Novonix (ASX:NVX) opened its previously announced AU$5 million share purchase plan on Tuesday, according to a same-day filing with the Australian bourse.

The company requested to waive ASX Listing Rules 7.1 and 10.11 so that the SPP may be conducted at the price of the earlier institutional and conditional placements at AU$0.60 apeice.

The application also requests that the shares to be issued be excluded from Novonix's placement capacity under the same listing rules, the filing stated.

If the waiver is not granted, the share purchase plan needs to be approved by shareholders on Jan. 22, 2025.

The offer will close on either Jan. 10, 2025, if the battery materials and technology firm secures regulatory clearance, or on Jan. 23 if rejected.

The battery materials and technology company's shares were down 3% in recent trade.