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The Mississauga, Ont.-based lithium-ion battery maker agreed to let Amazon buy up to nearly 14 million common shares at fixed prices over 10 years. The warrants will become fully vested once Amazon purchases US$280-million worth of Electrovaya’s product, with some vesting immediately upon signing the deal. (The Logic)
Talking point: Electrovaya’s shares, which trade on the Toronto Stock Exchange and the Nasdaq, were up around 40 per cent on the news Wednesday. The company sells batteries for forklifts and other vehicles that move materials in warehouses. Amazon is its biggest customer, The Globe and Mail reported, with others including Walmart, Target and Toyota. Amazon would own more than 20 per cent of Electrovaya if it were to exercise all of its warrants, though it’s not obligated to do so.
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