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Brisbane-based NOVONIX Limited (ASX: NVX, NASDAQ: NVX), a leader in battery materials and technology, has successfully concluded its Share Purchase Plan (SPP), raising A$41.2 million before costs. The offer, originally targeting A$5.0 million, was heavily oversubscribed, reflecting strong shareholder confidence in the company’s growth trajectory.
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The SPP, priced at A$0.60 per share, received applications for approximately 68.6 million shares from 2,368 eligible shareholders. This represents a participation rate of 7.8% of eligible shareholders, with an average application amount of A$17,386. To accommodate demand, NOVONIX (ASX: NVX, NASDAQ: NVX) expanded the SPP size by A$27.3 million, raising a total of A$32.3 million, subject to scaling back.
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Allocation was determined through a two-stage scale-back process:
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The proceeds from the SPP will enable NOVONIX (ASX: NVX, NASDAQ: NVX) to:
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Admiral Robert Natter, NOVONIX’s (ASX: NVX, NASDAQ: NVX) Chairman, expressed gratitude to shareholders: “The overwhelming support for the SPP underscores investor confidence in NOVONIX’s vision for sustainable battery technologies. These funds will accelerate our ability to meet growing demand from global partners and drive innovation in the energy storage market.”
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NOVONIX’s (ASX: NVX, NASDAQ: NVX) latest funding success follows its fully underwritten A$44.4 million institutional placement and a proposed A$7.7 million placement with Phillips 66, its largest shareholder, pending approval at the Extraordinary General Meeting on January 22, 2025.
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This integrated funding strategy ensures NOVONIX (ASX: NVX, NASDAQ: NVX) is well-positioned to:
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The additional equipment at Riverside will further align NOVONIX’s (ASX: NVX, NASDAQ: NVX) production capabilities with the requirements of global partners, including:
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NOVONIX (ASX: NVX, NASDAQ: NVX) continues to position itself as a leader in the transition to cleaner energy solutions. Its focus on innovation, sustainability, and partnerships places it at the forefront of the global lithium-ion battery industry. With this SPP’s success, the company strengthens its ability to deliver high-performance materials and technologies critical to the EV and energy storage markets.
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NOVONIX Limited (ASX: NVX, NASDAQ: NVX) is revolutionizing the global lithium-ion battery industry with its innovative technologies, sustainable practices, and efficient production methods. From advanced R&D to high-performance synthetic graphite production and zero-waste cathode synthesis, NOVONIX (ASX: NVX, NASDAQ: NVX) is driving a cleaner energy future.
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