Electrovaya proposes public offering

Mr. Jason Roy reports ELECTROVAYA INC. ANNOUNCES PROPOSED PUBLIC OFFERING OF COMMON SHARES Electrovaya Inc. is commencing an underwritten public offering of its common shares. The company expects to grant the underwriters a 30-day option to purchase up to an additional 15 per cent of common shares at the public offering price. All of the common shares are being offered by the company. The common shares will be offered in the United States pursuant to a shelf registration statement (including a prospectus supplement thereto) previously filed with and declared effective by the U.S. Securities and Exchange Commission (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. Oppenheimer & Co. Inc. is acting as sole bookrunning manager for the proposed offering. Raymond James Ltd. is acting as the lead manager for the proposed offering. The company intends to use the net proceeds from the offering to invest in energy as a service, for investment in next generation battery and separator research and development, and for working capital and general corporate purposes. The offering is expected to be priced in the context of the market, with the final terms of the offering to be determined at the time of pricing. There can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. The closing of the offering will be subject to customary closing conditions, including the listing of the common shares on the Toronto Stock Exchange and the Nasdaq Capital Market, and any required approvals of the TSX and Nasdaq. Access to the U.S. base shelf prospectus, the Canada base shelf prospectus, the preliminary prospectus supplement and accompanying prospectus related to the offering, 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. A preliminary prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and will be available (within two business days of the date hereof) for free on the SEC's website and the prospectus supplement filed in Canada will be available (within two business days of the date hereof) on the company's profile on SEDAR+. The common shares are offered under the prospectus supplements relating to the offering. An electronic or paper copy of the preliminary prospectus supplement and accompanying prospectus relating to the offering, when filed, and any amendment to the documents 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. 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 preliminary 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 preliminary prospectus supplement and accompanying prospectus relating to the offering, and the base shelf prospectus and the other documents the company has filed before making an investment decision. The final terms of the offering will be disclosed in a final prospectus supplement to be filed with the SEC and SEDAR+. 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.