Coming to America: Novonix takes the plunge on Nasdaq listing
Queensland battery components maker Novonix has taken another step in its Americanisation with the announcement it had started the process of a Nasdaq listing.
Trevor St Baker's Novonix has moved closer to listing on the Nasdaq index.
The strategy is part of its overall plan to “reshoring’’ the electric vehicle supply chain in the US, one that is currently dominated by China.
Novonix produces synthetic graphite, a key component of EV batteries.
Its Nasdaq listing follows a decision by the company that success meant it had to be more American, which in turn led to Tony Bellas stepping aside as chairman in favour of American retired admiral Robert Natter. Its biggest shareholder is Houston-based company Phillips66.
It will be the second company in the St Baker family to seek a Nasdaq listing. EV fast-charging company, Tritium is expected to list on the Nasdaq this month.
In the first stage of the Nasdaq process, Novonix filed a registration statement with the US Securities and Exchange Commission.
The US listing is expected to take place after the SEC and Nasdaq have completed their review process and upon effectiveness of the registration statement.
However, the company said its primary listing will remain the ASX.
“Establishing this program is part of an ongoing strategy to expand Novonix’s reach to investors in the United States and make the company’s securities potentially eligible as a direct investment for North American institutions and fund managers,’’ the company said in a statement.
It expects to begin trading on Nasdaq under the ticker symbol NVX.
The establishment of the program by Novonix is not a public offering or issuance of new ordinary shares.
The ADRs will represent four fully paid ordinary shares.
Novonix chief executive Chris Burns said the company believed it was the first qualified supplier of high-capacity long-life synthetic graphite anode material to a major cell maker and is the only supplier with plans to provide large volumes of this key material in the US.
“Our technological breakthroughs are helping to power the energy storage market, leading to better performance, longer life and lower costs,” Chris Burns said.
“This listing furthers our long-term goal of reshoring the electric vehicle supply chain in North America and becoming a leader in the electrification economy.”
