Novonix (ASX:NVX) raised AU$32.3 million through an oversubscribed share purchase plan (SPP), exceeding the initial AU$5 million target due to strong demand, according to a Wednesday filing with the Australian bourse.
The shares were offered to about 30,453 eligible shareholders, with valid applications received from around 2,368 investors, the filing said. The SPP, which closed on Jan. 10, saw applications for 68.6 million shares issued at AU$0.60 each.
The proceeds will fund new equipment at the company's Riverside facility in Tennessee to support product qualification for contracts with Panasonic, Stellantis, and PowerCo, per the filing.
The SPP shares of about 53.9 million will start trading on the Australian Securities Exchange on Jan. 17.
The company's shares rose 3% in recent Wednesday trade.
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