Graphex Group Ltd (NYSE American:GRFX | HKSE: 6128), a company specializing in electrical industrial apparatus with a market capitalization of $55.94 billion and current trading price of $77.72, has announced the distribution of proceeds from a recently concluded rights issue to its American Depository Shares (ADSs) holders. This follows the company’s previous declaration of issuing three rights shares for every one consolidated share held on the record date of March 28, 2025.
The rights shares, which were not registered under the United States Securities Act of 1933, were not directly distributed to the holders of the company’s ADSs. Consequently, the Bank of New York Mellon (NYSE:BK), acting as the depositary, sold the rights in the local market. According to InvestingPro data, the company maintains a "GOOD" overall financial health score, with revenue of $18.82 billion in the last twelve months.
The proceeds from the sale of these rights will now be distributed to the ADSs holders, as detailed in a dividend notice attached to Graphex Group’s SEC filing. This financial maneuver comes after the company’s approval of the proposed transactions, which were initially disclosed in a series of reports filed with the SEC. For deeper insights into Graphex Group’s financial position and detailed analysis, investors can access comprehensive research reports and real-time metrics through InvestingPro, which covers over 1,400 US-listed companies.
Graphex Group has emphasized that the information provided in the report is purely for informational purposes and should not be construed as an offer to sell or a solicitation to buy any securities, including its ADSs. The company currently maintains analyst coverage with consensus recommendations and price targets available through detailed financial analysis platforms.
The company’s forward-looking statements, as outlined in the announcement, reflect expectations and projections about future events and trends that could impact its financial health and strategic plans. However, Graphex Group acknowledges that these statements involve risks and uncertainties, and there is no guarantee that the anticipated results will be achieved.
The distribution notice and related documents are incorporated by reference in the SEC filing, which serves as the source of the facts reported in this article.
In other recent news, Bank of New York Mellon reported impressive first-quarter 2025 earnings, surpassing analysts’ expectations with an earnings per share (EPS) of $1.58, against the forecasted $1.51. The company’s revenue also exceeded projections, reaching $4.79 billion compared to the anticipated $4.76 billion. JPMorgan maintained its Overweight rating on the company, citing improved operating margins in key segments such as Markets and Wealth Services. Despite these gains, the Investment and Wealth Management segment faced challenges, with its operating margin declining to 8% from 13% the previous year. Shareholders recently approved all management proposals, including the election of 11 directors and the ratification of KPMG LLP as the independent accountants for the fiscal year 2025. The annual meeting highlighted strong support for the board and the company’s strategic direction. Bank of New York Mellon also launched a new AI platform named "Eliza," aiming to enhance its technological capabilities.
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