NOVONIX Limited (NASDAQ:NVX) is among the 12 Best Australian Stocks to Buy Right Now. Earlier this month, the firm, along with Lithium Energy Limited, decided not to proceed with the IPO of Axon Graphite, citing unfavorable market conditions.
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In April 2024, the two companies entered into a Share Sale and Purchase Agreement (Mt Dromedary SPA) for Lithium Energy to acquire the Mt Dromedary Graphite Deposit in Queensland. Both firms had chalked out a plan to spin out their consolidated high-grade graphite assets through an IPO by Axon Graphite.
However, due to current market conditions, they have decided not to go ahead with completion under the Mt Dromedary SPA. NOVONIX Limited (NASDAQ:NVX) says that it is now reviewing strategies on how to maximize shareholder value from the asset. The company's two nominees have also stepped down as Directors of Axon Graphite.
NOVONIX Limited (NASDAQ:NVX) is a leading Australian battery materials and technology company. It has a market cap of over $210 million, as of the close of business on August 14.
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