016 (whichever is
applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) three (3) certified true copies of the Vendor's latest Form 24 under the Companies Act 1965 or
 the latest Return of Allotment of Shares under the Companies Act 2016 (whichever is applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) three (3) certified true copies of the Vendor's latest Form
44 under the Companies Act 1965 or the latest Notification of Change in the Registered Address under the Companies Act 2016 (whichever
is applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) three (3) certified true copies of the Vendor's latest
Form 49 under the Companies Act 1965 or the relevant notification of change in the Registers of Directors under the Companies Act 2016
(whichever is applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) three (3) certified true copy each of the Vendor's directors' resolution and shareholder's
resolution authorising the following:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the sale of the Property to the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the execution of this Agreement, the Memorandum of Transfer
and all other documents pertaining thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the affixation of the Vendor's common seal onto this
Agreement, the Memorandum of Transfer and all other relevant documents in accordance with the Vendor's Constitution;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) three (3) clear, coloured and certified true copies each
of the MyKad (NR1C)/passport of the authorised signatories of the Vendor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) certified true copy of the certificate of fitness for occupation in respect of the Property and a copy of each of all approved plans
for all renovations (if any) Carried out in respect of the Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) certified true copy of the current year quit rent and assessment receipt of the Property; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Vendor's income tax file reference number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.2 The Purchaser shall, if requested, within Fourteen (14) days from request, provide the Vendor with the
following:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a certified true copy each of the Purchaser's directors'
resolution and shareholder's resolution authorising the following:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the purchase of the Property from the Vendor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the execution of this Agreement, the Memorandum of Transfer
and all other documents pertaining thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the affixation of the Vendor's common seal onto this
Agreement, the Memorandum of Transfer and all other relevant documents in accordance with the Purchaser's Constitution.

4.2 <u>Memorandum of Transfer</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.1 Simultaneously with the execution of this
 Agreement the Vendor and the Purchaser shall execute a valid and registrable Memorandum of
 Transfer of the Property free from all encumbrances in favour of the Purchaser (hereinafter
 referred to as the "**Memorandum of Transfer**") and all other relevant documents
 necessary for effecting the transfer of the Property to the Purchaser free from all encumbrances
 and shall deposit the same with the Purchaser's Solicitors who are hereby authorised
 to present the Memorandum of Transfer for adjudication and payment of stamp duty at the appropriate
 time.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.2 Upon the Memorandum of Transfer being adjudicated the Purchaser
shall pay the stamp duties thereon upon being informed by the Purchaser's Solicitors. The Purchaser's Solicitors are thereafter authorised
to present the duly stamped Memorandum of Transfer for registration with the Land Registry upon the Purchaser's Solicitors receipt from
the Vendor of the Original Title, the Discharge Documents, certified true copies of current year quit rent and assessment receipt (in
the event that the receipts provided earlier is no longer current at this stage), the Vendor's Documents and all other relevant documents
required as may be required to ensure registration of the Title to the Property in favour of the Purchaser free from all charges, liens,
easements, caveats, prohibitory orders and all encumbrances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.3 In the event this Agreement shall be terminated in accordance with the terms and condition of this Agreement,
the Purchaser's Solicitors are irrevocably authorised to return the Memorandum of Transfer to the Vendor for cancellation in accordance
with the terms of this Agreement save in the instance where the Memorandum of Transfer has been duly adjudicated and stamped with the
ad valorem stamp duty, the Purchaser's Solicitors are irrevocably authorised to retain and surrender the Memorandum of Transfer to the
Collector of Stamp Duty for their cancellation thereof to obtain a refund of the stamp duty paid.

4.3 <u>Redemption of the Property</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.1 Within One (1) month from the Unconditional
 Date or extended period to be granted by the Purchaser, the Vendor shall cause to be delivered
 to the Purchaser's Solicitors the following documents (hereinafter shall collectively referred
 to as the "**Discharge Documents** "):-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Original Title to the Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Duplicate Charge and the duly executed, stamped and valid Discharge of Charge by the Chargee in respect
of the Existing Charges together with the requisite registration fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a certified true copy of the current year quit rent receipt and assessment receipts (in the event that
the receipts provided earlier is no longer current at this stage); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) such other documents as it shall be incumbent upon the Vendor
and Chargee to produce to facilitate the registration of the Memorandum of Transfer in favour of the Purchaser free from all encumbrances.

Upon receipt of the abovementioned documents, the Purchaser's Solicitors are hereby irrevocably authorised and shall within Fourteen (14) days thereof, present the Memorandum of Transfer together with all other relevant documents for registration.

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4.4 for the avoidance of doubt, the day:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Title is registered in favour of the Purchaser free from all encumbrances; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Consideration Shares (including additional GT1 Shares to be issued due to adjustment) are duly registered
in favour of the Vendor;

whichever the later shall hereinafter be referred to as the "**Completion Date**".

**5.** **DEFAULT BY THE PURCHASER** 

5.1 If the Purchaser shall
 fail to pay the Purchase Price in accordance with the terms and conditions herein for any
 reason not due to the default of the Vendor or the Purchaser shall fail, neglect or refuse
 to observe or perform or otherwise be in breach of any of the material terms, conditions
 and provisions of this Agreement which if capable of being remedied is not remedied within
 twenty one (21) days of the Vendor's notice to the Purchaser, the Vendor shall be entitled
 to terminate this Agreement at any time thereafter and to forfeit such part of the Purchase
 Price equivalent to **Ringgit Malaysia Three Hundred Thousand (RM300,000)** only as the
 agreed liquidated damages (hereinafter referred to as the "**Agreed LAD** ")
 by notice in writing to the Purchaser and the Vendor shall refund within fourteen (14) days
 from the date of the notice of termination all other Purchase Price received (save for the
 Agreed LAD) by the Vendor from the Purchaser in accordance with the provisions pursuant to
 this Agreement free of interest, failing which interest at the rate of eight per centum (8%)
 per annum on daily rests shall be paid on the aforesaid Purchase Price to be refunded from
 the expiry of the due date to the date of actual payment and in exchange of such refund,
 the Purchaser shall at their own cost and expense: -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) withdraw all caveats lodged by or on behalf of the Purchaser;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) return to the Vendor's Solicitors all the documents provided
by the Vendor under this Agreement with the Vendor's interest intact (save in the event that the stamp duty has been paid on the Memorandum
of Transfer, the Memorandum of Transfer shall be retained by the Purchaser's Solicitors to obtain a refund *of* stamp duty),

whereupon this Agreement shall terminate and be of no further effect and neither parties hereto shall have any claim against the other and thereafter the Vendor shall be at liberty to deal the Property in such manner as the Vendor shall think fit.

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**6.** **DEFAULT BY VENDOR** 

6.1 It is also further agreed between the parties hereto that
if the Vendor fail to comply with their obligations under this Agreement to complete the sale herein, breach a material term and/or
condition of this Agreement and/or is wound up or there is a winding up proceeding against the Vendor, the Purchaser shall be entitled
to specific performance of this Agreement and all other remedies available to them wherein all costs and expenses incurred by the Purchaser
(including but not limited to the solicitors cost on solicitors and client basis) in connection therein shall be paid and borne by the
Vendor. Alternatively the Purchaser shall be entitled to terminate this Agreement whereupon the Purchase Price satisfied by Purchaser
and/or on behalf of the Purchaser herein under this Agreement to the Vendor shall be refunded free of interest and the Vendor shall in
addition pay to the Purchaser a sum amounting to the Agreed LAD as agreed liquidated damages for the Vendor's breach within fourteen
(14) days from the date of receipt by the Vendor of the notice of termination failing which interest at the rate of eight per centum
(8%) per annum on daily rests shall be paid on the aforesaid Purchase Price to be refunded from the expiry of the due date to the date
of actual payment and in exchange of such refund. Upon receipt by the Purchaser of the Refund and Agreed LAD in full the Purchaser shall
at their own cost and expense: -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) withdraw all caveats lodged by or on behalf of the Purchaser;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) return to the Vendor's Solicitors all the documents provided
by the Vendor under this Agreement
with the Vendor's interest intact (save in the event that the stamp duty has been paid on the Memorandum of Transfer, the Memorandum of
Transfer shall be retained by the Purchaser's Solicitors to obtain a refund of stamp duty),

whereupon this Agreement shall terminate and be of no further effect and neither parties hereto shall have any claim against the other and thereafter the Vendor shall be at liberty to deal the Property in such manner as the Vendor shall think fit.

**7.** **PASSING OF INTEREST IN THE PROPERTY** 

7.1 The Vendor hereby expressly agrees and confirms that as from
the Unconditional Date, they shall have no right title interest or anything whatsoever in and to the Property or any part thereof and
the Vendor hereby expressly further acknowledge that as from the date thereof the Purchaser are the persons entitled to the legal and
equitable title and interest in and to the Property.

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**8.** **NON-REGISTRATION OF DOCUMENTS** 

8.1 If the Memorandum of Transfer of the Property cannot be registered
in favour of the Purchaser free from all encumbrances by reason of any liens, caveats (save for the caveat(s) entered in favour of the
Purchaser), prohibitory orders or other encumbrances due to no fault of the Vendor and/or the Purchaser, it shall be the duty of the
Vendor to remove or cause to be removed forthwith at the Vendor's own cost and expense such caveat, prohibitory orders, or other encumbrances
in order to enable the Purchaser to be registered as proprietor free from all encumbrances without prejudice to the right of the Purchaser
hereunder to take steps or actions to remove such caveat, prohibitory orders, or other encumbrances or to enforce this Agreement by specific
performance and in such an event, the Vendor shall reimburse the costs and expenses incurred by the Purchaser. Where the reasons for
non-registration of the Memorandum of Transfer shall be due to any defects or other inadequacy in the documents presented to the relevant
Land Office or Registry which are capable of being remedied by the parties hereto, the parties hereto agree to execute all such documents
and do all such acts and things for the purpose of remedying any such defects Or inadequacy.

8.2 In the event the Memorandum
 of Transfer is rejected for registration or cannot be registered by the relevant land registry
 for any reason not due to any default, willful neglect, omission or blameworthy conduct of
 any of the parties, the Purchaser shall be entitled at their option to request the Vendor
 to refund and the Vendor shall within fourteen (14) days of the date of the notice of demand
 refund free of interest to the Purchaser all Purchase Price theretofore satisfied by the
 Purchaser and/or on the Purchaser's behalf to the Vendor (hereinafter referred to as the
 "**Refund**") by depositing the Refund in full with the Purchaser's Solicitors
 failing which interest of Eight per centum (8%) per annum commencing from the expiry of the
 fourteen (14) days of the notice of such demand shall be payable by the Vendor to the Purchaser
 on the Refund not yet refunded until the date of full settlement. Upon receipt of the Refund
 in full by the Purchaser's Solicitors, the Purchaser shall return or caused to be returned
 the Original Title of the Property and the Discharge Documents with the Vendor's rights and
 interest as the registered proprietor intact, the Memorandum of Transfer (save in the event
 that the stamp duty has been paid, the Memorandum of Transfer shall be retained by the Purchaser's
 Solicitors to obtain a refund of stamp duty) in the custody of the Purchaser's Solicitors
 to the Vendor and and thereafter the Purchaser's Solicitors shall release the Refund to the
 Purchaser. After the refund and redelivery of documents neither party hereto shall have any
 further claim against the other and whereupon this Agreement shall terminate and be of no
 further effect and the Purchaser thereafter relinquish their right title interest or anything
 whatsoever in and to the Property.

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**9.** **REAL PROPERTY GAINS TAX** 

9.1 The Vendor and the Purchaser hereby agree covenant and undertake
with each other that they shall within sixty (60) days from the date of the State Authority Consent notify the Director-General of Inland
Revenue of the sale of the Property by the Vendor to the Purchaser in the manner required by the Real Property Gains Tax Act, 1976 or
any amendment to the Act thereto. In the event any of the party hereto fails to provide the other party their income tax file reference
number and the branch of the Inland Revenue Board that handles such file resulting in the other party being unable to submit the relevant
return to the Inland Revenue Board within the stipulated time, the defaulting party shall indemnify and cause to be indemnified the other
party all claims, actions, damages, penalty, costs, expenses and whatsoever liabilities arising out of or in relation to their default.

9.2 The Vendor shall forward or cause to be forwarded to the Purchaser's Solicitors a copy of the CKHT1A form
submitted to Director-General of Inland Revenue.

9.3 The Vendor hereby undertake to indemnify and keep the Purchaser's and the Purchaser's Solicitors
 indemnified against all actions, proceedings and demands, if any, resulting from any failure by the Vendor to comply with the
 provisions of the Act and/or such other requirements of the law that may be in force.

**10.** **DELIVERY OF LEGAL POSSESSION & TENANCY AGREEMENT** 

10.1 The Vendor hereby agrees that in consideration of the Purchaser entering into this Agreement for the Purchase
of the Property, the Vendor hereby waive their rights in the collection of Monthly Rental of the Property from the Purchaser from 1 September
2025 up to the Completion Date. For the avoidance of doubt, in the event this Agreement is terminated, the Vendor shall be entitled to
charge and claim for the rental starting from 1 September 2025 up to the termination date.

10.2 The parties hereby agree that the tenancy pursuant to the Tenancy Agreement will be deemed to have terminated
on the Completion Date and legal possession of the Property shall be deemed to have been delivered to the Purchaser on the Completion
Date.

10.3 Upon the date of this Agreement and subject to the completion of this Agreement in accordance with the
terms and conditions set out herein, the outstanding Monthly Rental of RM450,000.00 due and owing from the Purchaser to the Vendor shall
be deemed waived by the Vendor and the Vendor shall have no further claims whatsoever on the said outstanding Monthly Rental against
the Purchaser.

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**11.** **GOVERNMENT ACQUISITION** 

11.1 The Vendor hereby covenants with the Purchaser that they have not received any notice from the Government
or any proper authorities having power in that behalf to acquire the Property or any part or parts thereof.

11.2 It is hereby agreed between the parties hereto that in the event of the Government or any proper Authorities
having power in that behalf acquiring the Property or any part or parts thereof for any purpose whatsoever after the date of this Agreement
and before the date of registration of the Memorandum of Transfer of the Property or the date the Purchase Price is paid to the Vendor,
whichever the earlier, the Vendor shall immediately by writing notify the Purchaser upon receiving notice of any such intending acquisition
or declaration and the Purchaser shall forthwith be entitled by notice in writing to the Vendor, elect:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.1 to rescind this Agreement whereupon
 the Vendor shall within fourteen (14) days from the date of the receipt of the Purchaser's
 notice, refund to the Purchaser free of interest all Purchase Price already satisfied (hereinafter
 referred to as the "**Refund**") by the Purchaser and/or on behalf of the Purchaser
 to the Vendor pursuant to this Agreement by depositing the Refund in full with the Purchaser's
 Solicitors failing which interest of Eight per centum (8%) per annum commencing from the
 expiry of the fourteen (14) days of the notice of such demand shall be payable by the Vendor
 to the Purchaser on the any Purchase Price not yet refunded until the date of full settlement.
 Upon receipt of the Refund in full by the Purchaser's Solicitors, the Purchaser shall return
 or caused to be returned the Discharge Documents to the Vendor with the Vendor's rights and
 interest as registered proprietor intact and the Memorandum of Transfer (save in the event
 that the stamp duty has been paid, the Memorandum of Transfer shall be retained by the Purchaser's
 Solicitors to obtain a refund of stamp duty) in the custody of the Purchaser's Solicitors
 to the Vendor and thereafter the Purchaser's Solicitors shall release the Refund to the Purchaser.
 After the refund and redelivery of documents this Agreement shall be terminated and of no
 effect or force and neither party hereto shall have any further right against the other save
 and except for any antecedent breach of this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.2 to continue with the purchase of the Property, wherein the
Vendor shall within fourteen (14) days from the date of receipt of the Purchaser's election serve a notice upon such authorities of the
Purchaser's interest in the Property under the terms and conditions of this Agreement and thereafter the Purchaser shall be absolutely
entitled to the whole of the benefit of any arrangement made or the compensation (if any) awarded by such acquiring authority in respect
of such acquisition and the Vendor shall do all acts and things and execute and sign all documents to enable the Purchaser to procure
such arrangement and/or compensation PROVIDED ALWAYS THAT the Purchaser shall have paid the Purchase Price in accordance with the terms
herein.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 In the event that the
 Vendor shall be served with a notice in writing of acquisition of the Property or any part
 thereof after the date of registration of the Memorandum of Transfer of the Property or the
 date the Purchase Price is paid to the Vendor, whichever the earlier, such acquisition or
 intended acquisition shall not nullify or invalidate the sale and purchase herein and in
 which event the provision of **Clause 11.2.2** hereof shall apply mutatis mutandis.

**12.** **VENDOR'S WARRANTIES AND UNDERTAKING** 

12.1 The Vendor hereby expressly
 confirm that the Purchaser's entered into this sale and purchase of the Property on
 the Vendor's warranties and undertakings as follows:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.1 the Vendor is the registered proprietor and beneficial owner of the Property and the Vendor has
 not charged mortgaged, assigned or encumbered in any manner whatsoever the Property or any part thereof or created or permitted to
 be created any lien or easement over the Property or part thereof other than what has already been stated by the Vendor herein this
 Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.2 the statements contained in the Recitals hereto are true and correct and form the basis of this
 Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.3 save as disclosed in this Agreement, the Vendor has not entered into any agreement with any third party,
person, firm or company to sell dispose or assign the Property or part thereof or granted any option, license, easement or any other right
whatsoever over or in respect of the Property or any part thereof to any person, firm or company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.4 the Vendor have punctually paid or shall on Completion Date have punctually paid all quit rent, rates,
taxes and all other outgoings payable in respect of or in connection with or arising out of the Property and no event or default has occurred
that could or might entitle the state authority to forfeit the Property or any part thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.5 the Vendor has observed and complied with all conditions, covenants, restrictions and category of land
use, express or implied, binding on the Property or otherwise howsoever in respect of the Property;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.6 the Vendors shall not whilst this Agreement remains valid and subsisting, sell, dispose, charge, mortgage,
assign or in any manner whatsoever encumber the Property or any part or parts thereof apart from that as stated in the Recitals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.7 the amount owing to the Chargee does not exceed the Purchase Price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.8 the Vendor are not wound up and that there is/are no winding up proceeding and/or petition filed or threatened
against the Vendor which is still pending;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.9 there is no pending suit, legal proceedings or claims against the Vendor which may affect in any way the
Vendor's title or rights to dispose of the Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.10 the Vendor have full power, ability, legal capacity and authority to execute and deliver and perform the
terms of this Agreement and has taken all necessary steps to authorize the sale herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.11 the Vendor to their best knowledge are not aware of and has not received any notice of acquisition or
intended acquisition of the Property or any part thereof by any governmental statutory urban or municipal authority pursuant to the Land
Acquisition Act 1960 and/or any other relevant legislation and further, the Vendor is not aware of any advertisement in the Government
Gazette of such intention has been published pursuant to the Land Acquisition Act 1960 or such other relevant legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.12 the Certificate of Fitness for the Property has been issued and the Vendor has not done any renovation
and/or alteration to the Property which would require approval from relevant authorities and in the event that any renovation and/or alteration
is made to the Property, the necessary authorities' approval has been obtained and in any event the Vendor hereby undertake herein to
obtain the same and to indemnify and keep indemnified the Purchaser if the same has not been obtained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.13 the Vendors shall not at any time hereafter do or suffer to be done or commit any act in respect of the
Property or any part thereof which may render the Property liable to forfeiture or attachment or which shall contravene the provisions
of existing legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.14 the sale of this Property by the Vendor to the Purchaser is not subjected to the approval of the Economic
Planning Unit, the Prime Minister's Department as the Vendor is not deemed as a company owned by Bumiputera interest and/or government
agency under the Guideline on the Acquisition
of Properties issued by the Economic Planning, Unit, the Prime Minister's Department; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.15 the contents of the Recitals are true and correct.

12.2 The truth and correctness of the matters stated in the representations
and warranties as set out in the foregoing Clause 11.1 shall form the basis of the Purchaser's commitment to purchase the Property in
accordance to the provisions of this Agreement. The Vendor shall indemnify and keep the Purchaser indemnified against any cost expenses,
claims, proceedings and/or actions which may be instituted against the Purchaser resulting therefrom. If any such representation or warranty
shall at any time hereafter be found to have been incorrect in any material aspect which the Vendor have failed to rectify within fourteen
(14) days of a notice from the Purchaser or the Purchaser's Solicitors requesting the same to be rectified at the Vendor's sole cost
and/or if the Vendor shall fail to make full disclosure to the Purchaser of any material particular concerning the Property at the date
of this Agreement then and in such event and notwithstanding anything to the contrary herein contained the Purchaser shall have the right
at his absolute discretion to terminate this Agreement and Clause 5 herein above stated shall take place.

12.3 The parties herein agree that the covenants, undertakings,
representations or warranties hereof shall continue to subsist and shall survive notwithstanding the completion of this Agreement.

**13.** **REFUND AND PAYMENT OF AGREED LAD BY THE VENDOR TO THE PURCHASER** 

13.1 It is hereby agreed by
 the parties that in the event of any refund of Purchase Price (or part thereof) and payment
 of Agreed LAD required to be made by the Vendor pursuant to **Clause 1.7, Clause 5.1, Clause 6.1** and **Clause 8.2**, such refund shall be satisfied firstly by way of return of
 such number of Consideration Shares being held by the Vendor at the relevant time to the
 Purchaser/GTI for cancellation. The Consideration Shares shall be valued according to the
 Issue Price. Secondly, in the event the total value of the Consideration Shares returned
 by the Vendor to the Purchaser/ GTI for cancellation is below the value of the Purchase Price
 (or part thereof) and Agreed LAD (if applicable) payable by the Vendor, the Vendor hereby
 agree and undertake to make good of the balance amount to be refunded by way of cash to
 the Purchaser. For the avoidance of doubt, the refund by the Vendor by way of Consideration
 Shares and/or cash shall be completed within Fourteen (14) days from the date of termination.

13.2 For the avoidance of doubt, any interest deriving from late
payment by the Vendor shall be payable in cash.

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13.3 The parties agree that any conversion of currencies from
Ringgit Malaysia to USD and vice versa shall be done based on the middle rate of Bank Negara Malaysia at 5.00p.m. for the Working Day
prior to the date the relevant payment is due.

**14.** **APPORTIONMENT OF QUIT RENTS, ASSESSMENTS AND OTHER LAWFUL OUTGOINGS** 

14.1 The quit rents rates, assessments and other lawful outgoings
payable in respect of the Property to the relevant authorities in respect thereof (excluding utility bills and other charges which the
Purchaser is required to bear under the Tenancy Agreement) shall be apportioned between the Vendor and the Purchaser as at the Completion
Date.

14.2 Both Vendor and Purchaser agree to notify the relevant authorities
above as regards to the sale of the Property from the Vendor to the Purchaser for the purpose of updating the records of the said authorities.
In this respect the parties hereto agree to extend all necessary assistance and co-operation to each other. The parties hereby confirm
that the parties' Solicitors shall hold no responsibility for the compliance of such arrangement

**15.** **LODGEMENT OF CAVEAT** 

15.1 At any time after the
 date hereof, the Purchaser shall be entitled at their own cost and expense to present and
 register private caveat against the Property for the purpose of protecting the Purchaser's
 interest in the Property and prohibiting any dealing by the Vendor in the Property prior
 to the completion or lawful termination of this Agreement **PROVIDED THAT** the Purchaser
 hereby irrevocably and unconditionally agree and covenant with and undertake to the Vendor
 that the Purchaser shall at their own costs and expense forthwith remove or cause to be removed
 the aforesaid private caveat or private caveats upon any lawful termination of this Agreement.
 The Purchaser shall upon execution of the entry of private caveat execute a withdrawal of
 private caveat and deposit the same together with the required fees for registration with
 the Purchaser's Solicitors who are irrevocably authorised by the Purchaser to forthwith remove
 or cause to be removed the aforesaid private caveat upon lawful termination of this Agreement.

19 \| P a g e

**16.** **SOLICITOR' COSTS** 

16.1 Each party shall bear their own Solicitors' costs for preparing
this Sale and Purchase Agreement and the costs for attending to the Memorandum of Transfer together with the stamp duties and registration
fees thereof shall be borne and paid by the Purchaser save for the penalty incurred on late presentation for registration of the Memorandum
of Transfer due to the fault of the Vendor of which the Vendor shall bear for the penalty. Each party hereto shall bear their own Solicitor's
costs for filing the relevant CKHT forms with the DGIR in respect of the disposal and acquisition of the Property. The Vendor shall bear
for the solicitors cost and expense in the discharge of the Chargee's encumbrances and in the removal of any encumbrances (if any) on
the Property (save for the encumbrances entered by the Purchaser or on the Purchaser's behalf).

**17.** **TIME OF THE ESSENCE** 

17.1 Time whenever mentioned shall be of the essence of this Agreement.

**18.** **BINDING EFFECT** 

18.1 This Agreement shall be binding upon the successors-in-title,
personal representatives, and administrators of the parties hereto.

**19.** **SERVICE OF NOTICE OR DEMAND** 

19.1 Any notice or demand required to be served hereunder by either
party to the other shall be in writing and shall be deemed served:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1.1 after the expiration of Seven (7) days from the date of posting
by registered post to the respective addresses of the parties herein or their Solicitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1.2 if sent by way of email, the later of when a delivery confirmation
report is received by the sender which records the time that the email was delivered to the addressee's email address or thirty (30)
minutes after the time sent as recorded on the device from which the sender sent the email (unless the sender receives a delivery failure
notification indicating that the email has not been delivered to the addressee), whichever happens first.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1.3 at the time of successful transmission to the number of the party's solicitors shown in a transmission
report, if given or made by facsimile to the respective Solicitors;

20 \| P a g e

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1.3 at the time it is delivered, if delivered by hand to the respective parties or their respective Solicitors;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1.4 after the expiration of three (3) clear days from the date the notice or demand required to be served
is couriered to the respective addresses of the parties herein or their Solicitors.

**20.** **GOVERNING LAW** 

20.1 This Agreement shall be governed by and construed in all respects in accordance with the laws of Malaysia
and the parties hereto hereby submit to the exclusive jurisdiction of the High Court of Malaya.

**21.** **ENTIRE AGREEMENT** 

21.1 This Agreement hereunto constitutes the entire agreement between the parties hereto and supersedes in
all respects all previous arrangements between the parties hereto whether written oral or implied.

**22.** **VARIATION** 

22.1 No variation shall be effective unless agreed to by the parties
hereto in writing.

**23.** **FURTHER ACTS AND DEEDS** 

23.1 The parties hereto shall execute, do and procure all other necessary persons or companies, if any, to
execute and do all such further deeds, assurance, acts and things as may be reasonably required so that full effect may be given to the
terms and conditions of this Agreement.

**24.** **SEVERABILITY** 

24.1 Any term condition stipulation provision covenant or undertaking in this Agreement which is illegal void
prohibited or unenforceable shall be ineffective to the extent of such illegality voidness prohibition or unenforceability without invalidating
the remaining provisions hereof.

21 \| P a g e

**25.** **MISCELLANEOUS** 

25.1 Knowledge or acquiescence by either party hereto of the breach of any of the conditions or covenants herein
contained shall not operate as or be deemed to be waiver of such conditions or covenants or any of them and notwithstanding such knowledge
or acquiescence each party hereto shall be entitled to exercise their respective rights under this Agreement and to require strict performance
of the other of the terms and conditions herein;

25.2 Any terms conditions, stipulations, provisions, covenants or undertakings in this Agreement which is illegal
void prohibited or unenforceable shall be ineffective to the extent of such illegality voidness prohibition or unenforceability without
invalidating the remaining provisions hereof and any such illegality prohibition or unenforceability shall not render illegal void unenforceable
any other terms conditions stipulations provisions covenants or undertakings herein contained.

**26.** **DEFINITIONS AND INTERPRETATIONS** 

26.1 In this Agreement unless there is something in the subject or context inconsistent with such construction
or unless it is otherwise expressly provided:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.1.1 the expression "the Vendor" and "the Purchaser" shall include their respective successors
and personal representatives of the Vendor and the Purchaser and where two or more persons are included in any of the aforesaid expression
this Agreement binds such persons jointly and severally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.1.2 Any reference to time refers to Malaysian time and if an act is required to be done within a specified
number of days or form a specified date, it is to be calculated inclusive of the day and begins to run from the date so specified and
should the last day of the period falls on a non working day (for the purpose of this Agreement "non working day" would mean
Saturday, Sunday and public holidays for the state of Selangor and/or Wilayah Persekutuan Kuala Lumpur), then it is deemed that the last
day of the period shall fall on day immediately after the non working day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.1.4 the expression "working day" refers to Monday to Friday, excluding Saturdays, Sundays and Public
Holidays in the State of Selangor and Wilayah Persekutuan Kuala Lumpur;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.1.5 words importing the masculine gender include the feminine and neuter genders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.1.6 words importing the singular number include the plural and
vice versa;

22 \| P a g e

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.1.7 words applicable to human beings include any body of persons corporate or unincorporated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.1.8 the words "**Ringgit Malaysia** "
 and the abbreviation "**RM**" shall mean the lawful currency of Malaysia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.1.9 the abbreviation "**USD** "
 shall mean the lawful currency of United States of America;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.1.10 references to Clauses or Schedule are to be construed as references to Clauses or Schedule of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.1.11 references to the provisions of any legislation includes a reference to any statutory modification and
re-enactment thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.1.12 the expression of "relevant authorities" shall mean any governmental, semi quasi-governmental
and/or statutory departments, agencies or bodies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.1.13 references to "party" and "parties" shall be construed as references to a party or
the parties to this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.1.14 the Schedules hereto shall be taken and construed together as an essential integral part of this Agreement.

**27.** **COUNTERPARTS** 

27.1 This Agreement may be executed in any number of counterparts
and all counterparts taken together shall be deemed to be one agreement. For the avoidance of doubt, the parties need not sign the same
physical signature page. Signing of this Agreement and transmission by email in accordance with Clause 19 will be acceptable and binding
upon the parties. Each party agrees to provide their respective original signed counterpart to the other parties as soon as practicable
after execution.

\*\*\*\*\*\*\*\*\*\*\*\*\*\*the rest of the page is intentionally left blank \*\*\*\*\*\*\*\*\*\*\*\*\*\*

23 \| P a g e

**IN WITNESS WHEREOF** the parties hereto have hereunto set their respective hands the day and year first abovewritten.

---

| |
|:---|
| **<u>THE VENDOR</u>** |
| The execution of this Agreement by) |
| **COSMO ESTEEM SDN BHD**) |
| **REGISTRATION NO. 201301020752 (1050582-A)** |
| was duly effected in a manner authorised by its) |
| constitution under its Common Seal) |
| which said Common Seal was hereunto duly affixed) |
| in the presence of:-) |

---

---

| | |
|:---|:---|
| /s/ LAO LI HIUM | /s/ TAN CHIN TEONG |
|  | Director/Secretary |
| Name: LAO LI HIUM | Name: TAN CHIN TEONG |
| NRIC No.: 810418-10-5606 | NRIC No.: 730512-14-5671 |

---

---

| | |
|:---|:---|
| **<u>THE PURCHASER</u>** |  |
| The execution of this Agreement by) |  |
| **GRAPHJET TECHNOLOGY SDN BHD**) |  |
| **REGISTRATION NO. 201901046089 (1355419-P)** |  |
| was duly effected in a manner authorised by its) |  |
| constitution under its Common Seal) |  |
| which said Common Seal was hereunto duly affixed) |  |
| in the presence of:-) |  |
| /s/ YEW SOH POOI | /s/ LAI THER WEI |
|  | Director/Secretary |
| Name: YEW SOH POOI | Name: LAI THER WEI |
| NRIC No.: 700519-08-5432 | NRIC No.: 821121-14-5811 |

---

Execution Page \|

---

| |
|:---|
| **<u>GTI</u>** |
| The execution of this Agreement by) |
| **GRAPHJET TECHNOLOGY**) |
| **REGISTRATION NO.: 379437**) |
| was duly effected in a manner authorised by its) |
| constitution |

---

---

| |
|:---|
| /s/ LAI THER WEI |
| Director |
| Name: LAI THER WEI |
| NRIC No.: 821121-14-5811 |

---

Execution Page \|

## Exhibit 10.4

**Exhibit 10.4**

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|:---|:---|
| ![](ex10-4_001.jpg) | Central One District C1 Building, Level 1 Dubai. |

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**<u>MASTER LOAN AGREEMENT</u>**

*LOAN AGREEMENT* made as of 16 October 2025 (as amended or supplemented from time to time and including all Exhibits and Schedules hereto, this "Loan Agreement") between Graphjet Technology ("Borrower"), and International Liquidity, LLC ("Lender").

 

*WHEREAS,* Borrower has requested that the Lender provide a non- recourse loan secured by the Collateral and equity deposit within the designated account.

*WHEREAS,* Lender is willing to furnish such loan only upon the terms and conditions contained herein including, without limitation, the execution, delivery and where appropriate, the filing and/or recording of certain collateral security instruments.

*NOW, THEREFORE,* in consideration of the mutual covenants herein contained, it is agreed as follows:

*ARTICLE 1*

 

*<u>DEFINITIONS:</u>* As used in this Loan Agreement, the following terms shall have the following meanings. All such terms or such terms as otherwise defined in this Loan Agreement shall have such defined meanings when used without definition in the Master Pledge Agreement, or other Loan Documents. All currency referred to in this Agreement shall mean United States Dollars, and all amounts delivered or to be paid are to be calculated and delivered in net United States Dollars, unless otherwise indicated:

*"Admin Fee"* shall mean (1.75%) of the principal amount being borrowed.

 

*"Agreement"* shall mean this Master Loan Agreement, including any Exhibits or Schedules hereto, and as amended or supplemented from time to time.

 

*"Assignee"* has the meaning set out in Article 7.12.

 

*"Business Day"* shall mean any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the laws of, or are in fact closed, in Malaysia.

 

*"Closing"* has the meaning set out in Article 2.5.

 

Master Loan Agreement Page 1 of 23 ______/______<br> (Initials)

 

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|:---|:---|
| ![](ex10-4_001.jpg) | Central One District C1 Building, Level 1 Dubai. |

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*"Closing Summary"* shall mean a summary in the form attached to this Agreement as <u>Exhibit 1</u>, which Closing Summary shall be delivered by the Lender to the Borrower contemporaneously with the final funding of the Loan.

*"Collateral"* shall mean the instrument pledged against the monies received for the Loan. The initial collateral deposited is defined as Pledged Collateral. Such instrument must be in good standing according to United States law, shall be registered in the name of the Lender or its assigned designee, as shall be registered for resale by the pursuant to an effective registration statement filed with the Securities and Exchange Commission of the United States. If Collateral is pledged in lieu of a cash payment for a fee, Valuation Event or Event of Default cure, the value of such Collateral shall be calculated using as reference the methodology set out in Article 2.1(a).

*"Currency"* the parties agree that all loans shall be priced, closed and funded in United States Dollars ("USD"). If the Pledged Collateral is a security or instrument which is priced and traded in a market and currency other than USD, the parties agree to convert to USD for all purposes and calculate the currency exchange rate to USD from the currency of the market in which the security or instrument is traded as set forth herein.

 

*"Event of Default"* shall mean any of the events specified in Article 3 hereof.

*"Fair Market Price" ("FMP")* shall mean with respect to the stock or securities provided as Pledged Collateral the average of the last sale price on three consecutive Exchange Business Days or the last closing price based on Lenders discretion any day prior to Closing. For purposes of determining the Loan Principal Amount prior to Closing, the first day of the three consecutive day pricing option shall be the Verification Day. That average price or closing price shall be the per-share price (FMP) of the Pledged Collateral used to establish its Fair Market Value.

*"Fair Market Value" ("FMV")* shall mean the amount, expressed in dollars, equating to the FMP for each share of the Pledged Collateral multiplied by the number of such shares comprising the Pledged Collateral.

 

*"Final Acceptance"* shall mean the Exchange Business Day after the Pledged Collateral has been received and posted to the Lender's account prior to Closing.

 

*"Funded"* shall mean, to authorize and initiate the bank wire transfer to provide the Borrower with money for the purpose of the loan and this Master Loan Agreement.

 

*"Interest Rate"* shall mean 5.00% per annum per annum.

*"Lien"* shall mean, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such asset.

*"Loan Principal Amount"* shall mean the amount of monies borrowed by Borrower from Lender under Article 2.1 hereof.

*"Loan Documents"* shall mean collectively, this Agreement, the Pledge Agreement, the Closing Summary, and any other agreements, documents, instruments, exhibits or statements delivered in connection with the Loan. Each to be contemporaneously executed and read and construed together in a manner so as to give meaning and effect to all their provisions.

*"Market Price"* shall mean the current price of Graphjet Technology (GTI:US) is trading at any given moment in time, either during normal exchange hours or the last sale price when the exchange closes for the day.

Master Loan Agreement Page 2 of 23 ______/______<br> (Initials)

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|:---|:---|
| ![](ex10-4_001.jpg) | Central One District C1 Building, Level 1 Dubai. |

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*"Material Adverse Effect"* shall mean (a) a material adverse change in, or a material adverse effect upon, the operations, business, properties, assets, liabilities (actual or contingent), condition (financial or otherwise) or prospects of the Borrower; (b) a material impairment of the ability of the Borrower to perform its obligations under any Loan Document to which it is a party; (c) a material adverse effect upon the legality, validity, binding effect or enforceability against the Borrower of any Loan Document to which it is a party; or (d) a material adverse effect on the validity, perfection or priority of the security provided in favour of and for the benefit of the Lender on any portion of the Collateral or a material adverse effect on the value of any portion of the Collateral.

 

*"Maturity Date"* is the date on which this Loan is due and payable pursuant to this Loan Agreement, which is the earlier of (a) the date payment is accelerated to pursuant to an Event of Default (b) the date payment is accelerated to pursuant to Article 2.7 hereof, (c) the 60-month anniversary of the date the Loan is funded unless extended pursuant to Article 2.7.

*"Obligations"* shall mean all indebtedness and other liabilities and obligations of the Borrower to the Lender of every kind, nature and description, present or future, direct or indirect, secured or unsecured, joint or several, absolute or contingent, matured or not, in any currency, due or to become due, now existing or hereafter arising, regardless of how they arise or by what agreement or instrument or whether evidenced by any agreement or instrument and whether as principal or surety, including, without limitation, (i) the payment in full when due of the Loan and all interest thereon, (ii) the payment of all amounts payable by the Borrower to the Lender under the terms of the Loan Agreement or any other Loan Document including without limitation costs of maintaining the Professional Client Brokerage Account, Rehypothecate Adjustment Amounts, and, if there is an Event of a Default or pre-payment of any or all of the Loan, all expenses and costs related to rehypothecates, including without limitation the cost of (a) unwinding a rehypothecate and (iii) the payment and performance in full when due of all other liabilities and obligations of the Borrower to the Lender under the Loan Agreement and the other Loan Documents and other evidences or indebtedness issued in exchange and the observance and performance by the Borrower of the obligations to be observed and performed by it hereunder or under any related agreement, instrument or document.

*"Person"* shall mean any individual, corporation, company, voluntary association, limited liability company, partnership, joint venture, trust, unincorporated organization or government (or any agency, instrumentally or political subdivision thereof).

*"Pledge Agreement"* shall mean the Master Pledge Agreement dated the date hereof between Borrower and Lender, by which the Pledged Collateral is pledged to the Lender.

*"Pledged Collateral"* shall mean the 3,157,000 shares of Graphjet Technology (GTI:US) and any shares resulting from a split-up, revision, reclassification or other like change of the Pledged Collateral.

*"Signing Date"* shall mean either the date the Lender signs and dates the MLA after the Borrower signs the MLA, or if a later date, the date the Pledged Collateral settles in the Lender's collateral account.

 

Master Loan Agreement Page 3 of 23 ______/______<br> (Initials)

 

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|:---|:---|
| ![](ex10-4_001.jpg) | Central One District C1 Building, Level 1 Dubai. |

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*"Term of Loan"* shall mean when the Loan starts as defined as Signing Date, or the date the Pledged Collateral is received in the Lender's collateral account if that date is after the Signing Date. Once Term of Loan has started Borrower agrees that this contract cannot be canceled unless agreed upon by both parties or unless the Verification Day has not been triggered within thirty (30) days of the Signing Date. The Term ends as defined by Maturity Date or thirty (30) days after the Signing Date if the Verification Day has not been triggered.

1.1 *Use of Defined Terms.* All terms defined in this Agreement shall have such defined meanings when used herein and in the Pledge Agreement or other documents made or delivered in conjunction with this Agreement.

1.2 *Lender's Discretion.* The Lender has the discretion and right to elect to not proceed with any loan with the Borrower at any time up until the Closing.

1.3 *Statements as to Knowledge.* Any statements, representations or warranties which are based upon the knowledge of the Borrower shall be deemed to have been made after due inquiry with respect to the matter in question but without Borrower being required to seek an opinion of counsel with respect thereto.

 

*ARTICLE 2*

 

*<u>AMOUNT OF LOAN</u>*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.1* *Loan Principal Amount.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In accordance with the terms and conditions of this Loan Agreement, the Lender agrees to advance to Borrower
a principal amount (the "Loan" as defined above) equal to such amount supportable by the Collateral. Prior to execution of
this Loan Agreement, the Lender advised the Borrower that Lender estimated that the Loan Amount would be approximately USD 7,000,000 based
on a loan to value ("LTV") of 65.00% against the FMV of the shares representing the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For each tranche, the Lender will release funds in the amount of each such tranche, as directed by the
Borrower, and the Borrower will release the Collateral as directed by the Lender through a simultaneous exchange to occur on a agreed
upon date (for each tranche in question, the "Closing Date"). For greater certainty, the aggregate value of all tranches hereunder
shall not exceed that of the amount of the Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to compliance with Article 2.1(b), the Lender shall fund the principal amount of any Tranche (less
all deductions to be made hereunder) to the Borrower at the Borrower's bank account in accordance with Article 2.5 on the Closing. Notice
will be sent in writing to the Borrower not to fund such amount on such date, whereupon the collateral delivered shall cease to be Pledged
Collateral for the purposes hereof and such securities shall be promptly returned to the Borrower.

Master Loan Agreement Page 4 of 23 ______/______<br> (Initials)

 

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|:---|:---|
| ![](ex10-4_001.jpg) | Central One District C1 Building, Level 1 Dubai. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.2* *Term of Loan.* 

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Loan shall mature, and the Loan Principal Amount together with all accrued interest thereon shall
be due and payable five (5.00) years (the "Term") subsequent to the occurrence of the initial Closing (the "Maturity
Date" or "Maturity").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Borrower requested that the Term be extended, the Lender reserves the sole right to extend the
Loan for an additional twelve (12) months with the same terms and conditions as set forth herein. In any event, the maximum term of this
Loan shall be six (6) years, plus one (1) month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To have the Term extended, the Borrower must provide to the Lender written notice of the request within
ten (10) Business Days prior to the Maturity of the Loan. Extension of the Term shall result in a fee of no less than one (1%) percent
of the total value of the Collateral as determined in accordance with Article 2.1 or the value of the Collateral at time of renewal (the
Lender reserves the sole right to decide which of the two mechanisms shall apply).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.3* *Interest and Fees.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Loan shall have an annual interest rate in an amount equal to 5.00% (five percent) to be paid in quarterly
installments. The first interest payment for each tranche shall be due on the first banking day of the third (3rd) month following the
applicable Closing and such payment shall be based on a quarter year, regardless of the actual number of days between the applicable Closing
and the date such first interest payment is due. All subsequent payments (except otherwise noted herein) shall be due on the first banking
day of each third (3rd) month thereafter for the Term (as such Term may be extended).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to Article 2.3(a), all interest payments due hereunder shall be paid in or its value determined
in U.S. Dollars and made by way of certified cheque or other immediately available funds as directed by the Lender.

Master Loan Agreement Page 5 of 23 ______/______<br> (Initials)

 

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|:---|:---|
| ![](ex10-4_001.jpg) | Central One District C1 Building, Level 1 Dubai. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.4* *Fees.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Origination Fee*. The Lender will deduct the applicable Origination Fee of 3.00% (three) on a funding
as of each Closing, based on the principal amount being funded, and will deduct this Origination Fee from the funding upon delivery of
the Loan proceeds and deliver the same in accordance with the instructions of the Borrower as provided by Article 2.5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.5* *Closing.* 

The initial Closing Date shall take place no later than five (5) Business Days after the Final Acceptance, assuming the conditions to Lender's Obligations herein are satisfied. At the Lender's discretion, the funding may disburse to the Borrower's custodian account or to the Borrower's bank account per the following instructions:

Bank Name:

Bank Address:

Bank Phone:

Swift Code:

Account Name:

Account Number:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.6* *Application of Payments.* Funds received from or on behalf of the Borrower pursuant to the terms and provisions of this Loan
Agreement shall be applied in the following manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the payment of fees, penalties and expenses due pursuant to any provision of the Loan Documents, then

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All Obligations, other than accrued and/or unpaid interest and any portion of the outstanding principal,
then

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The payment of accrued and/or unpaid interest on the Loan, then

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) When specifically allowed by the Loan Agreement, payment of the outstanding principal balance, and then

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The balance, if any, to Borrower.

Master Loan Agreement Page 6 of 23 ______/______<br> (Initials)

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|:---|:---|
| ![](ex10-4_001.jpg) | Central One District C1 Building, Level 1 Dubai. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 *Redelivery of Collateral.* 

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event that the Borrower does not make any payment required hereunder by the due date of such payment,
or otherwise breaches this Agreement, the Agreement will terminate at the option of the Lender, and the Lender will be entitled to foreclose
on the Collateral remain in whole possession and full unrestricted ownership of the Collateral, as the legal and beneficial owner of the
Collateral, unencumbered in any way and the Borrower shall do all things, and take all actions as may be required by the Lender to effect
the final transfer of ownership to the Lender. For greater certainty, notwithstanding termination of this Agreement pursuant to this section,
in the event of such termination, all obligations of the Borrower to the Lender hereunder shall remain in force.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Provided that the Borrower is in compliance with this Agreement,
the Lender agrees to return the relevant number of Collateral, or an equivalent value of the relevant Collateral in US dollars (but only
in cash if it the company has gone private or been acquired, such as if the Collateral have ceased being traded, or if the issuer of
the Collateral has gone private, acquired, such the Collateral have otherwise ceased to be publicly traded), to the Borrower within ten
(10) banking days (the "Re-delivery Date") of full repayment ("Repayment") of the Loan (including all payments required
hereunder, including, without limitation, interest and fees related to the Loan) to the Lender, provided, however, that in the event
the Borrower elects to pre-pay the Loan (in accordance with this Agreement only), the Borrower shall notify the Lender thirty (30) calendar
days prior to the desired date of Repayment via registered mail or Federal Express (such mechanism "Notification"). Notification
shall not be valid or in force until the Lender acknowledges, in writing, receipt of the intent to re-pay. There is a restriction on
pre-payment during the first twenty-four (24) months following the applicable Closing of a tranche. Notification shall not be valid or
in force until delivery of intent to repay is certified in the form of a receipt. Also, if the borrower elects to prepay and fails to
prepay on the agreed upon date, it will be viewed as a default by the borrower. The Lender acknowledges, in writing, receipt of the intent
to re- pay.

Master Loan Agreement Page 7 of 23 ______/______<br> (Initials)

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*ARTICLE 3*

 

*<u>CONDITIONS, RESTRICTIONS AND FURTHER AGREEMENTS</u>*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.1 In addition to this Agreement, the Borrower agrees to execute and sign all related documents as requested by the Lender and an assignment in the event of any default of any terms or conditions hereunder, including without limitations of Loan repayment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If Failure by Borrower to pay the Obligations due pursuant to
this Loan Agreement and the Note, within three (3) Business Days of the date when due, whether on the date fixed for payment or by acceleration
or otherwise, or the failure by Borrower to pay any interest payment on the Note within three (3) Business Days of the date such interest
becomes due; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any representation or warranty made by Borrower in this Loan Agreement or in any certificate or statement
furnished at the time of Closing or pursuant to this Loan Agreement or any other Loan Document shall prove to have been untrue or misleading
in any material respect at the time made; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Default by Borrower in the performance or observance of any covenant or agreement contained in this Loan
Agreement or default in any other Loan Document which is not cured within any applicable grace period provided for therein, if any; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A final judgment for the payment of money in excess of $250,000 USD shall be rendered against Borrower,
and such judgment shall remain undischarged for a period of sixty (60) days from the date of entry thereof unless within such sixty (60)
day period such judgment shall be stayed, and appeal taken there from and the execution thereon stayed during such appeal; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the Borrower shall default in respect of any evidence of indebtedness or under any agreement under
which any notes or other evidence of indebtedness of Borrower are issued, if the effect thereof is to cause, or permit the holder or holders
thereof to cause, such obligation or obligations in an amount in excess of $250,000 USD in the aggregate to become due prior to its or
their stated maturity or to permit to acceleration thereof; or

Master Loan Agreement Page 8 of 23 ______/______<br> (Initials)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If an "Event of Default" under the Master Pledge Agreement shall occur and any grace period,
if any, provided for therein shall have expired; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If Borrower shall make a general assignment for the benefit of creditors or consent to the appointment
of a receiver, liquidator, custodian, or similar official of all or substantially all of Borrower's properties, or any such official
is placed in control of such properties, or Borrower admits in writing Borrower's inability to pay Borrower's debts as they
mature, or the Borrower shall commence any action or proceeding or take advantage of or file under any federal or state insolvency statute,
including, without limitation, the United States Bankruptcy Code, seeking to have an order for relief entered with respect to Borrower
or seeking adjudication as a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, liquidation, dissolution, or other
relief with respect to Borrower or Borrower's debts; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) There shall be commenced against Borrower any action or proceeding of the nature referred to in subsection
(h) of this Article 3.1, or seeking issuance of a warrant of attachment, execution, distraint, or similar process against all or any substantial
part of the property of Borrower, which results in the entry of an order for relief which remains undismissed, undischarged or unbonded
for a period of sixty (60) days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Master Pledge Agreement shall cease at any time after its execution and delivery and for any reason
to create a valid and perfected first priority security interest in the Collateral and to any other property subject thereto or the validity
or priority of such security interest shall be contested by Borrower or by any other Person; or any of the other Loan Documents shall
at any time after their execution and delivery for any reason cease to be in full force and effect or shall be declared null or void,
or the validity or enforceability thereof shall be contested by Borrower or by any other Person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) a lending institution or joint venture partner sends a default notice to the Issuer, which would have
a material adverse affect on the value of the stock of the Issuer, which default has not been cured at the time of disclosure of such
default; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Fair Market Value of the Collateral shall be, at the close of business on any day, less than 75% of
the Fair Market Value used to calculate the Loan Principal Amount.

Master Loan Agreement Page 9 of 23 ______/______<br> (Initials)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.2 *Rights Upon An Event of Default.* Upon the occurrence of an Event of Default, all Obligations, including, without limitation, the principal amount of the Loan, together with any accrued and unpaid interest thereon, shall be immediately due and payable without notice or demand, presentment, or protest, all of which are hereby expressly waived. Upon the occurrence of an Event of Default, Lender shall thereupon have the rights, benefits, and remedies afforded to it under any of the Loan Documents with respect to the Collateral and may take, use, or otherwise encumber or dispose of the Collateral as if it were the Lender's own property. Borrower agrees that Lender may or may not proceed, as Lender determines in its sole discretion, with any or all other rights, benefits, and remedies that it may be entitled against the Borrower, acknowledging that this is a Limited Recourse loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.3 *Default Interest* After the occurrence of an Event of Default, to the extent permitted by applicable law, the Interest Rate on the Loan shall be at a rate equal to 3.0% per month retroactive to the initial date of funding ("Default Interest").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Termination of Default Interest*. Borrower acknowledges that Lender, notwithstanding an Event of
Default, may elect to not realize on or take any action with respect to the Collateral until the Maturity Date, and Default Interest shall
accrue until such action is taken. Notwithstanding the foregoing, Default Interest shall cease to accrue with such interest as has accrued
becoming a fixed amount and the Interest Rate set forth herein shall be reinstated where Lender has not commenced an action against Borrower
to recover any or all of Borrower's Obligations hereunder, prior to 180 days after the Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Maximum Interest Rate*. Notwithstanding anything herein to the contrary, in no event shall the interest
charged hereunder exceed the maximum rate of interest permitted under applicable law. Any payment made, which if treated as interest would
cause the interest charged to exceed the maximum rate permitted, shall instead be held by Lender to the extent of such excess as additional
Collateral hereunder and applied to future interest payments as and when such amount becomes due and payable hereunder, or refunded to
Borrower if all Obligations are duly satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.4 *Nature of Loan and Pledge* The Lender agrees, for itself, and its successors, endorsees and assigns, that other than as provided in the next subsection the responsibility to make payments hereunder is a non-recourse obligation of the Borrower and each of its successors, and assigns; and the Lender and each of its successors, endorsees or assignees, may, for payment of the Loan and Obligations only look to the property encumbered by this Loan and Pledge Agreement and/or the other instruments of security that secure the Loan, and may not subsequently make any claim or institute any action or proceeding against the Borrower, Pledgor or any successors, or assigns of the Borrower or Pledgor for any deficiency remaining after collection upon the Collateral or any other loss suffered by Lender, or its successors, endorsees or assigns.

Master Loan Agreement Page 10 of 23 ______/______<br> (Initials)

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*ARTICLE 4*

 

*<u>REPRESENTATIONS AND WARRANTIES OF BORROWER</u>*

Borrower represents and warrants to Lender that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.2 *Consents.* This Loan Agreement and the Loan Documents executed by Borrower constitute valid and binding obligations of Borrower, enforceable in accordance with their respective terms. The Borrower represents and warrants that no consent of any other party and no consent, license, approval, or authorization of any governmental authority is required in connection with the execution, delivery and performance of this Loan Agreement and the Loan Documents herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.3 *No Conflicts.* The execution and delivery of this Loan Agreement and other Loan Documents executed by Borrower do not conflict with or result in the breach of any agreement, mortgage or other instrument under which Borrower or any of the Collateral is subject. The execution and delivery of this Loan Agreement and other Loan Documents executed by Borrower does not cause a violation or conflict of any law, rule, or regulation of any governmental agency with jurisdictional authority applicable to him or the Collateral.

Master Loan Agreement Page 11 of 23 ______/______<br> (Initials)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.4 *Dividends/Stock Splits.* The application of all calculations or responsibilities of Lender under this Agreement shall be equitably modified to reflect so-called "stock splits", mergers, or other modifications to the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.5 *Professional Client.* The Borrower is a "Professional Client" as defined in the Dubai Financial Services Authority (DFSA) Conduct of Business Module (COB) Rules and the Borrower has read and understood the Professional Client Treatment Notice as set out in Schedule 1 to this Agreement (the "Professional Client Treatment Notice") and agrees to the Professional Client Treatment Notice. For the purpose of this Article 4.5, "we" in the Professional Client Treatment Notice shall mean the Lender, "you" shall mean the Borrower and "our" and "your" shall be construed accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.6 Certain Fees. The Borrower has not employed any broker or finder or incurred any liability for any brokerage or investment banking fees, commissions, finders' fees, structuring fees, financial advisory fees or other similar fees in connection with the Loan Agreement and the other Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.7 *Use of Proceeds.* The proceeds of the Loan shall be used for general corporate purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.8 *Litigation.* There is no action or proceeding pending, contemplated or threatened against Borrower before or by any court, arbitrator, grand jury or administrative agency, any governmental authority, bureau, agency, or instrumentality which might result in a material adverse change in the financial condition of Borrower or materially interfere with the ability of Borrower to timely perform any of its obligations under this Loan Agreement or the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.9 *No Defaults.* Borrower is not in default in the payment or performance of any of Borrower's obligations or in the performance of any contract, agreement or other instrument to which Borrower is a party or by which any of Borrower's assets or properties may be bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.10 *Non-Reliance.* Borrower is acting for its own account, and has made its own independent decisions to enter into the Transaction, execute the Loan Documents, and deliver the Collateral as provided for herein and as to whether the Transaction is appropriate or proper for it based upon its own judgment and upon advice from such advisors as it has deemed necessary. It is not relying on any communication (written or oral) of any other party as investment advice or as a recommendation to enter into the Loan; it being understood that information and explanations related to the terms and conditions of the Loan will not be considered investment advice or a recommendation to enter into the Transaction. No communication (written or oral) received from the Lender will be deemed to be an assurance or guarantee as to the expected results of the Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.11 Evaluation and Understanding. Borrower is capable of evaluating and understanding (on its own behalf or through independent professional advice), and understands and accepts, the terms, conditions and risks of the Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.12 *Status of Parties.* Lender is not acting as an agent, fiduciary or advisor for Borrower in respect of the Loan.

Master Loan Agreement Page 12 of 23 ______/______<br> (Initials)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13 *Short Selling*. The Lender is not engaged directly, in short selling the collateral by borrowing the shares from any entity or person and later buying shares in the same security, then returning the borrowed shares in an effort to make a profit. The Lender shall not lend or pledge the Pledged Collateral out to third parties for any purpose.

*ARTICLE 5*

 

*<u>DISPUTES</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.1 The courts of Emirate of Ras Al Khaimah have exclusive jurisdiction to settle any dispute arising out of or in connection with this Master Loan Agreement (including a dispute regarding the existence, validity or termination of this Master Loan Agreement) ("Dispute").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.2 Each of the parties agree that the courts of Emirate of Ras Al Khaimah are the most appropriate and convenient courts to settle disputes and accordingly no party will argue to the contrary. In addition, the Borrower hereby waives, to the maximum extent permitted by law, any objection, including any objection based on forum non conveniens, to the bringing of any such proceeding contemplated by this Section in any forum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.3 The Lender is entitled to effect service on the Seller of any writ, summons or other process or document by leaving it at or sending it by ordinary post or by certified or registered post to the Borrower's Address of Record or to any of the Borrower's addresses specified in this Master Loan Agreement or that may come to the notice of the Lender. The Borrower agrees that such process is deemed validly served on it immediately, if so left, or on the day immediately following the date of such ordinary posting, if sent by post and the Borrower will be deemed to have sufficient notice of such process in any case.

*ARTICLE 6*

 

*<u>INDEMNIFICATIONS</u>*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.1 The Agreement hereby indemnify both parties

Master Loan Agreement Page 13 of 23 ______/______<br> (Initials)

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*ARTICLE 7*

 

*<u>MISCELLANEOUS</u>*

*<u> </u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.1 *Notices.* All notices, requests or other communications to either party by the other shall be in writing and shall be deemed duly given on the earlier of the date the same is delivered in person or two days after deposit with any internationally recognized private international overnight courier service, delivery charges prepaid, or, in the case of notice to the Lender, one day after deposit with a nationally recognized overnight courier service, delivery charges prepaid, in each case to the names and addresses listed on the first page of this Loan Agreement. Either party may designate by notice in writing to the other a new address to which notices, requests and other communications hereunder shall be given.

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|:---|:---|
| BORROWER: | LENDER: |
| Graphjet Technology | International Liquidity, LLC |
| 4th Floor, Harbour Place, 103 South Church Street,<br> P.O. Box 10240, Grand Cayman, KY1-1002,<br> Cayman Islands | Central One District C1 Building, Level 1 Dubai,<br> UAE |
| chrislai@graphjettech.com | deals@internationalliquidity.com |

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Either party may designate by notice in writing to the other a new address to which notices, requests and other communications hereunder shall be given. If, at any time, the Borrower changes the Notices and fails to properly notify the Lender, then the Borrower shall bear sole responsibility for any breach of contract tied to notifications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*7.2* *Governing Law.* 

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Generally.* This Master Loan Agreement is governed by laws of the United Arab Emirates as applicable
in the Emirate of Ras Al Khaimah; without regard to the conflicts of law rules or principles, except as required by mandatory provisions
of Applicable Law and except that to the extent that the validity or perfection and the effect of perfection or non- perfection or priority
of any security interest created hereby, or remedies hereunder, in respect of any particular Securities, or the transfer of Issuer Securities,
are governed by the law of a jurisdiction other than United Arab Emirates, then such matters (and only such matters) shall be governed
by, and enforced in accordance with the laws of, such relevant jurisdiction without affecting the governing law of any other aspect of
this Master Loan Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.3 *Further Assurances.* Borrower hereby agrees to execute and deliver such further instruments and documents as may be reasonably requested by Lender in order to carry out fully the intent and accomplish the purposes of this Loan Agreement and the transactions referred to herein. Borrower agrees to take any action which Lender may reasonably request in order to obtain and enjoy the full rights and benefits granted to Lender by this Loan Agreement, and each other agreement, instrument and document delivered to Lender in connection herewith, including specifically, at Borrower's own cost and expense, the use of its reasonable best efforts to assist in obtaining consent of any government agency or self-regulatory organization for an action or transaction contemplated by this Loan Agreement which is then required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.4 *Survival of Agreements.* Except as herein provided, all agreements, representations and warranties made herein and in any certificate delivered pursuant hereto, shall survive the execution and delivery of this Loan Agreement and the Note, and shall continue in full force and effect until the indebtedness of Borrower under the Notes and all other Obligations have been paid in full.

Master Loan Agreement Page 14 of 23 ______/______<br> (Initials)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.5 *Waivers.* No failure to exercise and no delay in exercising, on the part of Lender, any right, power or privilege under this Loan Agreement or any agreement or instrument delivered to Lender hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or privilege preclude any other or further exercise of any right, power or privilege under this Agreement or the Master Pledge Agreement or any agreement or instrument delivered hereunder. No waiver shall be effective unless executed by Lender and any such waiver shall not constitute a waiver in the future of any of the provisions of any of the foregoing documents, except as may be specifically provided in any such waiver. No notice to Borrower from Lender shall entitle Borrower to any other or further notices in any circumstance unless expressly provided for in such notice or this Loan Agreement. No course of dealing between Borrower and Lender shall operate as a waiver of any of the rights of Lender under this Loan Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.6 *Gender and Number.* Words used herein, regardless of the number of gender specifically used, shall be deemed and construed to include any other number, singular or plural and any other gender, masculine, feminine or neuter, as the context requires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.7 *Captions.* Captions used herein are inserted for convenience only and shall not be given any legal effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.8 *Counterparts.* This Loan Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same agreement. Delivery of an executed copy or signature page of this Agreement or any other Loan Documents, by facsimile transmission or electronic image scan transmission (e.g., PDF) shall be as effective as delivery of a manually executed counterpart thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.9 *Successors and Assigns.* This Loan Agreement shall be binding upon and inure to the benefit of Borrower and Lender and their respective successors and assigns except that the rights and obligations of Borrower hereunder may not be assigned or transferred in any respect. The provisions of this Loan Agreement are intended to be for the benefit of any holder, from time to time and shall be enforceable by any such holder, whether or not an expressed assignment to such holder of rights under this Loan Agreement has been made by Lender or its successors or assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.10 *Confidentiality.* This Agreement is to be kept confidential and is not to be reproduced in any manner whosoever for persons other than the parties hereto. Each party agrees not to circumvent the legitimate interests of the other party and to maintain this transaction in strict confidentiality *Each* Party (*Receiving Party*) agrees that in the course of performance of this Agreement it may obtain or otherwise become aware of information of a confidential nature pertaining to the business, finances, trade, operations or other information (*Confidential Information*) belonging to or pertaining to the other party (*Disclosing Party*). The Receiving Party shall not disclose any part of the Confidential Information to any person other than whose knowledge is essential for the performance of this Agreement. The obligations specified in this clause do not apply to any Confidential Information to the extent that it is now or subsequently becomes publicly available through no fault of the Receiving Party or which the Receiving Party can demonstrate was known to it before receipt from the Disclosing Party, or which is or has been received from another source without obligation as to confidentiality, or which is required to be disclosed by law or regulating authority, or which is or has been independently developed by the Receiving Party without reference to the information disclosed to it by the Disclosing Party. The provisions of this Article 7.10 shall survive the termination of this Agreement.

Master Loan Agreement Page 15 of 23 ______/______<br> (Initials)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.11 *Force Majeure.* Notwithstanding any provision of this Agreement, neither party shall be liable for its inability in performing any of its obligations hereunder (other than an obligation to make payment) if such inability is caused by or arises as a result of a Force Majeure Event. For the purposes of this clause a Force Majeure Event means any circumstances beyond the reasonable control of the relevant party including, without limitation, inability or delay caused through acts of God, fire, flood, riot, industrial dispute of any kind (other than disputes involving that party's own employees or the employees of an affiliate of that party), lightning, explosion, civil commotion, malicious damage, storm, tempest, acts or omissions of communications carriers or any third party, act of government or other regulatory authority, acts or omissions of persons or bodies for whom the party affected thereby is not responsible, and any other circumstances beyond the reasonable control of the relevant Party.

The Party affected by the Force Majeure Event shall promptly notify the other of the estimated extent and duration of such inability to perform its obligations hereunder and in the event that this Agreement cannot be performed according to its terms for a continuous period of one (1) month by reason of such Force Majeure Event, the affected Party shall be entitled to terminate this Agreement forthwith without any liability whatsoever to the other.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.12 *Assignment.* Such consent shall not to be unreasonably withheld. (a) The Borrower shall not assign, transfer, charge or novate any of its rights or obligations hereunder nor grant, declare, create or dispose of any right of interest in it. Any purported assignment in contravention of this Article 7.12 is void. (b) The Lender may, without the consent of the Borrower, assign all or any part of its interest in the Loan to one or more Persons (each, an "Assignee"). The Lender may, but shall not be bound to, deliver to the Borrower an instrument of assumption pursuant to which any Assignee assumes the obligations and agrees to be bound by all the terms and conditions of this Agreement, all as if such Assignee had been an original party hereto. Upon any such assignment and such assumption of the obligations of the Lender by an Assignee, the Lender and the Borrower shall be mutually released from their respective obligations to each other hereunder to the extent of such assignment and assumption and shall thenceforth have no liability or obligations to each other to such extent, except in respect of any matter which shall have arisen prior to such assignment.

Master Loan Agreement Page 16 of 23 ______/______<br> (Initials)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13 *Independent Legal.* The Borrower acknowledges that: (i) the Lender has recommended and encouraged the Borrower to obtain independent legal and tax advice with respect to this Master Loan Agreement. The Master Loan Agreement and the transactions contemplated hereby; (ii) it has, in fact, been given an opportunity to obtain independent legal and tax advice from counsel/advisors of its choosing; and (iii) if it has not obtained independent legal and tax advice, despite having been encouraged and given the opportunity to do so, the Borrower explicitly waives the right to obtain such advice, and, in any event, the Borrower acknowledges that it has read and understood this Master Loan Agreement, that it is signing this Master Loan Agreement freely and voluntarily and without duress or undue influence of any nature whatsoever and it understands the risks and implications of the transactions contemplated hereby and is willing to assume (financially and otherwise) such risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.14 *Usury.* The Borrower expressly waives all defenses the Borrower may have or could interpose with respect to usury and other such related rights under in any action relating to this Loan Agreement, or any Loan made hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.15 *Entire Agreement.* This Agreement contains the entire agreement between the parties hereto and may be amended, changed or terminated only by an instrument in writing signed by the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.16 *Amendments.* Amendments to this Agreement (including the adding or updating of any Annex, appendices, annexures or schedule) shall not be effective unless in writing and signed by authorized signatories on behalf of both parties.

Master Loan Agreement Page 17 of 23 ______/______<br> (Initials)

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*IN WITNESS WHEREOF,* the parties hereto cause this Agreement to be duly executed and delivered as of the day and year first above written.

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|:---|:---|
| BORROWER: | LENDER: |
| Graphjet Technology | International Liquidity, LLC |
| By: | By: |
| Date: | Date: |

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Master Loan Agreement Page 18 of 23 ______/______<br> (Initials)

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Master Loan Agreement Page 19 of 23 ______/______<br> (Initials)

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*SCHEDULE 1*

 

*PROFESSIONAL CLIENT TREATMENT NOTICE*

 

1. You are classified as a Professional Client by reason of your being within a category of person described
in the Dubai Financial Services Authority (DFSA) Conduct of Business Module (COB) Rules as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 An entity classified as a "Deemed Professional Client," which includes:

A body corporate or partnership with net assets of at least USD 1 million (or equivalent), as stated in its latest audited financial statements prepared within the last 24 months; or

A trust with total assets of at least USD 1 million (or equivalent), as stated in its latest audited financial statements prepared within the last 24 months or in custodian statements issued within the last 12 months; or

A regulated financial institution, government entity, or supranational organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 An individual classified as an "Assessed Professional Client," being a natural person who meets at least two of the following
criteria:

Has net assets (excluding primary residence) of at least USD 1 million (or equivalent), as evidenced by a certificate from an auditor, professional accountant, or custodian statement issued within the last 12 months;

Has gross annual income of at least USD 200,000 (or equivalent) in each of the last two years, as certified by an auditor or professional accountant;

Has significant experience in financial markets, either through employment in a financial institution for at least one year in a professional position or through managing a portfolio of at least USD 500,000 (or equivalent) for at least two years, as self-certified or verified by us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 A corporation wholly owned by an individual or individuals who meet the criteria in paragraph 1.2 above, where the sole business of
the corporation is to hold investments.

We have categorized you as a Professional Client based on information you have provided to us. You will inform us promptly in the event any such information ceases to be true and accurate. You will be treated as a Professional Client in relation to all investment products and markets unless otherwise specified.

2. As a consequence of your categorization as a Professional Client, we are not required to fulfill certain
requirements under the DFSA Rulebook, including the Conduct of Business Module (COB), and other DIFC regulations. While we may in fact
undertake some or all of the following in providing services to you, we have no regulatory responsibility to do so:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Client agreement

We are not required to provide you with a client agreement containing all the terms mandated by COB Rule 3.3, including detailed disclosures about our services, unless we classify you as a Retail Client for specific transactions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Risk disclosures

We are not required by COB rules to provide you with standardized written risk warnings in respect of the risks involved in any transactions entered into with you, or to bring those risks to your attention in a prescribed format.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 Information about us

We are not required to provide you with detailed information about our business, ownership structure, or the identity and status of employees or agents acting on our behalf with whom you will have contact.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 Prompt Confirmation

We are not required by COB rules to promptly confirm the essential features of a transaction after effecting a transaction for you, unless specifically requested by you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 Information About Clients

We are not required to establish your financial situation, investment experience, or investment objectives beyond the initial classification process, except where we are providing advisory services requiring suitability assessments under COB Rule 3.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 Suitability

We are not required to ensure that a recommendation or transaction is suitable for you in light of your financial situation, investment experience, and investment objectives, unless we are providing discretionary portfolio management or advisory services explicitly subject to suitability obligations.

Investor characterization/disclosure of sales related information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 Disclosure of Transaction Costs

We are not required to disclose detailed sales-related information, such as commissions or fees embedded in transactions, unless required by other specific DFSA rules applicable to the product or service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 Non-Applicability of Certain UAE Federal Laws

You agree that, to the extent permitted by DIFC law, certain provisions of UAE federal laws, such as Federal Law No. 15 of 2020 Concerning Consumer Protection, do not apply to this Agreement or the relationship between the parties arising out of this Agreement, given your status as a Professional Client dealing in a wholesale financial context.

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3. You have the right to withdraw from being treated as a Professional Client at any time in respect of all
or any investment products or markets by providing written notice to our Compliance Department. Upon such withdrawal, we may reclassify
you as a Retail Client, subject to DFSA rules, which would entail additional regulatory protections.

4. By signing this Agreement, you represent and warrant to us that you are knowledgeable and have sufficient
expertise in the products and markets that you are dealing in and are aware of the risks involved in trading in those products and markets.

5. By signing this Agreement, you hereby agree and acknowledge that you have read and understood, and have
had explained to you, the consequences of consenting to being treated as a Professional Client and the right to withdraw from being treated
as such as set out herein, and that you hereby consent to being treated as a Professional Client.

6. By signing this Agreement, you hereby agree and acknowledge that we will not provide you with contract
notes, periodic statements, or receipts in the format or frequency required for Retail Clients under COB Rule 8.3, unless otherwise agreed
between us or mandated by specific DIFC regulations applicable to the transaction.

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*EXHIBIT 1 <u>CLOSING</u>*

 

*<u>SUMMARY EXAMPLE</u>*

 

The Borrower and Lender hereby agree as follows:

1) That each has elected to proceed with a new loan transaction collateralized by additional shares of the same security;

2) That each agrees to hereby incorporate by reference the Master Loan Agreement and Master Pledge Agreement into this Closing Summary so as to contain the full terms and conditions of their mutual agreement substituting only the following new terms in the Master Loan Agreement, Article 2.1, Loan Principal Amount and Master Pledge Agreement, Recitals, Article B and Article 2.1, Pledge by Pledgor, regarding the percentage of the Fair Market Value offered on the new Pledged Collateral and a new agreed upon number of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) the percentage of Fair Market Value shall be 65.00%; and

ii) the number of shares shall be up to 3,157,000 shares.

3) That each agrees this Closing Summary is a new loan and the effective dates in the Master Loan Agreement and Master Pledge Agreement shall be reset and commence from the final full execution date of the last signatory of this Closing Summary.

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| BORROWER: | LENDER: |
| Graphjet Technology | International Liquidity, LLC |
| By: | By: |
| Date: | Date: |

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## Exhibit 10.5

**Exhibit 10.5**

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**<u>MASTER PLEDGE AGREEMENT</u>**

**between Graphjet Technology, Pledgor and**

**International Liquidity, LLC, as Lender**

*This Master Pledge Agreement* is by and between Graphjet Technology having a registered office of 4th Floor, Harbour Place, 103 South Church Street, P.O. Box 10240, Grand Cayman, KY1-1002, Cayman Islands (the "Pledgor") and International Liquidity, LLC, with its principal office located at Central One District C1 Building, Level 1 Dubai, UAE (the "Lender").

*RECITALS:*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. *The Pledgor* and the Lender are entering into a Master Loan Agreement contemporaneously herewith (the "Master Loan Agreement") providing for the making of a loan to the Pledgor in the amount, and subject to the terms and conditions, specified in the Master Loan Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. *The Pledgor* is the sole legal and beneficial owner of the shares of Graphjet Technology (GTI:US) the "Pledged Collateral".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The execution and delivery of this Master Pledge Agreement and the pledge by the Pledgor to the Lender of its rights in the Pledged Collateral (as hereinafter defined) constitute conditions precedent to the obligation of the Lender to make a loan to the Pledgor pursuant to the terms of the Master Loan Agreement.

*ACCORDINGLY*, in consideration of and in order to induce the Lender to execute and deliver the Master Loan Agreement and to make and maintain a loan thereunder, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Pledgor hereby agrees as follows:

*ARTICLE 1*

 

*<u>DEFINITIONS</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 *Defined Terms.* Capitalized terms that are not defined herein have the respective meanings ascribed to them in the Master Loan Agreement. The Definitions Article from the Master Loan Agreement, Article 1, executed contemporaneous with this Master Pledge Agreement, is hereby incorporated by reference into the Master Pledge Agreement as if fully set forth herein.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 *Use of Defined Terms.* Unless otherwise expressly specified herein, defined terms denoting the singular number shall, when in the plural form, denote the plural number of the matter or item to which such defined terms refer, and vice-versa. The Article, Schedule and Exhibit headings used in this Master Pledge Agreement are descriptive only and shall not affect the construction or meaning of any provision of this Master Pledge Agreement. Unless otherwise specified, the words "hereof," "herein," "hereunder" and other similar words refer to this Master Pledge Agreement as a whole and not just to the Article, sub- article or clause in which they are used; and the words "this Master Pledge Agreement" refer to this Master Pledge Agreement. Unless otherwise specified, references to Articles, Recitals, Schedules and Exhibits are references to Articles of, and Recitals, Schedules and Exhibits to this Master Pledge Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 *Statements as to Knowledge.* Any statements, representations or warranties which are based upon the knowledge of the Pledgor shall be deemed to have been made after due inquiry with respect to the matter in question but without the Pledgor being required to seek an opinion of counsel with respect thereto.

*ARTICLE 2*

 

*<u>PLEDGE</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 *Pledge by Pledgor.* The Pledgor hereby pledges and assigns to the Lender, and hereby transfers to the Lender, all rights, title, ownership and interest in and to the following described property: the 3,157,000 shares of Graphjet Technology (GTI:US) (the "Pledged Collateral") and all cash, instruments, securities or other property representing a dividend or other distribution on any of the Pledged Collateral, or representing a distribution or return of capital upon or in respect of the Pledged Collateral, or resulting from a split-up, revision, reclassification or other like change of the Pledged Collateral or otherwise received in exchange therefore, and any warrants, rights or options issued to the holders of, or otherwise in respect of, the Pledged Collateral, and all proceeds thereof (collectively, the "Pledged Collateral").

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*ARTICLE 3*

 

*<u>NATURE OF LOAN AND PLEDGE</u>*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 *Non-Recourse Loan and Pledge.* The Lender agrees, for itself, and its successors, endorsees and assigns, that other than as provided in the next sub-articles the responsibility to make payments hereunder is a non-recourse obligation of the Borrower and each of its successors, and assigns; and the Lender and each of its successors, endorsees or assignees, may, for payment of the Loan and Obligations only look to the property encumbered by this Loan and Pledge Agreement and/or the other instruments of security that secure the Loan, and may not subsequently make any claim or institute any action or proceeding against the Borrower, Pledgor or any successors, or assigns of the Borrower or Pledgor for any deficiency remaining after collection upon the Collateral or any other loss suffered by Lender, or its successors, endorsees or assigns.

*ARTICLE 4*

 

*<u>SCOPE OF PLEDGE AND REDELIVERY OF THE PLEDGED COLLATERAL</u>*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 *Pledge Absolute.* The Pledgor hereby agrees that this Master Pledge Agreement shall be binding upon the Pledgor and any representatives, heirs, successors and assigns and that the Pledge of the Pledged Collateral hereunder shall be irrevocable and unconditional. The Lender may take any actions with respect to the Pledged Collateral as the Lender, in its sole and absolute discretion, may deem to be advisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *4.2* *Redelivery of Collateral.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event that the Pledgor does not make any payment required hereunder by the due date of such payment, or otherwise breaches
this Agreement, the Agreement will terminate at the option of the Lender, and the Lender will be entitled to foreclose on the Collateral
remain in whole possession and full unrestricted ownership of the Collateral, as the legal and beneficial owner of the Collateral, unencumbered
in any way and the Pledgor shall do all things, and take all actions as may be required by the Lender to effect the final transfer of
ownership to the Lender. For greater certainty, notwithstanding termination of this Agreement pursuant to this article, in the event of
such termination, all obligations of the Pledgor to the Lender hereunder shall remain in force.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Provided that the Pledgor is in compliance with this Agreement, the Lender agrees to return the relevant number of Collateral, or
an equivalent value of the relevant Collateral in US dollars (but only in cash if it is no longer commercially reasonable to return Collateral,
such as if the Collateral have been cease traded, or if the issuer of the Collateral has gone private, or the Collateral have otherwise
ceased to be publicly traded), to the Pledgor within ten (10) banking days (the "Re-delivery Date") of full repayment ("Repayment")
of the Loan (including all payments required hereunder, including, without limitation, interest and fees related to the Loan) to the Lender,
provided, however, that in the event the Pledgor elects to pre-pay the Loan (in accordance with this Agreement only), the Pledgor shall
notify the Lender sixty (60) calendar days prior to the desired date of Repayment via registered mail or Federal Express (such mechanism
"Notification"). Notification shall not be valid or in force until the Lender acknowledges, in writing, receipt of the intent
to re-pay. There is a restriction on pre- payment during the first twenty-four (24) months following the applicable Closing of a tranche.
Notification shall not be valid or in force until delivery of intent to repay is certified in the form of a receipt. Also, if the Pledgor
elects to prepay and fails to prepay on the agreed upon date, it will be viewed as a default by the Pledgor. The Lender acknowledges,
in writing, receipt of the intent to re-pay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event of a partial or total cash Re-delivery, the Lender shall reserve the right to fix the Re-delivery Price (defined as the
price of the Collateral used in calculating the cash component of the collateral re-delivery) according to one of the following mechanisms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The closing bid price of the Collateral on the trading day immediately following receipt of Notification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The closing bid price of the Collateral on the trading day immediately preceding the Re-delivery Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The average closing bid price of the Collateral for the five (5) trading days immediately following receipt of Notification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The average closing bid price of the Collateral for the five (5) trading days immediately preceding the Re-delivery Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 *Risk of Loss.* This Master Pledge Agreement and the Loan Documents are not intended to, nor do they, reduce the risk of loss or opportunity for gain for the Pledgor. The Pledgor retains all opportunity for gain or loss on the securities over the term of the agreements until maturity and termination.

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*ARTICLE 5*

 

*<u>REPRESENTATIONS AND WARRANTIES</u>*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 *Representations and Warranties.* The Pledgor hereby represents and warrants as follows to the best of its knowledge and belief:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement and the Loan Documents executed by Pledgor constitute valid and binding obligations of Pledgor, enforceable in accordance with their respective terms. The Pledgor represents and warrants that no consent of any other party and no consent, license, approval, or authorization of any governmental authority is required in connection with the execution, delivery and performance of this Agreement and the Loan Documents herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The execution and delivery of this Agreement and other Loan Documents executed by Pledgor do not conflict with or result in the breach of any agreement, mortgage or other instrument under which Pledgor or any of the Collateral is subject. The execution and delivery of this Agreement and other Loan Documents executed by Pledgor does not cause a violation or conflict of any law, rule, or regulation of any governmental agency with jurisdictional authority applicable to him or the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The application of all calculations or responsibilities of Lender under this Agreement shall be equitably modified to reflect so-called "stock splits", mergers, or other modifications to the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Pledgor is a "Professional Client" as defined in the Dubai Financial Services Authority (DFSA) Conduct of Business Module (COB) Rules and the Pledgor has read and understood the Professional Client Treatment Notice as set out in Schedule 1 to this Agreement (the "Professional Client Treatment Notice") and agrees to the Professional Client Treatment Notice. For the purpose of this Article 4.5, "we" in the Professional Client Treatment Notice shall mean the Lender, "you" shall mean the Pledgor, and "our" and "your" shall be construed accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Pledgor has not employed any broker or finder or incurred any liability for any brokerage or investment banking fees, commissions, finders' fees, structuring fees, financial advisory fees or other similar fees in connection with the Agreement and the other Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The proceeds of the Loan shall be used to acquire, trade in or otherwise deal in shares of the Issuer Graphjet Technology (GTI:US). Any use of the proceeds to acquire, trade in or otherwise deal in shares of unrelated third parties shall be subject to such limitations as are applicable in the jurisdiction with authority over such dealing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) There is no action or proceeding pending, contemplated or threatened against Pledgor before or by any court, arbitrator, grand jury or administrative agency, any governmental authority, bureau, agency, or instrumentality which might result in a material adverse change in the financial condition of Pledgor or materially interfere with the ability of Pledgor to timely perform any of its obligations under this Agreement or the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Pledgor is not in default in the payment or performance of any of Pledgor's obligations or in the performance of any contract, agreement or other instrument to which Pledgor is a party or by which any of Pledgor's assets or properties may be bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Pledgor is acting for its own account, and has made its own independent decisions to enter into the Transaction, execute the Loan Documents, and deliver the Collateral as provided for herein and as to whether the Transaction is appropriate or proper for it based upon its own judgment and upon advice from such advisors as it has deemed necessary. It is not relying on any communication (written or oral) of any other party as investment advice or as a recommendation to enter into the Loan; it being understood that information and explanations related to the terms and conditions of the Loan will not be considered investment advice or a recommendation to enter into the Transaction. No communication (written or oral) received from the Lender will be deemed to be an assurance or guarantee as to the expected results of the Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Pledgor is capable of evaluating and understanding (on its own behalf or through independent professional advice), and understands and accepts, the terms, conditions and risks of the Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Lender is not acting as an agent, fiduciary or advisor for Pledgor in respect of the Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Lender is not engaged directly, in short selling any security by borrowing the shares from any entity or person and later buying shares in the same security, then returning the borrowed shares in an effort to make a profit. The Lender does not lend or pledge the Pledged Collateral out to third parties for any purpose.

 

*ARTICLE 6*

 

*<u>APPOINTMENT OF AGENTS AND ACTIONS BY LENDER</u>*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 *Lender's Appointment of Agent and Lender's Rights.* The Lender shall have the right to appoint one or more agents for the purpose of receiving possession of the Pledged Collateral, which may be held in the name of the Lender or any nominee of the Lender or any agent appointed by the Lender. The Lender may combine the Pledged Collateral with other assets and is under no obligation to sequester or escrow the Pledged Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 *Authority and Rights of the Pledged Collateral.* The Pledgor acknowledges that the Lender has all rights associated with the Pledged Collateral, including any rights offerings, options, warrants, or other distributions associated with the Pledged Collateral, during the term of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 *No Obligation to Apply Money or Funds Received Resulting from the Use of Pledged Collateral.* Lender has no obligation to apply money or funds resulting from the use, trading investment, or other disposition of any Pledged Collateral to reduce the Loan Principal Amount or another Obligation under the Master Loan Agreement.

*ARTICLE 7*

 

*<u>DIVIDENDS AND VOTING RIGHTS</u>*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 *Dividends, Interest and Other Distributions.* The Pledgor, as the transferor of the stock, shall receive a credit against interest due of an amount equivalent to all dividends which the beneficial owner of those securities is entitled to receive during the Loan Term which ends with the transfer of securities back to the Pledgor when all outstanding principal and other amounts due under the Agreement are paid and all obligations of the Pledgor are extinguished.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 *Voting Rights and Powers.* All voting or other such consensual rights and powers transfer to the Lender. The Lender will not exercise any voting or other such consensual rights or powers under the terms of this Master Pledge Agreement.

*ARTICLE 8*

 

*<u>EVENTS OF DEFAULT AND REMEDIES</u>*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 *Events of Default.* An "Event of Default" shall exist if any one or more of the following shall occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Failure by Pledgor to pay the Obligations due pursuant to this Agreement and the Note, within three (3)
Business Days of the date when due, whether on the date fixed for payment or by acceleration or otherwise, or the failure by Pledgor to
pay any interest payment on the Note within three (3) Business Days of the date such interest becomes due; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any representation or warranty made by Pledgor in this Agreement or in any certificate or statement
furnished at the time of Closing or pursuant to this Agreement or any other Loan Document shall prove to have been untrue or misleading
in any material respect at the time made; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Default by Pledgor in the performance or observance of any covenant or agreement contained in this Agreement
or default in any other Loan Document which is not cured within any applicable grace period provided for therein, if any; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A final judgment for the payment of money in excess of $250,000 USD shall be rendered against Pledgor,
and such judgment shall remain undischarged for a period of sixty (60) days from the date of entry thereof unless within such sixty (60)
day period such judgment shall be stayed, and appeal taken there from and the execution thereon stayed during such appeal; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the Pledgor shall default in respect of any evidence of indebtedness or under any agreement under which
any notes or other evidence of indebtedness of Pledgor are issued, if the effect thereof is to cause, or permit the holder or holders
thereof to cause, such obligation or obligations in an amount in excess of $250,000 USD in the aggregate to become due prior to its or
their stated maturity or to permit to acceleration thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If an "Event of Default" under the Master Pledge Agreement shall occur and any grace period, if any, provided for therein
shall have expired; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If Pledgor shall make a general assignment for the benefit of creditors or consent to the appointment
of a receiver, liquidator, custodian, or similar official of all or substantially all of Pledgor's properties, or any such official
is placed in control of such properties, or Pledgor admits in writing Pledgor's inability to pay Pledgor's debts as they mature,
or the Pledgor shall commence any action or proceeding or take advantage of or file under any federal or state insolvency statute, including,
without limitation, the United States Bankruptcy Code, seeking to have an order for relief entered with respect to Pledgor or seeking
adjudication as a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, liquidation, dissolution, or other relief
with respect to Pledgor or Pledgor's debts; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) There shall be commenced against Pledgor any action or proceeding of the nature referred to in sub-article
(h) of this Article 7.1, or seeking issuance of a warrant of attachment, execution, distraint, or similar process against all or any substantial
part of the property of Pledgor, which results in the entry of an order for relief which remains undismissed, undischarged or unbonded
for a period of sixty (60) days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Master Pledge Agreement shall cease at any time after its execution and delivery and for any reason
to create a valid and perfected first priority security interest in the Collateral and to any other property subject thereto or the validity
or priority of such security interest shall be contested by Pledgor or by any other Person; or any of the other Loan Documents shall at
any time after their execution and delivery for any reason cease to be in full force and effect or shall be declared null or void, or
the validity or enforceability thereof shall be contested by Pledgor or by any other Person;

Master Pledge Agreement Page 8 of 18 ______/______<br> (Initials)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) a lending institution or joint venture partner sends a default notice to the Issuer, which would have
a material adverse affect on the value of the stock of the Issuer, which default has not been cured at the time of disclosure of such
default; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Fair Market Value of the Collateral shall be, at the close of business on any day, less than 75% of
the Fair Market Value used to calculate the Loan Principal Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 *Rights Upon An Uncured Event of Default.* Upon the occurrence of an Event of Default, all Obligations, including, without limitation, the principal amount of the Loan, together with any accrued and unpaid interest thereon, shall be immediately due and payable without notice or demand, presentment, or protest, all of which are hereby expressly waived. Upon the occurrence of an Event of Default, Lender shall thereupon have the rights, benefits, and remedies afforded to it under any of the Loan Documents with respect to the Collateral and may take, use, or otherwise encumber or dispose of the Collateral as if it were the Lender's own property. Pledgor agrees that Lender may or may not proceed, as Lender determines in its sole discretion, with any or all other rights, benefits, and remedies that it may be entitled against the Pledgor, acknowledging that this is a Limited Recourse loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 *Default Interest* After the occurrence of an Event of Default, to the extent permitted by applicable law, the Interest Rate on the Loan shall be at a rate equal to 3.0% per month retroactive to the initial date of Funding ("Default Interest").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Termination of Default Interest. Pledgor acknowledges that Lender, notwithstanding an Event of Default,
may elect to not realize on or take any action with respect to the Collateral until the Maturity Date, and Default Interest shall accrue
until such action is taken. Notwithstanding the foregoing, Default Interest shall cease to accrue with such interest as has accrued becoming
a fixed amount and the Interest Rate set forth herein shall be reinstated where Lender has not commenced an action against Pledgor to
recover any or all of Pledgor's Obligations hereunder, prior to 180 days after the Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Maximum Interest Rate. Notwithstanding anything herein to the contrary, in no event shall the interest
charged hereunder exceed the maximum rate of interest permitted under applicable law. Any payment made, which if treated as interest would
cause the interest charged to exceed the maximum rate permitted, shall instead be held by Lender to the extent of such excess as additional
Collateral hereunder and applied to future interest payments as and when such amount becomes due and payable hereunder, or refunded to
Pledgor if all Obligations are duly satisfied.

Master Pledge Agreement Page 9 of 18 ______/______<br> (Initials)

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*ARTICLE 9*

 

*<u>APPLICATION OF PROCEEDS OF PLEDGED COLLATERAL IN EVENT OF DEFAULT</u>*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 *Application of Proceeds of Collateral Upon Sale.* If the Loan terminates due to an Event of Default, the Lender shall apply the proceeds of the sale of any Pledged Collateral held by the Lender at the time that the Lender chooses to exercise its rights in an Event of Default as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) first, to the payment of any amounts due and unpaid under the Master Loan Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) second, to satisfy the Obligations and to such other use as the Lender may elect.

This article does not require that the Lender apply the proceeds of the sale of any Pledged Collateral that may occur during the term of the Loan to reduce the Loan Principal Amount or any other Obligations.

*ARTICLE 10*

 

*<u>DISPUTES</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 The courts of the Emirate of Ras Al Khaimah have exclusive jurisdiction to settle any dispute arising out of or in connection with this Master Pledge Agreement (including a dispute regarding the existence, validity or termination of this Master Pledge Agreement) ("Dispute").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 Each of the parties agree that the courts of Emirate of Ras Al Khaimah are the most appropriate and convenient courts to settle disputes and accordingly no party will argue to the contrary. In addition, the Pledgor hereby waives, to the maximum extent permitted by law, any objection, including any objection based on forum non conveniens, to the bringing of any such proceeding contemplated by this Article in any forum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 The Lender is entitled to effect service on the Seller of any writ, summons or other process or document by leaving it at or sending it by ordinary post or by certified or registered post to the Pledgor's Address of Record or to any of the Pledgor's addresses specified in this Master Loan Agreement or that may come to the notice of the Lender. The Pledgor agrees that such process is deemed validly served on it immediately, if so left, or on the day immediately following the date of such ordinary posting, if sent by post and the Pledgor will be deemed to have sufficient notice of such process in any case.

Master Pledge Agreement Page 10 of 18 ______/______<br> (Initials)

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*ARTICLE 11*

 

*<u>INDEMNITY AND LIMITATION OF LIABILITY</u>*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 Either party shall indemnify and hold the other party harmless against any and all claims, demands, proceedings, suits, actions, damages, liabilities, losses, expenses and costs (which shall include, but not limited to all costs of defense, investigation and accounting and legal fees) to which the other party may become subject as a result of the defaulting party's fraud, negligence, willful misconduct or breach of any obligation under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 Neither party shall be liable for any indirect, incidental or consequential loss or damages, including loss revenue or profits or losses arising from its normal course of business, even if a party has been advised of the possibility of such damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 Each provision of this Article operates independently and survives the termination of this Agreement.

*ARTICLE 12*

 

*<u>MISCELLANEOUS</u>*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 *Notices.* All notices, requests or other communications to either party by the other shall be in writing and shall be deemed duly given on the earlier of the date the same is delivered in person or two days after deposit with any internationally recognized private international overnight courier service, delivery charges prepaid, or, in the case of notice to the Lender, one day after deposit with a nationally recognized overnight courier service, delivery charges prepaid, in each case to the names and addresses listed on the first page of this Agreement. Either party may designate by notice in writing to the other a new address to which notices, requests and other communications hereunder shall be given. Pledgor acknowledges that it has irrevocably authorized The Corporation Service Company to accept notices on its behalf.

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| | |
|:---|:---|
| &nbsp;&nbsp;Pledgor: | &nbsp;&nbsp;LENDER: |
| &nbsp;&nbsp;Graphjet Technology | &nbsp;&nbsp;International Liquidity, LLC |
| &nbsp;&nbsp;4th Floor, Harbour Place, 103 South Church Street,<br> P.O. Box 10240, Grand Cayman, KY1-1002,<br> Cayman Islands | &nbsp;&nbsp;Central One District C1 Building, Level 1 Dubai, UAE |
| &nbsp;&nbsp;chrislai@graphjettech.com | &nbsp;&nbsp;deals@internationalliquidity.com |

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Either party may designate by notice in writing to the other a new address to which notices, requests and other communications hereunder shall be given. If, at any time, the Pledgor changes the Notices and fails to properly notify the Lender, then the Pledgor shall bear sole responsibility for any breach of contract tied to notifications.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.2 *Governing Law.*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Generally.* This Agreement is governed by the laws of the United Arab Emirates as applicable in
the Emirate of Ras Al Khaimah; without regard to the conflicts of law rules or principles, except as required by mandatory provisions
of Applicable Law and except that to the extent that the validity or perfection and the effect of perfection or non-perfection or priority
of any security interest created hereby, or remedies hereunder, in respect of any particular Securities, or the transfer of Issuer Securities,
are governed by the law of a jurisdiction other than United Arab Emirates, then such matters (and only such matters) shall be governed
by, and enforced in accordance with the laws of, such relevant jurisdiction without affecting the governing law of any other aspect of
this Repurchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 *Further Assurances.* Pledgor hereby agrees to execute and deliver such further instruments and documents as may be reasonably requested by Lender in order to carry out fully the intent and accomplish the purposes of this Agreement and the transactions referred to herein. Pledgor agrees to take any action which Lender may reasonably request in order to obtain and enjoy the full rights and benefits granted to Lender by this Agreement and each other agreement, instrument and document delivered to Lender in connection herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 *Independent Legal Advice.* The Pledgor acknowledges that: (i) the Lender has recommended and encouraged the Pledgor to obtain independent legal and tax advice with respect to this Agreement. The transactions contemplated hereby; (ii) it has, in fact, been given an opportunity to obtain independent legal and tax advice from counsel/advisors of its choosing; and (iii) if it has not obtained independent legal and tax advice, despite having been encouraged and given the opportunity to do so, the Pledgor explicitly waives the right to obtain such advice, and, in any event, the Pledgor acknowledges that it has read and understood this Agreement, that it is signing this Agreement freely and voluntarily and without duress or undue influence of any nature whatsoever and it understands the risks and implications of the transactions contemplated hereby and is willing to assume (financially and otherwise) such risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 *Survival of Agreements.* Except as herein provided, all agreements, representations and warranties made herein and in any certificate delivered pursuant hereto, shall survive the execution and delivery of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6 *Waivers.* No failure to exercise and no delay in exercising, any right, power or privilege under this Agreement or any agreement or instrument delivered to either party hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any such right, power or privilege preclude any other or further exercise thereof or the exercise of any other right, power or privilege. No waiver of any provision of this Agreement shall be effective unless agreed to in writing by the parties and any such waiver shall not constitute a waiver in the future of any of the provisions of any of the foregoing documents, except as may be specifically provided in any such waiver. No course of dealing between Pledgor and Lender shall operate as a waiver of any of the rights of the parties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7 Unless the context otherwise requires, when used herein, the singular includes the plural, and vice-versa, and the masculine includes the feminine and neuter, and vice-versa.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.8 *Captions.* Captions used herein are inserted for convenience only and shall not be given any legal effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.9 *Counterparts.* This Agreement may be executed in any number of counterparts and by the Parties on separate counterparts, each of which shall be an original but all of which together shall constitute one and the same instrument. This Agreement is not effective until each Party has executed at least one same counterpart of this Agreement and the Agreement is dated. The counterparts of this Agreement may be executed, scanned and transmitted electronically and electronic signatures shall be deemed original signatures for purposes of this Agreement and all matters related thereto, with such scanned and electronic signatures having the same legal effect as original signatures. The receiving party may rely on the receipt of such document so executed and delivered as if the original had been received. Electronic signature means any letters, characters, numbers or other symbols in digital form attached to or logically associated with an electronic record, and executed or adopted by the Party for the purpose of authenticating or approving the electronic record with the intent to sign such record.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.10 *Confidentiality.* This Agreement is to be kept confidential and is not to be reproduced in any manner whosoever for persons other than the parties hereto. Each party agrees not to circumvent the legitimate interests of the other party and to maintain this transaction in strict confidentiality.

Each Party (*Receiving Party*) agrees that in the course of performance of this Agreement it may obtain or otherwise become aware of information of a confidential nature pertaining to the business, finances, trade, operations or other information (*Confidential Information*) belonging to or pertaining to the other party (*Disclosing Party*). The Receiving Party shall not disclose any part of the Confidential Information to any person other than whose knowledge is essential for the performance of this Agreement. The obligations specified in this clause do not apply to any Confidential Information to the extent that it is now or subsequently becomes publicly available through no fault of the Receiving Party or which the Receiving Party can demonstrate was known to it before receipt from the Disclosing Party, or which is or has been received from another source without obligation as to confidentiality, or which is required to be disclosed by law or regulating authority, or which is or has been independently developed by the Receiving Party without reference to the information disclosed to it by the Disclosing Party. The provisions of this Article 12.9 shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.11 *Force Majeure.* Notwithstanding any provision of this Agreement, neither party shall be liable for its inability in performing any of its obligations hereunder (other than an obligation to make payment) if such inability is caused by or arises as a result of a Force Majeure Event. For the purposes of this clause a Force Majeure Event means any circumstances beyond the reasonable control of the relevant party including, without limitation, inability or delay caused through acts of God, fire, flood, riot, industrial dispute of any kind (other than disputes involving that party's own employees or the employees of an affiliate of that party), lightning, explosion, civil commotion, malicious damage, storm, tempest, acts or omissions of communications carriers or any third party, act of government or other regulatory authority, acts or omissions of persons or bodies for whom the party affected thereby is not responsible, and any other circumstances beyond the reasonable control of the relevant Party.

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The Party affected by the Force Majeure Event shall promptly notify the other of the estimated extent and duration of such inability to perform its obligations hereunder and in the event that this Agreement cannot be performed according to its terms for a continuous period of one (1) month by reason of such Force Majeure Event, the affected Party shall be entitled to terminate this Agreement forthwith without any liability whatsoever to the other.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.12 *Assignment.* Such consent shall not to be unreasonably withheld. (a) The Pledgor shall not assign, transfer, charge or novate any of its rights or obligations hereunder nor grant, declare, create or dispose of any right of interest in it. Any purported assignment in contravention of this Article 12.11 is void. (b) The Lender may, without the consent of the Pledgor, assign all or any part of its interest in the Loan to one or more Persons (each, an "Assignee"). The Lender may, but shall not be bound to, deliver to the Pledgor an instrument of assumption pursuant to which any Assignee assumes the obligations and agrees to be bound by all the terms and conditions of this Agreement, all as if such Assignee had been an original party hereto. Upon any such assignment and such assumption of the obligations of the Lender by an Assignee, the Lender and the Pledgor shall be mutually released from their respective obligations to each other hereunder to the extent of such assignment and assumption and shall thenceforth have no liability or obligations to each other to such extent, except in respect of any matter which shall have arisen prior to such assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.13 *Independent Legal.* The Pledgor acknowledges that: (i) the Lender has recommended and encouraged the Pledgor to obtain independent legal and tax advice with respect to this Master Pledge Agreement. The Master Pledge Agreement and the transactions contemplated hereby; (ii) it has, in fact, been given an opportunity to obtain independent legal and tax advice from counsel/advisors of its choosing; and (iii) if it has not obtained independent legal and tax advice, despite having been encouraged and given the opportunity to do so, the Pledgor explicitly waives the right to obtain such advice, and, in any event, the Pledgor acknowledges that it has read and understood this Master Pledge Agreement, that it is signing this Master Pledge Agreement freely and voluntarily and without duress or undue influence of any nature whatsoever and it understands the risks and implications of the transactions contemplated hereby and is willing to assume (financially and otherwise) such risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.14 *Usury.* The Pledgor expressly waives all defenses the Pledgor may have or could interpose with respect to usury and other such related rights under in any action relating to this Agreement, or any Loan made hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.15 *Translations of Agreement.* In the event that this Agreement is translated into a language other than English, such translation is intended to assist the Seller in understanding the terms and conditions of this Agreement and is not intended, and shall not comprise, an enforceable Agreement. To the extent that any conflict exists between a translation of this Agreement and the English language version of this Agreement, the English language version shall prevail and be conclusive. All notices, communications or documents exchanged under this Agreement or delivered under it shall be in the English language or accompanied by an English translation of it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.16 *Entire Agreement.* This Agreement contains the entire agreement between the parties hereto and may be amended, changed or terminated only by an instrument in writing signed by the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.17 *Amendments.* Amendments to this Agreement (including the adding or updating of any Annex, appendices, annexures or schedule) shall not be effective unless in writing and signed by authorized signatories on behalf of both parties.

(Please proceed to next page)

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*IN WITNESS WHEREOF,* the Pledgor has duly executed this Master Pledge Agreement and delivered as of the day and year first above written.

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|:---|
| *PLEDGOR:* |
| Graphjet Technology |
| By: |
| Date: |

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*SCHEDULE 1*

 

*PROFESSIONAL CLIENT TREATMENT NOTICE*

 

1. You are classified as a Professional Client by reason of your
being within a category of person described in the Dubai Financial Services Authority (DFSA) Conduct of Business Module (COB) Rules as
follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 An entity classified as a "Deemed Professional Client," which includes:

A body corporate or partnership with net assets of at least USD 1 million (or equivalent), as stated in its latest audited financial statements prepared within the last 24 months; or

A trust with total assets of at least USD 1 million (or equivalent), as stated in its latest audited financial statements prepared within the last 24 months or in custodian statements issued within the last 12 months; or

A regulated financial institution, government entity, or supranational organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 An individual classified as an "Assessed Professional Client," being a natural person who meets at least two of the following
criteria:

Has net assets (excluding primary residence) of at least USD 1 million (or equivalent), as evidenced by a certificate from an auditor, professional accountant, or custodian statement issued within the last 12 months;

Has gross annual income of at least USD 200,000 (or equivalent) in each of the last two years, as certified by an auditor or professional accountant;

Has significant experience in financial markets, either through employment in a financial institution for at least one year in a professional position or through managing a portfolio of at least USD 500,000 (or equivalent) for at least two years, as self-certified or verified by us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 A corporation wholly owned by an individual or individuals who meet the criteria in paragraph 1.2 above, where the sole business of
the corporation is to hold investments.

We have categorized you as a Professional Client based on information you have provided to us. You will inform us promptly in the event any such information ceases to be true and accurate. You will be treated as a Professional Client in relation to all investment products and markets unless otherwise specified.

Master Pledge Agreement Page 16 of 18 ______/______<br> (Initials)

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2. As a consequence of your categorization as a Professional Client,
we are not required to fulfill certain requirements under the DFSA Rulebook, including the Conduct of Business Module (COB), and other
DIFC regulations. While we may in fact undertake some or all of the following in providing services to you, we have no regulatory responsibility
to do so:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Client agreement

We are not required to provide you with a client agreement containing all the terms mandated by COB Rule 3.3, including detailed disclosures about our services, unless we classify you as a Retail Client for specific transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Risk disclosures

We are not required by COB rules to provide you with standardized written risk warnings in respect of the risks involved in any transactions entered into with you, or to bring those risks to your attention in a prescribed format.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 Information about us

We are not required to provide you with detailed information about our business, ownership structure, or the identity and status of employees or agents acting on our behalf with whom you will have contact.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 Prompt Confirmation

We are not required by COB rules to promptly confirm the essential features of a transaction after effecting a transaction for you, unless specifically requested by you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 Information About Clients

We are not required to establish your financial situation, investment experience, or investment objectives beyond the initial classification process, except where we are providing advisory services requiring suitability assessments under COB Rule 3.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 Suitability

We are not required to ensure that a recommendation or transaction is suitable for you in light of your financial situation, investment experience, and investment objectives, unless we are providing discretionary portfolio management or advisory services explicitly subject to suitability obligations. Investor characterization/disclosure of sales related information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 Disclosure of Transaction Costs

We are not required to disclose detailed sales-related information, such as commissions or fees embedded in transactions, unless required by other specific DFSA rules applicable to the product or service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 Non-Applicability of Certain UAE Federal Laws

You agree that, to the extent permitted by DIFC law, certain provisions of UAE federal laws, such as Federal Law No. 15 of 2020 Concerning Consumer Protection, do not apply to this Agreement or the relationship between the parties arising out of this Agreement, given your status as a Professional Client dealing in a wholesale financial context.

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3. You have the right to withdraw from being treated as a Professional
Client at any time in respect of all or any investment products or markets by providing written notice to our Compliance Department.
Upon such withdrawal, we may reclassify you as a Retail Client, subject to DFSA rules, which would entail additional regulatory protections.

4. By signing this Agreement, you represent and warrant to us that
you are knowledgeable and have sufficient expertise in the products and markets that you are dealing in and are aware of the risks involved
in trading in those products and markets.

5. By signing this Agreement, you hereby agree and acknowledge
that you have read and understood, and have had explained to you, the consequences of consenting to being treated as a Professional Client
and the right to withdraw from being treated as such as set out herein, and that you hereby consent to being treated as a Professional
Client.

6. By signing this Agreement, you hereby agree and acknowledge
that we will not provide you with contract notes, periodic statements, or receipts in the format or frequency required for Retail Clients
under COB Rule 8.3, unless otherwise agreed between us or mandated by specific DIFC regulations applicable to the transaction.

Master Pledge Agreement Page 18 of 18 ______/______<br> (Initials)

## Exhibit 23.1

**Exhibit 23.1**

**Kreit & Chiu CPA LLP**

**733 Third Avenue, Floor 16, #1014**

**New York, NY 10017**

**(949) 326-CPAS (2727)**

**<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

We hereby consent to the inclusion in this Registration Statement on Amendment No. 1 to Form S-1 of Graphjet Technology ("the Company") of our report dated July 15, 2025, relating to the consolidated financial statements of the Company as of and for the years ended September 30, 2024, and 2023, which includes an explanatory paragraph as to the Company's ability to continue as a going concern.

We also consent to the reference to our firm under the heading "Experts" in such Registration Statement.

/s/ Kreit & Chiu CPA LLP

Los Angeles, California

December 22, 2025

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**S-1**

**GRAPHJET TECHNOLOGY**

**Table 1: Newly Registered and Carry Forward Securities**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Line Item Type** | **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* |
| Fees to be Paid | Equity | Class A ordinary shares, par value $0.006 | (1) | Other | 9969602 | $1.00 | $9969602.00 | 0.0001381 | $1376.80 |
| Fees Previously Paid | Equity | Class A ordinary shares, par value $0.006 | (2) | Other | 3333340 | 3.30 | 11000022.00 | 0.0001381 | 1519.10 |
| Fees Previously Paid | Equity | Class A ordinary shares, par value $0.006 | (3) | Other | 4469636 | $5.21 | $23286803.60 | 0.0001381 | $3215.91 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $44256427.60 |  | 6111.81 |
| Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: |  |  | 4735.01 |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  | 0.00 |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $1376.80 |

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**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Reflects the offer and resale of 9,969,602 Class A Ordinary Shares issuable to Tan Chin Teong. Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(c) under the Securities Act of 1933, as amended, based on the average of the high and low reported trading prices of the registrant's Class A Ordinary Shares as reported on the OTC Markets on December 16, 2025, such date being within five business days of the date that this Registration Statement on Form S-1 was filed with the U.S. Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Reflects the offer and resale of 3,333,340 Class A Ordinary Shares issuable to Aiden Lee Ping Wei upon the exercise of 3,334 Company warrants at an exercise price of $3.30.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Reflects the offer and resale of 4,469,636 Class A Ordinary Shares consisting of: (i) 1,095,911 issuable to Tan Chin Teong, (ii) 28,464 Class A Ordinary Shares issued to Tan Chin Teong, (iii) 185,000 Class A Ordinary Shares issued to Goh Meng Keong, (iv) 3,261 Class A Ordinary Shares issued to Yasuka Infinity Sdn Bhd, and (v) 3,157,000 Class A Ordinary Shares issuable to International Liquidity, LLC. Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(c) under the Securities Act of 1933, as amended, based on the average of the high and low reported trading prices of the registrant's Class A Ordinary Shares as reported on the Nasdaq Global Market on October 13, 2025, such date being within five business days of the date that this Registration Statement on Form S-1 was filed with the U.S. Securities and Exchange Commission.