Electrovaya closes $28.1 million share offering with overallotment

Electrovaya Inc. (NASDAQ: ELVA) (TSX: ELVA) completed its public offering of common shares, raising approximately $28.1 million in gross proceeds before fees and expenses. The lithium-ion battery technology company issued 4,700,000 shares at $5.20 per share, with underwriters exercising their overallotment option in full for an additional 705,000 shares.

Oppenheimer & Co. Inc. served as sole book-running manager for the offering, while Raymond James Ltd. acted as lead manager. H.C. Wainwright & Co. and Roth Capital Partners participated as co-managers.

The Toronto-based company stated it plans to use net proceeds for energy-as-a-service investments, next-generation battery and separator research and development, working capital, and general corporate purposes.

The offering was conducted under Electrovaya's base shelf prospectus dated September 17, 2024, filed in Canadian provinces and territories. The company also filed documents with the U.S. Securities and Exchange Commission under its effective registration statement on Form F-10.

Electrovaya operates manufacturing facilities in Canada and maintains a 52-acre site with a 135,000 square foot facility in Jamestown, New York, designated for its planned battery manufacturing expansion.

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