Australian battery tech trailblazer Novonix (ASX: NVX) commenced trading on the NASDAQ overnight, lighting up the boards and seeing its share price rise by 4.24 per cent on debut.
The company, based in Brisbane, hopes its listing on the US stock exchange will enable it to become a global leader in the electrification economy with the support of new shareholders.
Novonix has chosen to trade on the NASDAQ via American Depositary Receipts (ADRs) - a negotiable receipt that resembles a stock certificate which gives owners the same rights to dividends and distributions as the holders of Novonix’s ordinary shares.
The ADRs are listed on the NASDAQ under the ticker symbol NVX, and are based on the company’s ordinary shares currently on issue. Each ADR represents four fully paid shares of Novonix.
For Novonix, the US listing follows a bumper 12 months during which it has seen its share price rise by more than 160 per cent.
At its peak in early December last year, the company’s share price cracked the $12 mark. Since then trades have softened to see the securities hover around $8.
Backed by the likes of St Baker Energy Innovation Fund, Phillips 66 (NYSE: PSX) and Washington H Soul Pattinson (ASX: SOL), Novonix also cracked into the list of Brisbane's Top 10 listed companies last year and in November inaugurated its 400,000-square-foot Riverside Recharged facility in Tennessee, USA.
“We believe Novonix 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," Novonix CEO Dr Chris Burns said earlier this month.
"Our technological breakthroughs are helping to power the energy storage market, leading to better performance, longer life and lower costs.
"This listing furthers our long-term goal of reshoring the EV supply chain in North America and becoming a leader in the electrification economy."
Shares in NVX are up 1.43 per cent to $7.80 per share at 10.42am AEDT.
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