05:04 PM EST, 11/04/2025 (MT Newswires) -- Electrovaya ( ELVA ) was last seen down 2.8% in after-hours Nasdaq trade as the company on Tuesday said it is launching an underwritten public share offering.

Those the size and price of the offering has not yet been determined, the company did say underwriters are expected to get a 30-day option to purchase up to an additional 15% of shares at the offering price.

The company said that proceeds will be used to fund its energy-as-a-service initiatives, next-generation battery and separator research and development, and for general corporate purposes.

The offering's final terms will be set based on market conditions and will require customary approvals from both the Toronto Stock Exchange and Nasdaq, according to the statement.

The company's shares were last seen down US$0.16 to US$5.64 after hours. They closed down $0.90 to $8.17 on the Toronto Stock Exchange.