Novonix (ASX:NVX) eyes Nasdaq for dual listing

ASX-listed battery maker Novonix (ASX:NVX) has progressed further on plans to list on Wall St’s tech heavy Nasdaq.

The news followed the first announcement in May after unveiling its plans to list on the exchange.

Novonix has filed a registration statement, Form 20-F, with the US Securities and Exchange Commission (SEC).

The US listing is expected to take place after the SEC and Nasdaq have completed their review process and upon effectiveness of the registration statement.

The securities listed will take the form of a Level II American Depository Receipt (ADR) program. An ADR is a negotiable receipt, resembling a stock certificate that is issued by a United States depositary bank appointed to evidence one or more American Depositary Shares.

The company intends to appoint The Bank of New York Mellon to establish the Level II ADR Program and to act as the ADR depositary, custodian and registrar.

The primary listing will remain the ASX.

Shares in Novonix (ASX:NVX) are trading 4.1 per cent higher at $9.73.