NOVONIX Ltd Sponsored ADR (NVX) has released an update.
NOVONIX Ltd is set to consolidate its natural graphite exploration interests with Lithium Energy Limited into a newly formed company, Axon Graphite Limited, with plans to take Axon public through an IPO on the ASX. NOVONIX and LEL will each retain up to 28.57% ownership post-IPO, aiming to create a world-class natural flake graphite project for the rapidly growing battery market. The IPO seeks to raise between $15 million and $25 million, offering priority to eligible shareholders of both companies.
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