Electrovaya proposes public offering

Executive Summary

• Electrovaya Inc. has announced the commencement of an underwritten public offering of its common shares.
• The offering is being conducted in the United States under a previously effective shelf registration statement and in Canada via a prospectus supplement to the base shelf prospectus.
• Proceeds are intended for investment in energy-as-a-service, next-generation battery and separator R&D, and general corporate purposes.

Key Details

• Offering Structure: Underwritten public offering of common shares.
• Underwriters: Oppenheimer & Co. Inc. (Sole Bookrunning Manager) and Raymond James Ltd. (Lead Manager).
• Over-Allotment Option: The company expects to grant underwriters a 30-day option to purchase up to an additional 15% of common shares at the public offering price.
• Jurisdictions:
  • United States: Pursuant to a shelf registration statement (including a prospectus supplement) declared effective by the SEC on Sept. 25, 2024.
  • Canada: Qualified for distribution in all provinces and territories except Quebec, via a prospectus supplement to the base shelf prospectus dated Sept. 17, 2024.
• Use of Proceeds: Investment in energy as a service, investment in next-generation battery and separator research and development, and working capital and general corporate purposes.
• Pricing: Expected to be priced in the context of the market; final terms to be determined at the time of pricing.
• Closing Conditions: Subject to customary closing conditions, including listing of common shares on the Toronto Stock Exchange (TSX) and the Nasdaq Capital Market, and required approvals from both exchanges.
• Documentation: Preliminary prospectus supplements and accompanying prospectuses will be filed with the SEC and SEDAR+ within two business days of the release date.