Sankar Das Gupta Increases Stake in Electrovaya Inc.

Electrovaya Inc. has announced that Dr. Sankar Das Gupta, Chairman of the Board of Directors, has exercised 1,420,000 warrants to acquire common shares. The exercise was completed at a price of $0.90 per share, resulting in Dr. Das Gupta acquiring an equivalent number of common shares.

Before this transaction, Dr. Das Gupta held 10,270,751 common shares, representing approximately 21.40% of outstanding shares. Following the exercise, he now owns 11,690,751 shares, accounting for about 23.66% of the company's outstanding shares.

The exercise was initiated as an investment, reflecting the current market price and terms of the warrants. Although there are no immediate plans for further transactions, Dr. Das Gupta could adjust his holdings based on market conditions, with future changes subject to securities laws.