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Novonix keen to make a bigger splash in US with Nasdaq listing

Business

Novonix, the Brisbane-based battery materials producer that earlier this year saw its market value jump by $105 million in one day, now wants to try its luck in the US.

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Novonix is investigating a listing on the technology-focused Nasdaq as it pursues an initial public offering of US depository shares.

The company’s operations are already primarily based in the US and Canada, but it retains a Brisbane presence and an ASX listing.

The Nasdaq proposal would mean the company would have greater access to US funds through the American depository shares, which would represent a bundle of the fully-paid ordinary shares of Novonix that trade on the ASX.

The company’s shares have been volatile. Earlier this year its market value jumped by $105 million in one day after announced the hiring of leading battery technology innovator Jeff Dahl.

It also follows a decision earlier this year to scrap a share purchase plan after its shares lost value. Under the SPP, shareholders would have been able to subscribe for $15 million worth of new shares at $2.90 per share.

It was however, able to raise $115 million through a placement.

The announcement this morning boosted Novonix shares by 10 per cent to $2.33.

Its shares are available on the over-the-counter composite index and the international index.

Novonix said it had submitted a draft registration statement to the US Securities and Exchange Commission.

Novonix said it had not yet determined the number of shares to be offered or the price, or even a timing.

It said it would also be subject to market conditions and demand.

Novonix has previously said it was keen to expand its operations. It has previously said that the demand for graphite anode material it produces at its PUREgraphite subsidiary for lithium-ion batteries in the United States was “increasing exponentially” and it has signed supply deals with Samsung SDI and Sanyo, makers of lithium batteries.

In January, Novonix’s American subsidiary PUREgraphite won US Federal Government backing through a $US5.5 million grant for its new furnace technology.

The funds will cover about half the cost of the furnace.

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