Electrovaya announces public offering of common shares

Electrovaya Inc. (NASDAQ: ELVA)(TSX: ELVA) announced it is commencing an underwritten public offering of common shares. The lithium-ion battery technology and manufacturing company expects to grant underwriters a 30-day option to purchase up to an additional 15% of shares at the public offering price.

Oppenheimer & Co. Inc. is serving as sole book-running manager for the offering, while Raymond James Ltd. acts as lead manager. The shares will be offered in the United States under a shelf registration statement filed with the Securities and Exchange Commission on September 25, 2024, and qualified for distribution in Canadian provinces and territories except Quebec.

The company plans to use net proceeds to invest in energy as a service, next generation battery and separator research and development, and for working capital and general corporate purposes. The offering is expected to be priced based on market conditions, with final terms determined at pricing.

The closing remains subject to customary conditions, including listing approval from the Toronto Stock Exchange and Nasdaq Capital Market. The company noted there is no assurance regarding completion timing or final size and terms of the offering.

Electrovaya operates manufacturing sites in Canada and maintains a 52-acre facility with 135,000 square feet in Jamestown, New York for its planned gigafactory. The company designs and manufactures lithium-ion batteries and battery systems for energy storage, electric transportation, and specialized applications.

The preliminary prospectus supplement and accompanying prospectus will be available within two business days on the SEC website and SEDAR+ for Canadian filing, according to the company's statement.

You May Also Be Interested In

• NVIDIA to acquire Hugging Face for $12.93 billion
• Caring Brands closes initial $4.6M of $9M private placement
• Dyne Therapeutics to present DMD preclinical data at NMSG meeting