It was yet another day to forget for the Novonix Ltd (ASX: NVX) share price on Wednesday.
The battery technology company's shares were the worst performers on the ASX 200 index with a 14% decline to $2.47.
This means the Novonix share price is now down 76% in 2022.
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What's going on with the Novonix share price?
The most recent weakness in the Novonix share price appears to have been driven by news that a major shareholder has been selling down its stake.
According to a change of interests of substantial shareholder notice, St Baker Energy has offloaded 7.6 million shares.
St Baker Energy, which was founded by Trevor St Baker, sold these shares on 10 June via an off-market transfer for a total of just over $24 million. This equates to an average of $2.90 per share.
Despite this sale, the investment company still retains a sizeable 11.7% stake in Novonix.
Why was it selling?
No explanation was given in respect to why St Baker Energy sold the shares. However, given that Trevor St Baker retired from the Novonix Board last month to devote more time to the establishment of a second St Baker Energy Innovation Fund, it's possible that he was raising funds for this new venture.
Nevertheless, the selling appears to have spooked investors and put further pressure on the Novonix share price at a difficult time for higher risk assets.
