Novonix denies equity raising plans, shares rebound
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The news: Shares in Novonix have rebounded strongly after the battery technology company said it has no plans to undertake an equity capital raising.
The numbers: Novonix shares jumped 8.5% to 70 cents each in early trading on the ASX.
The stock was placed in a trading halt on Wednesday after it slumped nearly 10% on media reports of an equity raise.
The context: Novonix said in a statement on Friday it had considered its position and was not considering an equity capital raising at this time and that its "capital position remains strong".
The statement comes days after the corporate regulator pledged to punish dealmakers and market players for loose handling of sensitive information. This was after the Australian Financial Review published a report of an equity raise by Novonix which resulted in wild swings in its share price.
The incident sparked widespread outrage in the market over the leaked information and the delay in the trading halt.
The source: ASX announcement
