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

Mr. Jason Roy reports ELECTROVAYA INC. ANNOUNCES PRICING OF OVERSUBSCRIBED US$24.4 MILLION PUBLIC OFFERING OF COMMON SHARES Electrovaya Inc. has priced 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 company has granted the underwriters a 30-day option to purchase up to an additional 705,000 common shares at the public offering price, less underwriting discounts and commissions. Oppenheimer & Co. Inc. is acting as sole book-running manager for the offering. Raymond James Ltd. is acting as the lead manager for the offering. H.C. Wainwright & Co. and Roth Capital Partners are acting as co-managers for the offering. The gross proceeds from the offering to the company, before deducting underwriting discounts and commissions and other offering expenses and excluding any proceeds that may be received upon exercise of the underwriters' option to purchase additional common shares, are expected to be approximately $24.4-million (U.S.), or approximately $28.1-million (U.S.) if the underwriters exercise their overallotment option in full. The company intends to use the net proceeds from the offering to invest in energy as a service, investment in next generation battery and separator research and development, and for working capital and general corporate purposes. The offering is expected to close on or about Nov. 6, 2025, subject to the satisfaction of customary closing conditions, including the listing of the common shares to be issued under the offering on the Toronto Stock Exchange and the Nasdaq Capital Market. The offering is being made in the United States pursuant to a shelf registration statement (including a prospectus supplement thereto) previously filed with and declared effective by the Securities and Exchange Commission (the SEC) on Sept. 25, 2024, in accordance with the Multijurisdictional Disclosure System established between Canada and the United States, and will be qualified for distribution in the provinces and territories of Canada by way of a prospectus supplement to the company's base shelf prospectus dated Sept. 17, 2024, provided that no securities will be sold in the province of Quebec. Access to the base shelf prospectus, the final prospectus supplement and any amendments to the documents will be 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 is, and the final prospectus supplement will be (within two business days of the date hereof), accessible on SEDAR+ and on EDGAR. The common shares are offered under the final prospectus supplement. An electronic or paper copy of the final prospectus supplement and accompanying prospectus relating to the offering, when filed, 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 email at [email protected] and from Raymond James Ltd., Scotia Plaza, 40 King St. W., 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 proposed offering. Prospective investors should read the prospectus supplement and the base shelf prospectus and the other documents the company has filed before making an investment decision. 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, N.Y., for its planned gigafactory. We seek Safe Harbor.