Novonix falls on compliance warning from Nasdaq

The news: Shares in the ASX-listed battery manufacturer Novonix fell in morning trade after the company received a notice from Nasdaq’s Listing Qualifications Department for failing to meet its minimum bid price requirement.

Shares had fallen 3.64% to 26 cents at 11:16am AEDT.

The context: The notice said Novonix’s closing bid price on the Nasdaq has remained below the minimum requirement of USD1 ($1.41) per security for 30 consecutive business days.

Under Nasdaq listing rules, Novonix has 180 days from the date of notice to regain compliance, requiring a closing price of at least USD1 for a minimum of 10 consecutive trading days.

Novonix’s shares will continue to trade on the Nasdaq during the compliance period, and its current ASX-listed shares will not be affected.