Graphex Group, which manufactures graphene products for lithium-ion batteries in China, raised $12 million by offering 4.7 million ADSs at $2.50, the midpoint of the range of $2 to $3. The company offered 1.5 million more ADSs than anticipated.
Graphex manufactures natural spherical graphite and specialized graphite products that are used primarily in lithium-ion batteries, typically for electric vehicles and clean energy storage solutions. The company's graphene products operations are based in the PRC and strategically located near a supply source of high-quality natural graphite. Graphex currently has approximately 30 customers in the PRC, primarily manufacturers of automotive batteries, conductive agents, refractory materials for the steel industry, and heat sink materials for precision electronics. The company also operates two other segments: its landscape architecture and design business and its catering business.
Graphex Group plans to list on the NYSE American under the symbol GRFX. EF Hutton acted as sole bookrunner on the deal.
