NOVONIX (ASX:NVX) opened the share purchase plan disclosed on June 17, aiming to raise up to AU$3 million and allowing eligible shareholders to subscribe for up to AU$30,000 of new shares, according to a Monday filing with the Australian bourse.

The company has applied for waivers to enable the share purchase plan to be conducted at the price of the institutional placements at AU$0.16 per share and for the shares to be issued as an exception to its placement capacity, the filing said.

If waivers are not granted, the share purchase plan will require shareholder approval, per the filing.

Shares fell nearly 3% in morning trade on Monday and earlier hit an all-time low.