Electric vehicle (EV) fast-charging company Tritium is back in view today as the company gets set for a likely Nasdaq listing this month. Currently, there are no signs of the EV charging player landing on the ASX anytime soon despite Tritium's headquarters being located in Australia.
After cementing a record-breaking fourth-quarter result, investors are eagerly awaiting the Brisbane-based company's listed future. The final stepping stone along the path of a public debut involves a shareholder vote on 12 January.
Powering towards a Nasdaq listing
Tritium's interest in becoming a publicly listed company began back in May last year. During a boom in special purpose acquisition companies (SPACs), the business partnered up with Decarbonization Plus Acquisition Corporation II (NASDAQ: DCRN).
The two companies have been working on the merger for Tritium to be taken public. After roughly eight months, the final piece of the puzzle is a shareholder vote on the proposed business combination with Tritium.
According to the company's release, DCRN shareholders will lodge their votes up until 12 January. On this date, a special meeting will be held with the final outcome of the vote to be announced. If the votes tally in favour of the merger, Tritium is expected to hit the Nasdaq days after the meeting.
Additionally, Tritium had been tagged with an estimated $2 billion valuation in June last year. Since then, the company has further grown its revenue.
ASX misses out on Tritium growth
At present, the world's second-largest fast-charging company has shared no intentions of appearing on the ASX. Instead, Tritium's future currently lies solely with the Nasdaq exchange in the United States. This is likely a reflection of the company's composition of sales.
Based on its investor presentation, 20% of Tritium's sales are made in North America. Comparatively, only 10% of the EV charging company's sales are to the Asia Pacific region. Interestingly, approximately 70% of total sales are in Europe.
For the three months ended 31 December 2021, Tritium notched up ~US$41 million in revenue. This was a record for the company and represented more than a 2.5 times increase on the prior corresponding period.
However, as Tritium CEO Jane Hunter noted, the quarter was impacted by supply chain and logistics issues.
When COVID started, it was 42 days from Australia to Europe by boat, and 35 days to North America from Australia, and we had … a ship that left in September and still has not docked in North America, which is just unheard of.
Unfortunately for ASX investors, the Tritium growth story has been out of reach, being a private company. Although, with the possibility of it listing on the Nasdaq, investors might soon have access to Tritium on a public exchange.
