Electrovaya Inc. Completes $11.1 Million Public Offering

Electrovaya Inc., based in Toronto, successfully closed its public offering of 5,175,000 common shares, raising approximately $11.1 million. The shares were offered at $2.15 each. Roth Capital Partners acted as the sole book-running manager, with Raymond James Ltd. and Craig-Hallum Capital Group LLC serving as co-lead managers.

The company has granted Roth a 45-day option to purchase up to an additional 776,250 shares. The funds will be used to meet conditions related to a loan from the Export-Import Bank of the United States, repay existing working capital facilities, and cover costs related to the purchase of a manufacturing facility in Jamestown, New York.

The shares were offered in the United States and Canada, excluding Québec. Registration was completed in accordance with the regulations of both countries.