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Highlights
- Novonix’s director Trevor St Baker AO, decides to retire from the board of Novonix immediately.
- Novonix is garnering investors’ attention due to the rising demand and prices of lithium worldwide.
- As a result, Novonix began trading in green on Friday morning with a high trading volume.
The shares of Novonix Limited (ASX:NVX) were spotted trading 0.534% higher at AU$3.76 per share at 10:45 AM AEST on the ASX today (27 May). Approximately 1.8 million shares of Novonix were traded within the short span of time since the ASX opened for trading on Friday morning.
The ASX-listed battery materials and tech company announced that one of its board members, Trevor St Baker AO, has retired from the board of Novonix. Trevor’s retirement is immediately effective.
The share price of Novonix has gained almost by 70% on the ASX over the past 12 months. On the other hand, Novonix’s year-to-date share price fell over 64% (as of 10:45 PM AEST on the ASX today, 27 May).
Image Source © 2022 Kalkine Media ®
Why did Novonix shares begin trading in green today?
Primarily there are two factors that have driven the upside march of Novonix’s share price on the ASX today. The first factor is the announcement made by the company today related to the retirement of one of its directors.
Another factor is the rising demand for lithium globally due to the development of electronic vehicles. As a result, lithium prices are also shooting up worldwide. The Benchmark Mineral Intelligence said that the current lithium price could add approximately US$1000 to the cost of a new vehicle.
Meanwhile, the S&P/ASX 200 Materials sector (ASX:XMJ) was spotted trading 1.538% higher at 17603.2 at 11:55 AM AEST on the ASX today (27 May).
Details of Trevor St Baker’s retirement:
St Baker informed that he is already involved in excessive company board representation on behalf of the St Baker Energy Innovation Fund (SBEIF). It also incorporates the number of companies in which SBEIF has invested, one of them is Novonix.
After retirement, St Baker will be investing more time in developing another St Baker Energy Innovation Fund.
While departing from the company, St Baker said that he is pleased to get the opportunity to serve as the Director of Novonix and play an important role in the company’s decarbonisation transformation of global energy and transport businesses.
Meanwhile, Novonix has appointed Chris Hay as an alternate director, replacing St Baker in June 2021. His appointment gets terminated with St Baker’s retirement.
Read more: NVX, ALD, MNS: How did these 3 ASX EV stocks fare today?
Recent developments within Novonix:
On 20 May 2022, the board of Novonix announced that its CEO and Co-Founder Chris Burns and CFO Nick Liveris would present and conduct a virtual one-on-one meeting at Citi’s 2022 Lithium & Battery Virtual Day.
The virtual one-on-one meeting was scheduled yesterday (26 May 2022). Both the board members of the company were supposed to present and participate in a moderated Q&A session.
Read more: Novonix (ASX:NVX) shares skyrocket over 14% today; here's why
About Novonix:
Image source: © Malpetr | Megapixl.com
Novonix Limited is a leading ASX-listed battery technology company with a market capitalisation of AU$1.81 billion. The company is known for operating in both Canada and the United States. Novonix is primarily known for offering advanced, high-performing materials, equipment and services related to the lithium-ion industry, with sales in 14 countries.
