There are several possibilities for using the PIPE proceeds.  Say there was a target company that Electrovaya would like to buy out.  They could use the money to buy stock at distressed prices.  Then when the time was right, make an offer.  Electrovaya's management thinks long term.  Things they mentioned 5 years ago are just now happening.  So if the target company some how does not file chapter 11 they can sell their shares and recover their investment.

The bump up in stock price Monday must be someone that knew of this AIGH deal??