NOVONIX to Commence Trade on the OTCQX® Best Market; Enriches Leadership Amid Battery Revolution

Summary

  • Growth in battery demand is going to be huge over the next few years, especially from electric vehicles and energy storage systems.
  • NOVONIX Limited is a highly respected and ground-breaking world leader in new battery technologies.
  • NOVONIX has fulfilled all the requirements for the OTCQX® Best Market listing in North America; trading to commence on 25 September, 9:00 AM (New York time).
  • CEO Dr. Chris Burns opines that car maker TESLA’s approach to rethinking battery cell manufacturing exactly aligns with NOVONIX’s approach to rethinking battery materials manufacturing.
  • NOVONIX recently realigned the Board and Management structure for better focus on customers, operations, and alignment with shareholders.

In a remarkable update, battery technology company NOVONIX LIMITED (ASX:NVX) has advised that it has fulfilled all the requirements for the OTCQX® Best Market listing in North America. It has also been under the spotlight amidst its take on the significance of TESLA’s much-anticipated Battery Day investor event for NOVONIX.

Besides, NOVONIX recently realigned the Board and Management structure for better focus on customers, operations, and alignment with shareholders.

NOVONIX is progressing well with the stated mission to advance battery technology and materials to fast-track the international deployment for a cleaner energy future. The Company spun out of Dr Jeff Dahn’s lab at Dalhousie University in Nova Scotia.

Today, the NOVONIX team are recognised as global leaders in new battery technologies, evident by the its prominent global clientele. As battery revolution takes the world by storm, NOVONIX looks forward to continuing its participation in the advancement of the state of lithium-ion battery (LIB) technology.

GOOD READ: NOVONIX Advancing Well With Its Patented Advanced Cathode Material Manufacturing Method

NOVONIX Shares to Commence Trading On The OTCQX®

On 22 July 2020, NOVONIX lodged an application on the OTCQX® Best Market. The application pertained to the quotation of NOVONIX shares on the North American market.

On 24 September 2020, the Company notified that it has duly fulfilled requirements for the OTCQX® Best Market listing. Consequently, OTC Markets Group has confirmed the listing date as 25 September, 9:00 AM (New York time).

NOVONIX shares will trade under the symbol “NVNXF” on the OTCQX®.

Insights from TESLA’s Battery Day Investor Event

On 23 September 2020, TESLA conducted its much-anticipated Battery Day investor event. In the event, the renowned EV maker updated the world on progress in their battery technologies. All aspects of cell manufacturing through to vehicle integration were discussed.

Additionally, TESLA briefly touch-based upon its advances in battery materials. It highlighted that the existing manufacturing cost of the cathode is ~ 35% of the cost of the material and is far too expensive and wasteful. TESLA further pledged aggressive targets for the decrease in manufacturing costs via processing.

The car maker also briefly presented on the potential use of silicon as the anode material in cells but more focused on the cathode and the manufacturing method being very complicated, wasteful, and expensive.

CEO Dr. Chris Burns’ Opinion For NOVONIX & The Entire Battery Market

It was extremely “exciting” to listen to both Elon and Drew, expressed Dr Burns on TESLA’s Battery Day investor event, as the power duo discussed the developments in TESLA’s battery program.

Dr Burns aligned the event to NOVONIX’s vision and significant role in the battery market.

ALSO READ: NOVONIX Marking Strong Presence in Rapidly Growing Advanced Materials Market

Leadership Update- Realignment of Board & Management

NOVONIX has realigned its Board and Management structure, focussing on right leadership in place for its next growth phase.

Option Exercise & Stock Performance

On 24 September 2020, NOVONIX issued 3,000,000 fully paid ordinary shares upon the exercise of-

  • 500k options at an exercise price of $ 0.90, and
  • 5 million options at an exercise price of $ 0.66 per share.

NOVONIX shares traded at $ 1.185 on the ASX, with a volume of over 8 million shares, mid-day on 25 September 2020.

On 23 September 2020, the stock recorded a fresh 52-week high of $ 2.40. NOVONIX share price has increased more than 9.6x in the past six months.

ALSO READ: NOVONIX’s FY20 Highlights & FY21 Outlook


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