The Novonix Ltd (ASX: NVX) share price is on the move on Monday morning.
At the time of writing, the battery materials company's shares are up 7% to $9.98.
Why is the Novonix share price rising?
This morning the company announced the beginning of the process to have the Novonix share price listed on a second stock exchange.
According to the release, Novonix has filed a registration statement with the U.S. Securities and Exchange Commission (SEC) relating to a potential listing on the famous Nasdaq index. The U.S. listing is expected to take place after the SEC and Nasdaq have completed their review process and upon effectiveness of the registration statement.
Why list on the Nasdaq?
The company notes that establishing this program is part of an ongoing strategy to expand its reach to investors in the United States and make the company's securities potentially eligible as a direct investment for North American institutions and fund managers.
As with its ASX listed shares, Novonix intends that its shares will trade on the Nasdaq under the ticker symbol NVX. It also stresses that the listing will not lead to the issuance of new shares. Rather the American Depository Receipts (ADRs) will be based on its ordinary shares currently on issue.
Novonix's CEO, Dr. Chris Burns, said: "We believe NOVONIX was the first qualified supplier of high-capacity long-life synthetic graphite anode material to a major cell maker and is the only supplier with plans to provide large volumes of this key material in the U.S."
"Our technological breakthroughs are helping to power the energy storage market, leading to better performance, longer life and lower costs. This listing furthers our long-term goal of reshoring the EV supply chain in North America and becoming a leader in the electrification economy," he added.
