- Battery technology company Novonix (NVX) has provided an update regarding its overseas listing
- On June 10, the company announced that it was tossing up the idea of selling shares on over-the-counter (OTC) markets to keep up with international demand
- OTC markets allow shares to be traded directly between investors rather than through a formal exchange such as the ASX or NYSE
- On the back of this announcement, Novonix has now lodged an application to seek quotation of its shares on the OTCQX Best Market in North America
- However, before it can formally list, Novonix must provide its audited financial statements for the year ending June 30, 2020, which are expected to be completed by mid-September
- On the ASX today, Novonix is up an even four per cent and shares are currently trading for $1.04 each
Novonix (NVX) has provided an update regarding its overseas listing.
On June 10, the company announced that it was tossing up the idea of selling shares on over-the-counter (OTC) markets to keep up with international demand.
OTC markets allow shares to be traded directly between investors rather than through a formal exchange such as the ASX or NYSE.
While they are generally risker and more prone to manipulation, it is easier to trade between international parties.
On the back of this announcement, Novonix has now lodged an application to seek quotation of its shares on the OTCQX Best Market in North America.
However, before it can formally list on the OTCQX, Novonix must provide its audited financial statements for the year ending June 30, 2020, for review.
As the company has not completed its financial statements as of yet, the review cannot progress any further.
Novonix expects its 2020 audit will be completed by mid-September and further updates regarding its OTCQX listing will be provided as it progresses.
On the ASX, Novonix is up an even four per cent and shares are trading for $1.04 each at 2:32 pm AEST.