Electrovaya Inc. Announces Closing of Oversubscribed US$28.1 Million Public Offering of Common Shares, Including Full Exercise of Overallotment Option

TORONTO, ON / ACCESS Newswire / November 6, 2025 / Electrovaya Inc. ("Electrovaya" or the "Company") (NASDAQ:ELVA)(TSX:ELVA), a leading lithium-ion battery technology and manufacturing company, announces the closing of its previously announced public offering (the "Offering") of 4,700,000 common shares of the Company ("Common Shares") at a price to the public of US$5.20 per Common Share. The underwriters elected to exercise the overallotment option in full, resulting in an additional 705,000 Common Shares being issued today for aggregate gross proceeds, before deducting the underwriting discounts and commissions and other offering expenses payable by Electrovaya, of approximately US$28.1 million.

Oppenheimer & Co. Inc. acted as sole book-running manager for the Offering. Raymond James Ltd. acted as the lead manager for the Offering. H.C. Wainwright & Co. and Roth Capital Partners acted as co-managers for the Offering.

The Company intends to use the net proceeds from the Offering to invest in energy as a service, investment in next generation battery and separator research and development and for working capital and general corporate purposes.

In connection with the Offering, the Company filed a final prospectus supplement to its base shelf prospectus dated September 17, 2024 in each of the provinces and territories of Canada relating to the Offering. The final prospectus supplement was also filed in the United States with the U.S. Securities and Exchange Commission (the "SEC") as part of the Company's effective registration statement on Form F-10 (File No. 333-278139) previously filed under Multijurisdictional Disclosure System established between Canada and the United States. A preliminary prospectus supplement relating to the Offering was filed in each of the provinces and territories of Canada and in the United States with the SEC on November 4, 2025.

Access to the base shelf prospectus, the final prospectus supplement, and any amendments to the documents have been provided in accordance with securities legislation relating to procedures for providing access to a shelf prospectus supplement, a base shelf prospectus and any amendments. The base shelf prospectus and the final prospectus supplement are accessible on SEDAR+ at www.sedarplus.com and on EDGAR at www.sec.gov. The Common Shares were offered under the final prospectus supplement. An electronic or paper copy of the final prospectus supplement and accompanying prospectus relating to the Offering may be obtained without charge from Oppenheimer & Co. Inc., Attention: Syndicate Prospectus Department, 85 Broad Street, 26th Floor, New York, NY 10004, or by telephone at [phone], or by email at [e-mail] and from Raymond James Ltd., Scotia Plaza, 40 King St. W., 54th Floor, Toronto, Ontario M5H 3Y2, Canada, or by telephone at 416-777-7000 or by email at [e-mail]. The U.S. Base Shelf Prospectus, the Canada Base Shelf Prospectus and the final prospectus supplement and accompanying prospectus relating to the Offering contain important, detailed information about the Company and the Offering.