- Novonix (NVX) is pushing ahead with a $16.45 million placement to its directors after deferring its recent share purchase plan (SPP)
- The company announced on Thursday that it was going to defer the capital raise due to “significant fluctuation” in its share price
- NVX has already raised $115 million in extra cash via a placement to institutional investors last month
- Four of its directors have signalled they’d still like to carry out their placement, subscribing for more than $16 million shares at $2.90 per share
- That’s a significant premium on Novonix’s current trading price of $2.40 per share at the beginning of trade on Monday
- Shares in Novonix are up 1.67 per cent following the capital raising update, trading at $2.44 per share
Novonix (NVX) is pushing ahead with a $16.45 million placement to its directors after deferring its recent share purchase plan (SPP).
The materials company announced on Thursday that it was going to defer the capital raise due to “significant fluctuation” in its share price.
Under the SPP, shareholders would’ve been able to subscribe for $15 million worth of new shares at $2.90 per share. This represents a significant premium to NVX’s last closing price of $2.40 per share on Thursday, March 4.
The same offer price of $2.90 per share was used in a recent institutional placement carried out by the battery specialist last month.
Novonix successfully placed $115 million worth of new shares to institutional and sophisticated investors on February 26.
The materials stock is still hopeful of hitting its $146 million total, when it decides to open the SPP once its share price settles.
Meanwhile, despite the SPP being deferred, four directors of Novonix have stated they’re “committed” to proceeding with the directors’ placement.
Under this placement, Trevor St Baker, Andrew Liveris, Robert Natter and Robert Cooper will subscribe for more than $16 million worth of shares at $2.90 per share.
Their placement is reliant on shareholder approval, which the company will seek at an extraordinary general meeting in April.
Shares in Novonix are up 1.67 per cent following the capital raising update, trading at $2.44 per share at 11:01 am AEDT.