- Battery materials company Novonix (NVX) has placed its shares in a voluntary trading halt while it looks to undertake a strategic capital raise
- Further details regarding the raise are expected to be made to market on Wednesday August 11, at which time NVX shares are set to recommence trading
- The company had approximately $136 million in cash and equivalents as per its quarterly cash flow report for June
- Novonix recently purchased a second anode facility in the US state of Tennessee
- Prior to today’s trading halt, Novonix shares last changed hands at $3.02
Battery materials company Novonix (NVX) has placed its shares in a voluntary trading halt while it looks to undertake a strategic capital raise.
Company securities are expected to remain in the trading halt until Wednesday August 11, when further details regarding the raise are set to be made to the market.
At this stage, Novonix has not indicated how much it is looking to raise or how it plans to spend the funds.
The company had approximately $136 million in cash and equivalents as per its quarterly cash flow report for June.
In most recent news, Novonix has sought to expand its anode materials business in the US by acquiring a second facility in Tennessee.
The more than 400,000-square-foot plant will join the company’s existing facilities and house an operation tipped to produce 8,000 tonnes of anode materials annually.
Meanwhile, the company said it continues to progress agreements with lithium-ion battery producers Sanyo Electric Co in Japan and Samsung SDI in South Korea.
Prior to today’s trading halt, Novonix shares last changed hands at $3.02.