Shares of graphite processor Graphex Group ( NYSE: GRFX ) rallied 60% in midday trading Monday in the wake of the company's uplisting to NYSE and a $12M US initial public offering.
Graphex shares opened at $3, dipping to a low of $2.99 before climbing to a high of $4.50 midday. The stock recently changed hands at $4.01 at around 12:30 p.m. ET.
The company held a US IPO last Wednesday , offering 4.7M American Depositary Shares at $2.50 per ADS. Shares were previously listed OTC under the symbol GRFXY.
Incorporated in the Cayman Islands, Graphex is primarily engaged in the manufacture and sale of graphene products for lithium-ion batteries in China and the US. The company also operates landscape architecture business in China. Graphex’s US division, Graphex Technologies, is a mid-stream processor of graphite for use in EV batteries.
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Newly uplisted graphite processor Graphex sees stock rally 60%