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    NVX   AU000000NVX4

NOVONIX LIMITED

(NVX)
  Report
Delayed Australian Stock Exchange  -  01:10 2022-10-05 am EDT
1.920 AUD   +1.32%
10/04Australian shares hit near 3-week high on banks, tech boost
RE
10/02Australian shares reverse early gains on recession fears
RE
09/12Australian shares rise on energy boost; U.S. inflation data in focus
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NOVONIX Limited Announces the Execution of Definitive Transaction Agreements and Closing of Investment and Supply Agreements with Kore Power, Inc. to Advance and Strengthen the Domestic Lithium-Ion Battery Supply Chain

02/01/2022 | 06:27am EDT

NOVONIX Limited announced the execution of definitive transaction agreements and closing of its investment and supply agreements with KORE Power Inc. to advance and strengthen the domestic lithium-ion battery supply chain. The execution of the binding and definitive transaction agreements, including a Securities Purchase Agreement and Supply Agreement, closed in accordance with the terms set in a non-binding letter of intent entered into between NOVONIX and KORE Power, as announced by NOVONIX on January 24, 2022. Under the terms of a Securities Purchase Agreement entered into between NOVONIX and KORE, NOVONIX has purchased 3,333,333 shares of KORE Power common stock at an issue price of USD 7.50 per share, representing approximately 5% of the common equity of KORE Power.

The aggregate offering price for the Shares of USD 25,000,000 has been paid in a combination of 50% cash, funded through NOVONIX's existing cash holdings, and 50% through the issue of 1,974,723 of ordinary shares in NOVONIX calculated at a price using a 5% discount to the 20-day VWAP ending three trading days prior to closing date. KORE Power has agreed to the application of a holding lock under the listing rules of the ASX until such time as the Novonix Shares have been registered under the United States Securities Act of 1933 or may otherwise be sold in the United States. As part of the transaction, NOVONIX and KORE Power have also entered into a binding Supply Agreement, under which NOVONIX will become the exclusive supplier to KORE Power's U.S. large scale battery cell manufacturing facility.

NOVONIX will begin supplying graphite anode material at a rate of 3,000 tonnes per annum beginning in 2024, and ramping up to approximately 12,000 tpa in 2027, subject to customer requirement. The Supply Agreement is for an initial term of five years, with automatic renewal for a subsequent five-year term. This is NOVONIX's first significant volume offtake agreement as the company expands its production capacity at the new Riverside facility towards the target of 10,000 tpa of production capacity in 2023.


© S&P Capital IQ 2022
All news about NOVONIX LIMITED
10/04Australian shares hit near 3-week high on banks, tech boost
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Financials
Sales 2023 24,6 M 15,9 M 15,9 M
Net income 2023 -59,0 M -38,1 M -38,1 M
Net cash 2023 30,9 M 19,9 M 19,9 M
P/E ratio 2023 -15,9x
Yield 2023 -
Capitalization 934 M 603 M 603 M
EV / Sales 2023 36,7x
EV / Sales 2024 22,7x
Nbr of Employees -
Free-Float 60,3%
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Mean consensus HOLD
Number of Analysts 1
Last Close Price 1,92 AUD
Average target price 2,11 AUD
Spread / Average Target 9,84%
EPS Revisions
Managers and Directors
J. Chris Burns Group Chief Executive & Operating Officer
Nicholas Liveris Group Chief Financial Officer
Robert Joseph Natter Non-Executive Chairman
Rashda M. Buttar Chief Legal & Administrative Officer
Anthony George Bellas Deputy Chairman
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