Novonix DOE grant application5. If the answer to question 1 is...

Novonix DOE grant application

5. If the answer to question 1 is “yes” and NVX first became aware of the Information
prior to entering into the trading halt, please explain:
5.1 why this information was not released to the market at an earlier time,
commenting specifically on when you believe NVX was obliged to release the
information under Listing Rules 3.1 and 3.1A and what steps NVX took to
ensure that the information was released promptly and without delay.
The Information was not released to the market at an earlier time because NVX
was relying on the exception in Listing Rule 3.1A.1.
On 14 October 2022 NVX was advised by the DOE that it had been selected to
enter negotiations to receive grant funding from the DOE. NVX was advised by
the DOE that the award of the grant funding is subject to completion of
negotiations and execution of a funding agreement with the DOE. At the time
that NVX first became aware of the Information, it was considered an
incomplete proposal or negotiation.
The correspondence from the DOE stated that NVX was prohibited from
disclosing its selection for negotiation of a financial award prior to the DOE
making a public announcement about the matter. NVX was advised by DOE that
failure to abide by this requirement could result in forfeiture of the opportunity.
In the opinion of NVX, a reasonable person would not have expected NVX to
disclose its selection for grant funding by the DOE while that selection remained
confidential and subject to further negotiations with the DOE, if the
consequence of such disclosure was loss of the opportunity to secure the grant
from the DOE.
The DOE made a public announcement about NVX's selection for grant funding
on 20 October 2022 at approximately 1:00am (AEST). Once the DOE had made
this announcement, the Information was no longer confidential, NVX was no
longer entitled to rely on the exception in Listing Rule 3.1A and NVX issued an
ASX announcement containing the Information prior to market open on that
day