08:42 AM EST, 12/17/2024 (MT Newswires) -- Electrovaya Inc. ( ELVA ) , a lithium-ion battery technology and manufacturing company, was at last look down 12.5% in US premarket as it priced Tuesday its previously announced public offering of 5.175 million common shares in the capital of the company at a price to the public of US$2.15 per common share.

In addition, the company has granted Roth Capital Partners, as sole book-running manager, a 45-day over-allotment option to purchase up to an additional 776,250 common shares at the public offering price, less underwriting discounts and commissions.

Tuesday's statement noted gross proceeds from the offering to the company, before deducting underwriting discounts and commissions and other offering expenses and excluding any proceeds that may be received upon exercise of the underwriters' option to purchase additional common shares, are expected to be approximately US$11.1 million, or approximately US$12.8 million if Roth exercises its over-allotment option in full. The company said it intends to use the net proceeds from the offering to satisfy the cash collateral conditions for the loan approved by the Export-Import Bank of the United States announced by the company on November 14, 2024, repayment of amounts under the company's existing working capital facility in advance of proposed bank refinancing and for the costs of such financing, and satisfaction of certain outstanding amounts in connection with the purchase of the company's Jamestown, New York manufacturing facility.

The Offering is expected to close on or about December 18, 2024, subject to the satisfaction of customary closing conditions, including the listing of the Common Shares to be issued under the offering on the Toronto Stock Exchange and the Nasdaq Capital Market, receipt of any required approvals of the TSX and NASDAQ.