Electrovaya closes $28.1-million (U.S.) public offering

Executive Summary

• Electrovaya Inc. has closed an oversubscribed public offering of common shares, including the full exercise of the underwriters' overallotment option.
• The company raised approximately $28.1 million (U.S.) in gross proceeds from the sale of 4.7 million common shares.
• Net proceeds will be utilized for investments in energy-as-a-service, next-generation battery and separator R&D, and general corporate purposes.

Key Details

• Transaction Structure: Public offering of common shares with the full exercise of the overallotment option.
• Shares Issued: 4.7 million common shares (including 705,000 shares from the overallotment option).
• Price: $5.20 (U.S.) per common share.
• Gross Proceeds: Approximately $28.1 million (U.S.), before deducting underwriting discounts, commissions, and other offering expenses.
• Underwriters:
  • Sole Book-Running Manager: Oppenheimer & Co. Inc.
  • Lead Manager: Raymond James Ltd.
  • Co-Managers: H.C. Wainwright & Co. and Roth Capital Partners.
• Use of Proceeds: Investment in energy-as-a-service, next-generation battery and separator research and development, working capital, and general corporate purposes.
• Regulatory Filings:
  • Final prospectus supplement filed in all Canadian provinces and territories.
  • Final prospectus supplement filed with the U.S. Securities and Exchange Commission (SEC) as part of the effective registration statement on Form F-10 (File No. 333-278139).
  • Preliminary prospectus supplement filed on November 4, 2025.
  • Documents accessible via SEDAR+ and EDGAR.

Notable Quotes

• No direct quotes from management were included in the provided text.