Energem Corp. Announces Shareholder Approval of Business Combination with Graphjet Technology Sdn. Bhd.

~ Shareholders of Energem Corp. Approve Business Combination
on February 28, 2024 ~

~ Upon Closing, the Combined Company is Expected to Trade on Nasdaq Under the Ticker “GTI” ~

 Kuala Lumpur, Feb. 28, 2024 (GLOBE NEWSWIRE) -- Energem Corp. (“Energem”) (Nasdaq: ENCP, ENCPW), a publicly-traded special purpose acquisition company, today announced that its shareholders voted to approve the previously announced business combination with Graphjet Technology Sdn. Bhd., a Malaysian private limited company (“Graphjet”), owner of the world’s first and the only patented technology to recycle palm kernel shells, generated in the production of palm seed oil, to produce single layer graphene and artificial graphite for electric vehicle batteries, medical devices, and home appliance, and all other proposals presented at Energem’s extraordinary general meeting held on February 28, 2024.

Energem shareholders approved the business combination proposal with 80.162% votes in favor of the approximately 85.083% of Energem votes cast at the meeting. Energem plans to file the results of the meeting, as tabulated by an independent inspector of elections, on a Form 8-K with the Securities and Exchange Commission (the “SEC”).

Subject to the satisfaction or waiver of the other customary closing conditions, the business combination is expected to close on or about March 6, 2024. Following the closing, the combined company will operate as GRAPHJET TECHNOLOGY and has applied to list its ordinary shares and warrants on the Nasdaq Global Market under the new ticker symbols “GTI” and “GTIWW,” respectively.

About Graphjet Technology Sdn. Bhd.

Graphjet Technology Sdn. Bhd. was founded in 2019 in Malaysia as an innovative graphene and graphite producer. Graphjet Technology has the world’s first patent-pending technology to recycle palm kernel shells generated in the production of palm seed oil to produce single layer graphene and artificial graphite. Graphjet’s sustainable production methods utilizing palm kernel shells, a waste agricultural product that is common in Malaysia, will set a new shift in Graphite and Graphene supply chain of the world. Nelson Mullins Riley & Scarborough LLP is acting as legal counsel to Graphjet Technology in the business combination.