TORONTO - Electrovaya Inc. (NASDAQ: ELVA; TSX: ELVA), a lithium-ion battery technology and manufacturing company, has initiated a public offering of its common shares. The offering is being managed by co-lead book-running managers Roth Capital Partners (WA:CPAP), Raymond (NS:RYMD) James Ltd., and Craig-Hallum Capital Group LLC. The company's shares, currently trading at $15.92, have seen a decline of approximately 26% year-to-date, according to InvestingPro data.
The shares will be available in the United States under a previously filed shelf registration statement and in Canada, excluding Québec, via a prospectus supplement. With InvestingPro analysis indicating a WEAK financial health score of 1.42, investors might want to closely examine the company's financial metrics before making investment decisions. The net proceeds from the offering are intended for various corporate purposes, including meeting cash collateral conditions for a loan approved by the Export-Import Bank of the United States, repaying existing working capital facility debts, and covering costs associated with the purchase of the company's manufacturing facility in Jamestown, New York.
The pricing of the offering will be market-based, with final terms to be determined at the time of pricing. The completion of the offering is subject to standard closing conditions and the approval of the Toronto Stock Exchange and the Nasdaq Capital Market.
Electrovaya has outlined that there is no guarantee of the offering's completion, its size, or its terms. The preliminary prospectus supplement and accompanying prospectus will be filed with the SEC and available on its website, as well as on the SEDAR+ website for Canadian filings.
This news release does not constitute an offer to sell or a solicitation to buy the securities in any jurisdiction where such an offer or solicitation would be unlawful. Prospective investors are advised to read the prospectus and other company filings before making an investment decision.
Electrovaya is known for designing, developing, and manufacturing lithium-ion batteries and related products for energy storage and clean electric transportation, among other applications. The company operates in Canada and has a manufacturing facility in New York state for its planned gigafactory. For deeper insights into Electrovaya's financial health and growth prospects, including detailed valuation metrics and peer comparisons, consider exploring InvestingPro's comprehensive analysis tools.
The information in this article is based on a press release statement from Electrovaya Inc.
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