TORONTO, ON / ACCESSWIRE / November 3, 2022 / Electrovaya Inc., (TSX:EFL)(OTCQB:EFLVF) (the "Company"), a leading lithium-ion battery technology and manufacturing company, has entered into securities purchase agreements with existing institutional investors, new institutional investors and insiders for a private placement of the Company's common shares (a "Common Share" and, collectively, the "CommonShares") and warrants to purchase common shares ("Warrants") for aggregate gross proceeds to the Company of approximately C$14.8 million (the "Private Placement"). The Company agreed with purchasers to use its best efforts to complete a listing of its Common Shares on the Nasdaq Capital Market by April 30, 2023. Pursuant to the Private Placement, the Company will issue 17,543,402 Common Shares and Warrants exercisable to purchase up to 8,771,700 Common Shares at a purchase price of C$0.8461 per Common Share and associated Warrant. Each Warrant will entitle the holder thereof to purchase one Common Share at an exercise price of C$1.06 per Common Share, subject to adjustment in accordance with the terms and conditions of the Warrants, at any time prior to the three-year anniversary of the closing date of the Private Placement. In addition, if the Common Shares are not listed on the Nasdaq Capital Market by April 30, 2023, the exercise price of the Warrants by such date will be adjusted to C$0.94 per Common Share, subject to adjustment in accordance with the terms and conditions of the Warrants. The Private Placement is anticipated to close on or about November 7, 2022, and is subject to the satisfaction of certain customary closing conditions, including the receipt of all necessary regulatory and stock exchange approvals, including the approval of the Toronto Stock Exchange.

https://www.accesswire.com/723701/Electrovaya-Announces-C148-Million-Private-Placement