NOVONIX : Commences Process for Nasdaq Listing

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ASX ANNOUNCEMENT (ASX: NVX)

10 January 2022

NOVONIX Commences Process for Nasdaq Listing

NOVONIX Limited (ASX: NVX, OTCQX: NVNXF) ("NOVONIX" or "the Company"), today announces the commencement of the process to list its securities on the Nasdaq Stock Market ('Nasdaq'). As announced to the Australian Securities Exchange ("ASX") on 10 May 2021, NOVONIX has been exploring a secondary listing of its securities on Nasdaq. In the first stage of the process, NOVONIX has filed a registration statement, Form 20-F,with the U.S. Securities and Exchange Commission ("SEC"). 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.

The securities will take the form of a Level II American Depository Receipt (ADR) program and will complement the existing primary listing of NVX shares on the Australian Securities Exchange ("ASX"). An ADR is a negotiable receipt, resembling a stock certificate that is issued by a United States depositary bank appointed to evidence one or more American Depositary Shares.

The Company intends to appoint The Bank of New York Mellon ("BNY Mellon") to establish the Level II ADR Program and to act as the ADR depositary, custodian and registrar.

Establishing this program is part of an ongoing strategy to expand NOVONIX's 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.

Under the program, NOVONIX expects to begin trading on Nasdaq under the ticker symbol "NVX". The establishment of the program by NOVONIX is not a public offering or issuance of new NOVONIX ordinary shares. Under the Level II program, the ADRs will be based on NOVONIX's ordinary shares currently on issue. Each ADR will represent four (4) fully paid ordinary shares of NOVONIX. No final decision has been made by the SEC in respect of the proposed Nasdaq listing and there can be no assurance as to the occurrence, timing and/or completion of such a listing and effectiveness of the registration statement. NOVONIX'S ordinary shares are currently listed on the ASX under the symbol "NVX" where the securities will continue to trade following any Nasdaq listing.

A copy of the Form 20-F which has been filed with the SEC is attached to this announcement.

"We believe NOVONIX was the first qualified supplier of high-capacitylong-life synthetic graphite anode material to a major cell maker and is the only supplier with plans to provide

NOVONIX Limited (ASX: NVX)

ACN 157 690 830

GPO Box 525 Brisbane Qld 4001

AUSTRALIA

For personal use only

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," said Dr. Chris Burns, CEO of NOVONIX. "This listing furthers our long-term goal of reshoring the EV supply chain in North America and becoming a leader in the electrification economy."

This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities of the Company, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the U.S. Securities Act of 1933, as amended ("Securities Act"). This announcement is being issued in accordance with Rule 135 under the Securities Act.

This announcement has been authorised for release by NOVONIX Chairman, Admiral Robert J. Natter, USN Ret.

ABOUT NOVONIX

NOVONIX LIMITED (ASX: NVX, OTCQX: NVNXF) is an integrated developer and supplier of high-performance materials, equipment and services for the global lithium-ion battery industry with operations in the USA and Canada and sales in more than 14 countries. NOVONIX's mission is to support the global deployment of lithium-ion battery technologies for a cleaner energy future.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release, including statements that relate to the company's plans for the U.S. Listing, the commencement of trading of the ADRs on the Nasdaq, and regarding our future results of operations, financial condition, business strategy and plans and objectives of management for future operations. In some cases, you can identify forward-looking statements because they contain words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," or "would," or the negative of these words or other similar terms or expressions. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements are subject to a number of known and unknown risks, uncertainties, other factors and assumptions. We undertake no obligation to update any forward-looking statements made in this registration statement to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve

NOVONIX Limited (ASX: NVX)

ACN 157 690 830

GPO Box 525 Brisbane Qld 4001

AUSTRALIA

For personal use only

the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements.

For NOVONIX Limited:

[e-mail](investors)

[e-mail](media)

NOVONIX Limited (ASX: NVX)

ACN 157 690 830

GPO Box 525 Brisbane Qld 4001

AUSTRALIA

As filed with the Securities and Exchange Commission on January 6, 2022

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

only

FORM 20-F

(Mark One)

☒ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934

or

□ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended

or

□ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

or

□ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

F r the transition period from

to

.

Commission file number:

use

NOVONIX LIMITED

(Exact name of Registrant as specified in its charter)

NOVONIX LIMITED

(Translation of Registrant's name into English)

Australia

(Jurisdiction of incorporation or organization)

NOVONIX LIMITED

Level 8

46 Edward Street

Brisbane QLD 4000

personalof 1934. Yes □ No □

Australia

(Address of principal executive offices)

NOVONIX Limited

Level 8

46 Edward Street

Brisbane QLD 4000

Australia

(P) 0439 310 818

Attn: Suzanne Yeates, Company Secretary

[e-mail]

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Copies to:

William J. Miller

Kimberly C. Petillo-Décossard

Ross Sturman

Cahill Gordon & Reindel LLP

32 Old Slip

New York, NY 10005

[phone]

Securities registered or to be registered pursuant to Section 12(b) of the Act.

Title of each class

Trading Symbol(s)

Name of each exchange and on which registered

American Depositary Shares

NVX

The Nasdaq Stock Market LLC

S curities registered or to be registered pursuant to Section 12(g) of the Act: None

S curities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None

Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report. Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes □ No ☒

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or (15)(d) of the Securities Exchange Act

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes □ No ☒

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes □ No ☒

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of

''accelerated filer,'' ''large accelerated filer'' and ''emerging growth company'' in Rule 12b-2 of the Exchange Act. (Check one):
Large Accelerated Filer □	Accelerated Filer □	Non-Accelerated Filer □
			Emerging Growth Company ☒
	If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended
transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. □
	† The term ''new or revised financial accounting standard'' refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after
April 5, 2012.
For	Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting
under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. □
	Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
U.S. GAAP □	International Financial Reporting Standards as issued by the International Accounting Standards Board ☒	Other □

If ''Other'' has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. Item 17 □ Item 18 □ If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes □ No □

(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes □ No □

For personal use only

	TABLE OF CONTENTS
		Page
INTRODUCTION AND USE OF CERTAIN TERMS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	1
SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . .	1
ITEM 1.	IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS . . . . . . . . . . . . .	3
A.	Directors and Senior Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	3
B.	Advisors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	3
C.	Auditors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	3
ITEM 2.	OFFER STATISTICS AND EXPECTED TIMETABLE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	3
ITEM 3.	KEY INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	3
A.	[Reserved] . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	3
B.	Capitalization and Indebtedness . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	3
C.	Reasons for the Offer and Use of Proceeds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	4
D.	Risk Factors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	5
ITEM 4.	INFORMATION ON THE COMPANY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	38
A.	History and Development of the Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	38
B.	Business Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	38
C.	Organizational Structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	61
D.	Property, Plants, and Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	61
ITEM 4A.	UNRESOLVED STAFF COMMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	62
ITEM 5.	OPERATING AND FINANCIAL REVIEW AND PROSPECTS . . . . . . . . . . . . . . . . . . . . . . . .	63
A.	Operating Results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	63
B.	Liquidity and Capital Resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	75
C.	Research and Development, Patents and Licenses, Etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	81
D.	Trend Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	81
E.	Critical Accounting Estimates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	81
ITEM 6.	DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES . . . . . . . . . . . . . . . . . . . . . . . .	83
A.	Directors and Senior Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	83
B.	Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	85
C.	Board Practices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	87
D.	Employees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	92
E.	Share Ownership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	92
ITEM 7.	MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS . . . . . . . . . . . . . . . .	94
A.	Major Shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	94
B.	Related Party Transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	94
C.	Interests of experts and counsel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	96
ITEM 8.	FINANCIAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	97
A.	Consolidated Financial Statements and Other Financial Information. . . . . . . . . . . . . . . . . . . . . .	97
B.	Significant Changes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	97
ITEM 9.	THE LISTING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	97
A.	Listing Details . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	97
B.	Plan of Distribution. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	97
C.	Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	97
D.	Selling Shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	97
E.	Dilution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	97
F.	Expenses of the Issue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	97
ITEM 10.	ADDITIONAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	97
A.	Share Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	97
B.	Memorandum and Articles of Association . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	98
C.	Material Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	104
D.	Exchange Controls . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	104

i