Novonix (ASX:NVX) share price jumps 7% on Nasdaq listing plans

The Novonix Ltd (ASX: NVX) share price is on the move on Monday morning.

At the time of writing, the battery materials company’s shares are up 7% to $9.98.

Why is the Novonix share price rising?

This morning the company announced the beginning of the process to have the Novonix share price listed on a second stock exchange.

According to the release, Novonix has filed a registration statement with the U.S. Securities and Exchange Commission (SEC) relating to a potential listing on the famous Nasdaq index. The U.S. listing is expected to take place after the SEC and Nasdaq have completed their review process and upon effectiveness of the registration statement.

Why list on the Nasdaq?

The company notes that establishing this program is part of an ongoing strategy to expand its reach to investors in the United States and make the company’s securities potentially eligible as a direct investment for North American institutions and fund managers.

As with its ASX listed shares, Novonix intends that its shares will trade on the Nasdaq under the ticker symbol NVX. It also stresses that the listing will not lead to the issuance of new shares. Rather the American Depository Receipts (ADRs) will be based on its ordinary shares currently on issue.

Novonix’s CEO, Dr. Chris Burns, said: “We believe NOVONIX was the first qualified supplier of high-capacity long-life synthetic graphite anode material to a major cell maker and is the only supplier with plans to provide large volumes of this key material in the U.S.”

“Our technological breakthroughs are helping to power the energy storage market, leading to better performance, longer life and lower costs. This listing furthers our long-term goal of reshoring the EV supply chain in North America and becoming a leader in the electrification economy,” he added.

The post Novonix (ASX:NVX) share price jumps 7% on Nasdaq listing plans appeared first on The Motley Fool Australia.

More reading

• Buying ASX shares in 2022? Here’s what you need to know: expert
• Can you guess the best and worst All Ordinaries performers of 2021?
• Are Novonix (ASX:NVX) shares a bargain after tumbling 18% since early December?
• These are the 5 best performing ASX shares of 2021
• The 5 best ASX lithium stocks of 2021

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

from The Motley Fool Australia https://ift.tt/3Fa21Bk