BUZZ-Australia's Novonix slumps to nearly 3-yr low on discounted placement

Reuters

2024/11/27

** 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))

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