Novonix will reduce its number of shares trading in the U.S. in a bid to increase its share price above the $1 minimum required by Nasdaq.

The Chattanooga-based manufacturer is working to became a major supplier of synthetic graphite, a key battery component. It received a notice from Nasdaq in March that its share price had closed lower than $1 for 30 consecutive business days.

Novonix began trading on the New York City-based stock exchange in 2022 through shares that allow U.S. investors to buy stock in a foreign company without trading in foreign markets. At the time, Novonix was based in Australia, but has since moved its headquarters to Chattanooga.

Each U.S. share currently represents four ordinary shares traded on the…