Financing ·
NOVONIX makes $7M amortisation payment under convertible debenture agreement
NVNXFNOVONIX Ltd
NOVONIX Limited has made a second amortisation payment of US$7,000,000 to YA II PN, Ltd, an affiliate of Yorkville Advisors Global. The payment was triggered because the daily volume weighted average price of NOVONIX shares on the ASX fell below the A$0.12 floor price specified in the funding agreement for convertible debentures. Consequently, convertible debentures with a face value equal to the payment amount have been redeemed, reducing the outstanding balance under the agreement to US$21,000,000. The payment was funded from existing cash reserves. If the share price remains below the floor, further amortisation payments of 20% of the outstanding amount will be due on a rolling 30-day basis until the event ceases or the debt is repaid in full. NOVONIX produces high-performance synthetic graphite anode materials for lithium-ion batteries.