Electrovaya Closes $28.1 Million Public Offering

MT Newswires Live

11/07

Electrovaya (ELVA) said Thursday it closed a public offering that generated about $28.1 million in gross proceeds.

The offering comprised 4.7 million common shares priced at $5.20 each and included the full exercise of the overallotment option for an additional 705,000 shares.

The company plans to use the proceeds to invest in energy-as-a-service initiatives, next-generation battery and separator research and development, and for working capital and general corporate purposes.

Electrovaya shares were down more than 6% in recent trading.

Price: 5.26, Change: -0.34, Percent Change: -6.07

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