KUALA LUMPUR: Nasdaq-bound Graphjet Technology Sdn Bhd, via its special purpose acquisition company (SPAC), Energem Corp, has entered into a definitive US$200 million standby equity purchase agreement (SEPA) with YA II PN Ltd.
YA II PN is a Cayman Islands-exempt limited partnership managed by Yorkville Advisors Global LP, which will be the investor for the agreement.
Under the terms of the agreement, Graphjet Technology may issue and sell to the investor up to US$200 million worth of the company's shares at any time during the 36 months, according to the terms and customary conditions outlined in the SEPA.
Graphjet Technology is completing the business combination with Energem, where the results will see Energem being renamed to Graphjet Technology and is expected to be listed on the Nasdaq Global Market.
Graphjet Technology's chief executive office Aiden Lee Ping Wei said the access to this equity funding under the SEPA is a significant step towards accelerating growth and constructing a modern manufacturing facility in the face of persistent demand for graphite.
Graphite is the key raw material in the battery anode, with almost all-electric vehicle (EV) battery anodes comprising 100 per cent graphite.
As such, graphene-based anode battery materials are critical in EVs.