Electrovaya Raises US$28.1 Million Through Oversubscribed Offering

Electrovaya Inc., a key player in the lithium-ion battery industry, completed a public offering that raised US$28.1 million. The offering included 4.7 million common shares priced at US$5.20 each. The full exercise of the underwriters' overallotment option added 705,000 shares, showcasing strong demand.

Led by Oppenheimer & Co. Inc. as the sole book-runner, with Raymond James Ltd. as the lead manager, the company's strategic financing aims to enhance investments in energy services and next-gen battery R&D. The proceeds will support working capital and corporate needs.

Filed under the Multijurisdictional Disclosure System, this move allows Electrovaya to capitalize on cross-border market opportunities. The filing process involved intricate completion of necessary documentation, accessible via SEDAR+ and EDGAR platforms.