Advertisement

Queensland market darlings cop reality check in US as bears stalk tech sector

Queensland battery company Novonix has continued on its Americanisation path with its ADRs trading from today on the Nasdaq index.

Feb 02, 2022, updated Feb 02, 2022
Novonix will list on the Nasdaq from today

Novonix will list on the Nasdaq from today

It follows the Brisbane-based Tritium, another company in which the St Baker Innovation Fund is a heavy investor, onto the Nasdaq exchange. 

Tritium’s shares have slumped since its listing, chiefly because the broader technology sector has been the victim of concerns about rising interest rates. Tritium shares have fallen from almost $10 a share to $7.84.

Reflecting the bearish mood for technology, the Nasdaq index has fallen from 15,644 at the start of the year to 14,239 yesterday. Novonix shares on the ASX have also fallen from $10.69 at the start of the year to $7.69. 

Novonix chief executive Chris Burns said the listing was a significant step in the company’s mission to develop a north American supply chain for battery materials.

“It is a natural milestone four our company and it reflects our ongoing investment in the US,’’ Burns said.

An ADR is an American Depository Receipt. In the case of Noxonix each one represents four full paid shares.

The Novonix ADRs will trade on Nasdaq under the ticker symbol NVX and will complement the existing primary listing of NVX shares on the ASX. 

InQueensland in your inbox. The best local news every workday at lunch time.
By signing up, you agree to our User Agreement andPrivacy Policy & Cookie Statement. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

The strategy behind listing on the Nasdaq is to be able to tap the American market for capital. 

The company’s head office and production facilities are in north America and its biggest shareholder, Phillips66, is also an American company.

Novonix also recently shuffled its board to give the chair to an American, Robert Natter.

The owners and holders of ADRs have the same rights to dividends and distributions and voting powers as the holders of Novonix.

Local News Matters
Advertisement
Copyright © 2024 InQueensland.
All rights reserved.
Privacy Policy