Novonix (ASX:NVX) received written notification from the Listing Qualifications Department of the Nasdaq Stock Market on Wednesday that it is not in compliance with the minimum bid price requirement set out in the Nasdaq listing rules, according to a same-day Australian bourse filing.

The closing bid price of the company's American depositary receipts (ADR) listed on Nasdaq has been below the minimum requirement of $1 per ADR for the previous 30 consecutive business days, according to the notification.

The company has 180 calendar days from the date of the notice to regain compliance, where the closing bid price of its ADRs must be at least $1 per ADR for a minimum of 10 consecutive business days. The ADRs will continue to trade on Nasdaq during the compliance period.

The company's Australian-listed shares fell almost 2% in recent Wednesday trade.