- Novonix (NVX) has received strong support for its retail entitlement offer, with applications received in excess of shares on offer
- In May, the battery specialist announced it would undertake a $5.65 million institutional placement and a $37.91 million entitlement offer
- As a result of the oversubscription in the retail entitlement offer, a small amount of shortfall — totalling $1.3 million, or 3.3 per cent — was available for allocation
- Shares are expected to be issued on June 25 and begin trading on the ASX on June 26
- Despite the news, Novonix is down 5.14 per cent and shares are trading for $1.02 each
Novonix (NVX) has received strong support for its retail entitlement offer, with applications received in excess of shares on offer.
On May 27, the battery specialist announced it would undertake an institutional placement to raise $5.65 million, as well as an entitlement offer, consisting of an institutional and retail component, to raise $37.91 million.
A total of 82.69 million shares, from both the institutional placement and institutional entitlement offer, have been issued to shareholders at 29 cents each.
As a result of the oversubscription in the retail entitlement offer, a small amount of shortfall — totalling $1.3 million, or 3.3 per cent — was available for allocation.
Novonix believes that it is fair for a small amount of shortfall to be allocated to each shareholder applying for a top-up.
Therefore, the board has decided to allocate up to the lesser of 1724 shares to each eligible shareholder that is applying for new shares under the top-up.
Shares are expected to be issued on June 25 and refunds will occur around June 26. Shares can then begin trading on the ASX on June 26.
Despite the news, Novonix is down 5.14 per cent and shares are trading for $1.02 each at 12:21 pm AEST.