Australia's Novonix slumps to nearly 3-yr low on discounted placement
26/11/2024 23:46
** Shares of battery materials supplier Novonix NVX.AX
fall as much as 22.3% to A$0.750, marking their biggest intraday
drop since Dec. 3, 2021
** Co completes A$44.4 mln ($28.74 mln) placement at an
offer price of A$0.60 per share
** Offer price represents a 37.8% discount to stock's last
closing price
** Says funds raised will allow co to commission equipment
required to achieve commercial production of 3,000 metric tons
per annum at its Riverside facility in 2025
** As of last close, stock had risen 31.3% YTD
($1 = 1.5451 Australian dollars)
(Reporting by Himanshi Akhand in Bengaluru)
((Himanshi.Akhand@thomsonreuters.com))