Electrovaya to raise $11.1 million through public offering of common shares
Electrovaya Inc., an Ontario-based lithium-ion battery technology and manufacturing company, announced the pricing of its public offering of 5,175,000 common shares at $2.15 per share, expected to raise approximately $11.1 million. If an additional option to sell more shares is fully exercised, the total could increase to $12.8 million.
The company says it intends to use the net proceeds to meet conditions for a loan from the Export-Import Bank of the United States, repay existing debts, cover refinancing costs and pay for part of the purchase of a manufacturing facility in Jamestown, New York.
The offering is expected to close on or about December 18, 2024, subject to customary closing conditions, including listing on the Toronto Stock Exchange and Nasdaq Capital Market. Roth Capital Partners is the sole book-running manager, with Raymond James Ltd. and Craig-Hallum Capital Group LLC as co-lead managers.
The offering is made under a shelf registration statement filed with the Securities and Exchange Commission (SEC) and qualified for distribution in Canada, excluding Québec. Prospective investors can access the prospectus on the SEC and SEDAR+ websites.
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The offering is being made in the United States pursuant to a shelf registration statement (including a prospectus supplement thereto) previously filed with and declared effective by the Securities and Exchange Commission (SEC) on September 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 September 17, 2024, provided that no securities will be sold in the Province of Québec.