The company’s shares have gone into a significant dive in the past three months and have now fallen from a high of $12.15 in December to below $5, wiping out $3.4 billion of shareholder funds in the process.

The stock price is well below analysts’ targets for a company that tends to rely on announcements until its synthetic graphite production gets starts to increase. Its share price rallied this morning but settled back below $5.

The battery materials company, which is currently building a production facility in the US state of Tennessee, released its half-year earnings on Friday showing an after tax loss of $28.8 million, compared with a $10.7 million loss for the same period in 2020.

The results were in line with management expectations.

Co-founder and chief executive Chris Burns said the Nasdaq listing was a perfect start for the company in 2022.

“Listing on the Nasdaq is a natural next step for Novonic and a significant milestone,” Burns said.

“The listing expands our audience of worldwide institutional investors, improving the liquidity in the trading volume of our stock, allowing Novonix to continue to create long-term shareholder value.”

The Brisbane-based Novonix is Americanising its base with the new production facility and a reshuffling of its board to install an America, Robert Natter, as chair. Its biggest shareholder, Phillips66, is also American.

The company is also loosely associated with another Brisbane entrant to the Nasdaq, Tritium, which has also seen its shares go through a volatile period since its debut in January.

The company’s goal is to provide the American electric vehicle industry with a domestic supply chain for battery materials.