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On 14 July 2025, Range Resources Corporation (NYSE: RRC) filed a Form 8-K (Item 2.02) disclosing preliminary second-quarter 2025 hedging results.

• Total gain on derivatives: approximately $154.7 million for the three months ended 30 June 2025.
• Net cash receipts from derivative settlements: $31.5 million, broken down as $26.3 million from natural gas, $2.8 million from natural-gas-basis, $1.5 million from NGLs and $0.8 million from oil contracts.

The company emphasized that these figures are preliminary and will be finalized in the forthcoming Form 10-Q and related earnings release. No additional operating metrics were provided.

The sizeable mark-to-market gain and positive cash settlements are expected to enhance reported earnings and liquidity for Q2 2025, although such benefits are inherently volatile and tied to future commodity-price movements.

Graphjet Technology (GTI) has issued a Definitive Proxy Statement for an Extraordinary General Meeting (EGM) on 30 July 2025. The Board is asking shareholders to approve four inter-related proposals designed to preserve the company’s Nasdaq listing and streamline its capital structure.

• Proposal 1 â€� Share Capital Reorganization: consolidate all existing Class A, Class B and Preference Shares into a single class of 500 million Class A shares (US$0.0001 par). Authorised capital remains US$50,000.
• Proposal 2 â€� Share Consolidation (Reverse Split): a 1-for-50 to 1-for-150 consolidation (exact ratio at Board discretion) to be effected on or before 13 Aug 2025. Fractional shares will be rounded up; the Board may use reserves to fund rounding.
• Proposal 3 â€� Charter Amendment: adopt amended & restated Memorandum and Articles of Association reflecting the new single-class structure and reverse split.
• Proposal 4 â€� Adjournment: allow adjournment if additional time is needed for solicitation or if proposals become unnecessary.

Strategic Rationale: Management states the actions are critical to regaining compliance with multiple Nasdaq deficiencies:

• Minimum bid price (<$1 since 21 Feb 2025; deadline 20 Aug 2025)
• Market value of listed securities (<$50 m since 5 Mar 2025; deadline 1 Sep 2025)
• Market value of publicly-held shares (<$15 m since 25 Apr 2025; deadline 22 Oct 2025)
• Late SEC filings: Form 10-K (Q3 2024) and Forms 10-Q (FY 2024 & Q1 2025) remain outstanding, prompting Nasdaq delisting proceedings. A hearing is scheduled for 17 July 2025; trading is stayed pending the outcome.
• Additional deficiency: bid price fell below US $0.10 for ten consecutive days (notice received 18 Jun 2025).

Consequences if not approved: GTI warns that failure to pass the proposals could lead to delisting, reduced liquidity, “penny stock� status, higher financing costs and restricted access to capital markets.

Voting mechanics: Record date is 3 July 2025. A simple majority is required for Proposals 1, 2 & 4; Proposal 3 needs a two-thirds majority. Brokers may vote at their discretion, but shareholders are urged to submit proxies promptly.

Capitalization snapshot: 148,037,022 Class A shares outstanding; no Class B or Preference shares issued. A single shareholder, Aiden Lee Ping Wei, controls 68 % (incl. warrants for 29 m shares).

The proxy does not include financial results, cash balances or earnings guidance.

Bank of Montreal (BMO) is offering US$425,000 of Senior Medium-Term Notes, Series K � “Digital Return Buffer Notes� � maturing 3 August 2026. The notes are linked to the worst performer of three U.S. equity benchmarks: the S&P 500, NASDAQ-100 and Russell 2000 (each a “Reference Asset�).

Key economic terms:

• Digital Return: 10.40% payable at maturity if the closing level of the Least Performing Reference Asset on 29 July 2026 (the Valuation Date) is â‰� 85% of its 27 June 2025 Initial Level (“Digital Barrierâ€�).
• Buffer: first 15% downside is absorbed. If the Least Performing Reference Asset drops >15%, principal is reduced point-for-point beyond the buffer, exposing investors to a maximum loss of 85%.
• No periodic coupons; single payment at maturity.
• Issue price: 100%; agent’s commission 0.375%; estimated initial value: $981.99 per $1,000, reflecting embedded fees and hedging costs.
• Credit exposure: unsecured, unsubordinated obligations of BMO; CUSIP 06376EMN9; not FDIC or CDIC insured; not exchange-listed.

Illustrative payouts: any Final Level � 85% triggers a fixed $1,104 per $1,000 note (10.40% gain). A Final Level of 80% returns $950 (-5%); 60% returns $750 (-25%); 0% returns $150 (-85%). Upside is capped at 10.40% irrespective of index performance.

Risk considerations include potential loss of up to 85% of principal, limited upside versus direct index exposure, secondary-market illiquidity (no listing; dealer market making discretionary), BMO credit risk, tax uncertainty (treated as prepaid derivative contracts), and a price-to-public that exceeds the bank’s modeled value.

The product may appeal to investors with a moderately bullish to sideways view on large-, mega- and small-cap U.S. equities over the next ~13 months who are willing to trade upside beyond 10.40% for a 15% buffer and accept issuer credit and liquidity risk.

Graphjet Technology (NASDAQ:GTI) filed an 8-K announcing the cancellation of its previously planned reverse share split. The company's board of directors has reconsidered and decided not to proceed with the Extraordinary General Meeting for which a preliminary proxy statement was filed on June 24, 2025. As a result, no definitive proxy statement will be filed, and the Extraordinary General Meeting has been cancelled. The filing indicates a significant shift in the company's capital structure strategy.

Graphjet Technology has announced an Extraordinary General Meeting to be held virtually on July 21, 2025, at 10:00 AM EST. Shareholders will vote on four key proposals:

• Share Capital Reorganization: Reclassifying the company's $50,000 authorized share capital into 500,000,000 Class A ordinary shares ($0.0001 each), consolidating all existing share classes
• Share Consolidation: Implementing a reverse stock split at a ratio between 1-for-70 and 1-for-120, with the exact ratio to be determined by the Board
• Charter Amendment: Adopting amended memorandum and articles of association to reflect the share reorganization and consolidation
• Adjournment Proposal: Allowing meeting adjournment if needed for further proxy solicitation or other reasons

The Board unanimously recommends voting "FOR" all proposals. Shareholders of record as of June 20, 2025, are eligible to vote through the virtual meeting platform or by proxy. This restructuring aims to streamline the company's share structure and potentially improve stock marketability.

Graphjet Technology (GTI) faces potential delisting challenges from Nasdaq due to two listing rule violations. First, in February 2025, the company failed to maintain the minimum $1.00 bid price requirement under Rule 5550(a)(2), receiving until August 20, 2025 to regain compliance.

More critically, on June 18, 2025, Nasdaq issued a second notice indicating GTI's failure to maintain the minimum $0.10 bid price over the last 10 consecutive trading days under Rule 5450(a)(1). This matter will be reviewed at a Nasdaq Hearings Panel on July 17, 2025.

Key points:

• Company will appeal Nasdaq's decision
• Trading continues during appeal process
• Management claims "diligent efforts" to regain compliance
• Company faces uncertainty regarding maintaining listing status

As an emerging growth company, GTI faces additional challenges in commercializing its graphene and graphite products while addressing these listing compliance issues.

Graphjet Technology (GTI) announced two significant developments in this 8-K filing:

Financial Restatement: The company will restate its FY2023 financial statements due to an accounting policy change regarding intellectual property valuation. The restatement relates to the treatment of IP assigned by former Chief Science Officer Mr. Liu. Previously recorded as a third-party acquisition, the IP will now be valued at development cost per ASC 850-10-20, as Mr. Liu is considered key personnel.

Audit Committee Changes: The Board appointed two new members to the Audit Committee:

• Chen Siow Woon and Ang Chee Yong join Tan Song Jie (Audit Committee Chair)
• New appointees receive RM 2,500 monthly compensation

The company expects to file its FY2024 Annual Report before the Nasdaq hearing scheduled for July 17, 2025. Kreit & Chiu CPA, LLP, the current auditor, will conduct both the restatement and FY2024 audit.