Brisbane headquartered battery technology firm Novonix has announced results of its heavily oversubscribed Share Purchase Plan (SPP), raising more than $41.2 million before costs.
As a leading battery materials and technology company with operations in both Canada and the United States, Novonix provides advanced, high-performance materials, equipment, and services for the global lithium-ion battery industry.
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The SPP was priced at $0.60 per share, and eligible shareholders were given the opportunity to apply for up to $30,000 worth of SPP shares.
The SPP size was increased by $27.3 million above its original target of $5 million, raising a total amount of $32.3 million under the SPP.
Novonix will use the proceeds from the SPP to purchase, install, and commission additional equipment in the company’s Riverside facility in Chattanooga, Tennessee. This equipment will be used to support the further qualification of products for the company’s contracts with Panasonic, Stellantis, and PowerCo.
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Novonix chair Admiral Robert Natter said, “We were pleased to provide all of our eligible shareholders with the opportunity to participate in this offer.
“We received strong interest in the offer, allowing us to increase its size to $32.3 million. We thank our shareholders for their ongoing support of Novonix and its future.”
