Electrovaya Inc. announced on December 18, 2024, the successful closing of its public offering of common shares. The company issued 5,175,000 common shares at a price of US$2.15 per share, generating gross proceeds of approximately US$11.1 million.
Additionally, the underwriters fully exercised their over-allotment option, purchasing an additional 776,250 common shares at the same price. This brought in an extra US$1,668,937.50, increasing the total gross proceeds from the offering to approximately US$12.8 million.
The net proceeds from this offering are intended to satisfy cash collateral conditions for the recently approved EXIM Bank loan, repay amounts under the company's existing working capital facility, and cover outstanding amounts related to the purchase of the Jamestown, New York manufacturing facility. This capital infusion strengthens Electrovaya's financial position to support its aggressive U.S. expansion plans.
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