Nova Minerals (NVA) said Tuesday its current market capitalization is about $166 million based on its current trading price.

The company made the clarification after certain investment websites incorrectly reported a market capitalization of about $2.1 billion.

The incorrect reports followed Nova Minerals' redomiciliation to the US and a subsequent 1-for-12 share exchange transaction, the company said.

Nova said it had 458,140,036 ordinary shares outstanding as of June 16, and issued a total of 38,181,050 shares based on the 1-for-12 exchange ratio.