Electrovaya Inc. Secures Additional Funding Through Over-Allotment Option

Electrovaya Inc., a leading company in lithium-ion battery technology, announced the completion of the full exercise of its over-allotment option, raising an additional US$1.7 million. This follows the company's public offering of 5,175,000 common shares priced at US$2.15 each, initially generating around US$11.1 million. The extra shares sold, 776,250 in total, bring Electrovaya's aggregate gross proceeds to approximately US$12.8 million. This capital is earmarked for satisfying loan conditions from the Export-Import Bank of the United States, repaying existing working capital loans, and covering expenses related to acquiring its Jamestown manufacturing facility.

The common shares were offered under an SEC-approved shelf registration statement. However, they were not sold in Quebec. Electrovaya emphasizes that the offering complies with relevant laws, ensuring no unlawful sales in any jurisdiction. Interested investors can access further documentation on regulatory websites.