Electrovaya prices shares at $5.20 (U.S.) for offering

Executive Summary

• Electrovaya Inc. has priced its previously announced public offering of 4.7 million common shares at $5.20 (U.S.) per share.
• The offering is oversubscribed, with gross proceeds expected to be approximately $24.4 million (U.S.), rising to $28.1 million if the underwriters' overallotment option is exercised in full.
• Net proceeds will be used to invest in energy-as-a-service, next-generation battery and separator R&D, and for working capital and general corporate purposes.

Key Details

• Shares Offered: 4.7 million common shares.
• Offering Price: $5.20 (U.S.) per common share.
• Gross Proceeds: Approximately $24.4 million (U.S.) before deducting underwriting discounts and commissions.
• Overallotment Option: The underwriters have a 30-day option to purchase up to an additional 705,000 common shares at the public offering price.
• Potential Gross Proceeds with Overallotment: Approximately $28.1 million (U.S.) if the option is exercised in full.
• Use of Proceeds: Investment in energy as a service, investment in next-generation battery and separator research and development, and for working capital and general corporate purposes.
• Expected Closing Date: On or about November 6, 2025, subject to customary closing conditions.
• Listing Conditions: Subject to listing of the common shares on the Toronto Stock Exchange and the Nasdaq Capital Market.
• Underwriters:
  • Sole Book-Running Manager: Oppenheimer & Co. Inc.
  • Lead Manager: Raymond James Ltd.
  • Co-Managers: H.C. Wainwright & Co. and Roth Capital Partners.
• Regulatory Filings: Made pursuant to a shelf registration statement declared effective by the SEC on September 25, 2024, and qualified for distribution in Canada via a prospectus supplement to the base shelf prospectus dated September 17, 2024.

Notable Quotes

• No direct quotes from the CEO or President were included in the provided text.