NOVONIX Reports Heavily Oversubscribed Retail Entitlement Offer

  • Jun 23, 2020 AEST
  • Team Kalkine

Developer and supplier of high-performance materials, equipment & services for global lithium-ion battery industry, NOVONIX Limited (ASX:NVX) has reported results of the Retail Entitlement offer that pertain to equity raising plan as announced on 27 May 2020, including institutional placement to raise $5.65 million and entitlement offer to raise ~ $37.91 million.

The Retail Entitlement offer, closed on 18 June 2020, was heavily oversubscribed with applications under the top-up facility significantly exceeding New Shares available under the Offer.

On 5 June 2020, ~82.69 million New Shares were issued to applicants under the Institutional Placement and the Institutional Entitlement Offer at $0.29 per New Share.

$ 1.3 million (representing small portion of 3.3%) was available for shortfall allocation. The Board has decided to allocate up to the lesser of an additional 1,724 New Shares / top-up application to each eligible shareholder applying for New Shares under the top-up facility & remaining ~3.61 million New Shares allocated pro-rata to Priority Sub-Underwriters.

New Shares under Retail Entitlement Offer are expected to be issued on 25 June 2020.


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