Business
Electrovaya Closes C$14.8 Million Private Placement
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES ...
About this update from Electrovaya Inc.
[{"type":"text","content":"Electrovaya Closes C$14.8 Million Private PlacementNOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICESTORONTO, ON / ACCESSWIRE / November 9, 2022 / Electrovaya Inc. (\"Electrovaya\" or the \"Company\") (TSX:EFL) (OTCQB:EFLVF) a leading lithium-ion battery technology and manufacturing company, has completed its previously announced private placement with existing institutional investors, new institutional investors and insiders, (the \"Offering\") of 17,543,402 units (\"Units\") at a price of $0.8461 per Unit for aggregate gross proceeds of approximately C$14.8 million. Each Unit comprises one common share of the Company (a \"Common Share\") and one-half of one common share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant entitles the holder thereof to acquire one Common Share at a price of C$1.06 until November 9, 2025, subject to adjustment in accordance with the terms and conditions of the Warrants. In addition, if the Common Shares are not listed on the Nasdaq Capital Market by April 30, 2023, the exercise price of the Warrants will be adjusted to C$0.94 per Common Share, subject to adjustment in accordance with the terms and conditions of the Warrants. The securities issued in connection with the Offering are subject to restrictions on resale pursuant to applicable securities laws. The proceeds of the Offering will be used for working capital to service purchase orders, for general corporate purposes, Jamestown startup costs, for debt repayment and restructuring.Craig-Hallum Capital Group LLC acted as exclusive placement agent for the Offering in the United States. The Offering has been conditionally approved for listing on the Toronto Stock Exchange.About Electrovaya Inc.Electrovaya Inc. (TSX:EFL) (OTCQB:EFLVF) is a pioneering leader in the global energy transformation, focused on contributing to the prevention of climate change by supplying safe and long-lasting lithium-ion batteries without compromising energy and power. Electrovaya is a technology-focused company with extensive IP, designs, develops, and manufactures proprietary lithium-ion batteries, battery systems, and battery-related products for energy storage, clean electric transportation, and other specialized applications. Company's Infinity line of batteries is focused on commercial vehicles and its Solid ...