NOVONIX to Divest Battery Technology Business to Former CEO

MT Newswires Live

02/18

NOVONIX (ASX:NVX) entered into a binding term sheet for the proposed sale of its NOVONIX Battery Technology Solutions business in Nova Scotia, Canada, including all associated liabilities and assets, with its former Chief Executive Officer, Chris Burns, according to a Wednesday Australian bourse filing.

The divestment represents the firm's strategy to prioritize synthetic graphite, according to current CEO Mike O'Kronley.

The transaction price is $1, and NOVONIX will receive a 15% non-dilutable equity stake in the cathode business. The firm will provide certain transition services and will grant the purchaser a trademark license

through at least Sept. 30.

Its shares rose 1% in recent trading on Wednesday.

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