Electrovaya Announces Underwritten Public Offering of Common Shares

2 min read | December 17, 2024 01:01 AM EST | By Team Kalkine Media

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Electrovaya Announces Underwritten Public Offering of Common Shares — Image source: Shutterstock

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Highlights

Electrovaya is launching an underwritten public offering of its common shares.

The net proceeds will support loan conditions, working capital facility repayment, and the purchase of its Jamestown manufacturing facility.

Roth Capital Partners, Raymond James Ltd., and Craig-Hallum Capital Group LLC are co-lead book-running managers for the offering.

Electrovaya Inc. (NASDAQ:ELVA; TSX:ELVA), a leader in lithium-ion battery technology and manufacturing, has announced the commencement of an underwritten public offering of its common shares. The offering will be conducted in the United States under a shelf registration statement, which was previously filed and declared effective by the U.S. Securities and Exchange Commission (SEC) on September 25, 2024. It will also be qualified for distribution in Canada, except for the Province of Québec, through a prospectus supplement.

Roth Capital Partners, Raymond James Ltd., and Craig-Hallum Capital Group LLC are acting as the co-lead book-running managers for the offering.

The net proceeds from the offering are intended for several strategic uses, including meeting the cash collateral conditions for the loan approved by the Export-Import Bank of the United States, as announced on November 14, 2024. The funds will also be used to repay amounts under the company's existing working capital facility, ahead of an anticipated bank refinancing, and to cover certain costs associated with the financing. Additionally, the proceeds will help satisfy outstanding amounts related to the purchase of Electrovaya's Jamestown, New York manufacturing facility.

Electrovaya aims to utilize the raised funds to strengthen its financial position and support its continued growth in the lithium-ion battery market.

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