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
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.