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

Mr. Jason Roy reports ELECTROVAYA INC. ANNOUNCES CLOSING OF OVERSUBSCRIBED US$28.1 MILLION PUBLIC OFFERING OF COMMON SHARES, INCLUDING FULL EXERCISE OF OVERALLOTMENT OPTION Electrovaya Inc. has closed its previously announced public offering of 4.7 million common shares of the company at a price to the public of $5.20 (U.S.) per common share. The underwriters elected to exercise the overallotment option in full, resulting in an additional 705,000 common shares being issued today for aggregate gross proceeds, before deducting the underwriting discounts and commissions and other offering expenses payable by Electrovaya, of approximately $28.1-million (U.S.). Oppenheimer & Co. Inc. acted as sole book-running manager for the offering. Raymond James Ltd. acted as the lead manager for the offering. H.C. Wainwright & Co. and Roth Capital Partners acted as co-managers for the offering. The company intends to use the net proceeds from the offering to invest in energy as a service, to invest in next-generation battery and separator research and development, and for working capital and general corporate purposes. In connection with the offering, the company filed a final prospectus supplement to its base shelf prospectus dated Sept. 17, 2024, in each of the provinces and territories of Canada relating to the offering. The final prospectus supplement was also filed in the United States with the U.S. Securities and Exchange Commission as part of the company's effective registration statement on Form F-10 (file No. 333-278139) previously filed under multijurisdictional disclosure system established between Canada and the United States. A preliminary prospectus supplement relating to the offering was filed in each of the provinces and territories of Canada and in the United States with the SEC on Nov. 4, 2025. Access to the base shelf prospectus, the final prospectus supplement and any amendments to the documents has been provided in accordance with securities legislation relating to procedures for providing access to a shelf prospectus supplement, a base shelf prospectus and any amendments. The base shelf prospectus and the final prospectus supplement are accessible on SEDAR+ and on EDGAR. The common shares were offered under the final prospectus supplement. An electronic or paper copy of the final prospectus supplement and accompanying prospectus relating to the offering may be obtained without charge from Oppenheimer & Co. Inc., attention: syndicate prospectus department, 85 Broad St., 26th floor, New York, N.Y., 10004, or by telephone at 212-667-8055 or by e-mail at [email protected], and from Raymond James Ltd., Scotia Plaza, 40 King St. West, 54th floor, Toronto, Ont., M5H 3Y2, Canada, or by telephone at 416-777-7000 or by e-mail at [email protected]. The U.S. base shelf prospectus, the Canada base shelf prospectus, and the final prospectus supplement and accompanying prospectus relating to the offering contain important, detailed information about the company and the offering. About Electrovaya Inc. Electrovaya is a pioneering leader in the global energy transformation, focused on contributing to the prevention of climate change by supplying safe and long-lasting lithium-ion batteries without compromising energy and power. The company designs, develops and manufactures proprietary lithium-ion batteries, battery systems and battery-related products for energy storage, clean electric transportation and other specialized applications. Electrovaya has two operating sites in Canada and a 52-acre site with a 135,000-square-foot manufacturing facility in Jamestown, New York State, for its planned gigafactory. We seek Safe Harbor.