04:15 AM EDT, 05/16/2024 (MT Newswires) -- Novonix ( NVX ) said late Wednesday it has completed the due diligence process ahead of its move to combine its natural graphite exploration business with that of Lithium Energy to form a new company called Axon Graphite, which is slated to go public in Australia.

As part of the deal, Novonix ( NVX ) will sell its MD South Tenements subsidiary, which holds Mount Dromedary natural graphite exploration, to Axon Graphite. Lithium Energy will contribute its Burke and Corella graphite projects to Axon.

Novonix ( NVX ) said it will receive shares in Axon as part of the transaction.