05:02 PM EST, 12/16/2024 (MT Newswires) -- Electrovaya ( ELVA ) were last seen down 3.8% in after-hours Nasdaq trade after the company said it plans a bought-deal share offering.

The battery manufacturer did not say how many shares will be on offer or how much it expects to raise. It said the offering will be priced based on market conditions.

Electrovaya ( ELVA ) plans to use proceeds to satisfy loan conditions, repay existing debt, and cover costs related to the purchase of its Jamestown, New York, manufacturing facility.

The company's shares were last seen down US$0.09 to US$2.31 after hours. They closed down $0.11 to $3.49 on the Toronto Stock Exchange.