Electrovaya prices 4.7M shares at $5.20 in oversubscribed public offering

Electrovaya (ELVA) announced the pricing of its previously announced public offering of 4,700,000 common shares of the Company at a price to the public of $5.20 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. is acting as sole book-running manager for the Offering. Raymond James 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 $24.4M, or approximately $28.1M if the underwriters exercise their over-allotment 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 November 6, 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.