TORONTO, ON — November 6, 2025 — Leads & Copy — Electrovaya Inc. (NASDAQ:ELVA)(TSX:ELVA) has closed its public offering of 4,700,000 common shares at a price of US$5.20 per share, resulting in gross proceeds of approximately US$28.1 million.
The underwriters exercised the overallotment option in full, leading to an additional 705,000 common shares being issued. Oppenheimer & Co. Inc. served as the sole book-running manager for the offering, with Raymond James Ltd. acting as the lead manager. H.C. Wainwright & Co. and Roth Capital Partners were co-managers.
Electrovaya intends to use the net proceeds to invest in energy as a service, next-generation battery and separator research and development, working capital, and for general corporate purposes.
The company filed a final prospectus supplement to its base shelf prospectus dated September 17, 2024, in each of the provinces and territories of Canada, and with the U.S. Securities and Exchange Commission (SEC) as part of its registration statement on Form F-10 (File No. 333-278139).
The base shelf prospectus and the final prospectus supplement are accessible on SEDAR+ at www.sedarplus.com and on EDGAR at www.sec.gov. Copies of the final prospectus supplement can be obtained from Oppenheimer & Co. Inc. and Raymond James Ltd.
This announcement does not constitute an offer to sell or a solicitation of an offer to buy securities in any jurisdiction where such an offer, solicitation, or sale would be unlawful prior to registration or qualification under securities laws.
Jason Roy, VP, Corporate Development and Investor Relations Electrovaya Inc., can be reached at 905-855-4618 or jroy@electrovaya.com.
Electrovaya Inc. (NASDAQ:ELVA)(TSX:ELVA) is focused on preventing climate change by supplying safe and long-lasting lithium-ion batteries. The company designs, develops, and manufactures proprietary lithium-ion batteries, battery systems, and battery-related products for energy storage, clean electric transportation, and specialized applications. Electrovaya has two operating sites in Canada and a 52-acre site with a 135,000 square foot manufacturing facility in Jamestown New York state for its planned gigafactory.
For more information, visit www.electrovaya.com.
Forward-Looking Statements
This press release contains forward-looking statements regarding the anticipated use of proceeds from the Offering. These statements are based on assumptions and involve risks and uncertainties. Actual results may differ due to market conditions and other risks outlined in the prospectus supplement and base shelf prospectus, including those described under the heading “Risk Factors.” The company does not undertake any obligation to update these statements except as required by law.
Contact: Jason Roy, VP, Corporate Development and Investor Relations Electrovaya Inc. 905-855-4618/ jroy@electrovaya.com
Source: Electrovaya Inc.
