Appleby acted as Cayman counsel for Graphex Group Limited (Graphex Group) in relation to its initial public offering of 4,695,653 American Depositary Shares (ADSs), representing 93,913,060 ordinary shares of Graphex Group, at the public offering price of USD2.50 per ADS. The ADSs were listed on the NYSE American LLC stock exchange market under the symbol GRFX with gross proceeds of approximately USD11.7 million. On 26 August 2022, Graphex Group's underwriters have exercised their over-allotment option to purchase an additional 704,347 ADSs, representing 14,086,940 ordinary shares of Graphex Group, at the public offering price of USD2.50 per ADS.
Graphex Group is a leading manufacturer of natural spherical graphite and specialized graphite products that are used primarily in lithium-ion batteries typically for electric vehicles and clean energy storage solutions.
Graphex Group intends to use the net proceeds from this offering for the establishment of production facilities for its Graphene products business including additional working capital and repayment of debts to reduce its financing costs.
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