The Company remains optimistic and is making
all efforts to release the Reporting Documents by the required
deadline, but is taking steps to notify the market in the case
additional time is required
TORONTO, Dec. 22,
2023 /CNW/ - Electrovaya Inc. (NASDAQ: ELVA) (TSX:
ELVA) ("Electrovaya", or the "Company")
announces there is a potential for delay in the filing of its
annual financial statements for the year ended September 30, 2023 and related management's
discussion and analysis and certifications (collectively, the
"Financial Statements"), and the CEO and CFO certificates
delating to the Financial Statements (the "Required
Filings") beyond the prescribed filing deadlines.
The potential delay in filing the Required Filings is due to the
need for additional time to complete all required procedures by the
Company's newly appointed auditor, some of which depended on third
parties. The Company undertook the change of auditor in connection
with the listing of its common shares on the NASDAQ Capital Market
earlier in 2023 and the growing business size, business combination
and complexity, which required a larger auditing firm to be
engaged.
The Company's board of directors, management, and current and
former external auditors are working expeditiously to meet the
Company's obligations to file the Required Filings within the
prescribed timeframe. In the event the Required Filings are not
filed by the prescribed filing deadline, the Company expects the
Required Filings to be made in early January and in any event not
later than January 12, 2024.
Considering the foregoing, the Company believes that in the
event the Required Filings not be filed by December 29, 2023 the imposition of a management
cease trade order ("MCTO") as contemplated under National
Policy 12-203 – Management Cease Trade Orders ("NP
12-203") is warranted. An MCTO provides a mechanism restricting
the Company's CEO and CFO from trading in the Company securities
while allowing the common shares to continue trading on the TSX and
NASDAQ. The Company has applied for a MCTO, however there is no
assurance that it will be granted.
In the event the Required Filings are not filed on time, the
Company has confirmed that it intends to satisfy the provisions of
the alternative information guidelines described in sections 9 and
10 of NP 12-203 for so long as it remains in default for failure to
file the Required Filings. In the event an MCTO is not granted, or
the Company fails to file the appropriate Default Status Reports as
prescribed by NP 12-203, applicable Canadian securities regulatory
authorities may impose an Issuer Cease Trade Order.
The Company confirms that it is not subject to any insolvency
proceeding as of the date hereof. The Company also confirms that
there is no other material information concerning the affairs of
the Company that have not been generally disclosed as of the date
herein.
The Company expects to update the information in this news
release when it becomes certain as to whether the Required Filings
will or will not be delayed.
About Electrovaya Inc.
Electrovaya Inc. (NASDAQ:ELVA) (TSX:ELVA) is a pioneering leader
in the global energy transformation, focused on contributing to the
prevention of climate change by supplying safe and long-lasting
lithium-ion batteries. The Company has extensive IP and designs,
develops and manufactures proprietary lithium-ion batteries and
battery systems for energy storage and heavy duty electric vehicles
based on its Infinity Battery Technology Platform. This technology
offers enhanced safety and industry leading battery longevity. The
Company is also developing next generation solid state battery
technology at its Labs division. Headquartered in Ontario, Canada, Electrovaya has two operating
sites in Canada and has acquired a
52-acre site with a 135,000 square foot manufacturing facility in
New York state for its planned
gigafactory. To learn more about Electrovaya, please explore
www.electrovaya.com.
Forward-Looking
Statements
This press release contains forward-looking statements,
including statements that relate to statements regarding the
timing, review, completion and filing of the Required Filings, the
application and grant of an MCTO, and the Company's markets,
objectives, goals, strategies, intentions, beliefs, expectations
and estimates generally, and can generally be identified by the use
of words such as "may", "will", "could", "should", "would",
"likely", "possible", "expect", "intend", "estimate", "anticipate",
"believe", "plan", "objective" (or the negatives thereof) and words
and expressions of similar import. Although the Company believes
that the expectations reflected in such forward-looking statements
are reasonable, such statements involve risks and uncertainties,
and undue reliance should not be placed on such statements. Certain
material factors and assumptions are applied in making
forward-looking statements, and actual results may differ
materially from those expressed or implied in such statements.
Statements with respect to the ability to file the Required Filings
and obtain an MCTO are based on, among other things, the current
state of the Required Filing and remaining open items, and ongoing
activity with the Company's auditors. Important factors that could
cause actual results to differ materially from expectations include
but are not limited to the risk of the Company not obtaining an
MCTO or filing the Required Filings on time.
The Company does not undertake any obligation to update
publicly or to revise any of the forward-looking statements
contained in this document, whether as a result of new information,
future events or otherwise, except as required by law.
SOURCE Electrovaya Inc.
