An anonymous director reports

ELECTROVAYA ANNOUNCES POTENTIAL DELAY IN FILING YEAR-END REPORTING DOCUMENTS

There is a potential for delay in the filing of Electrovaya Inc.'s annual financial statements for the year ended Sept. 30, 2023, and related management's discussion and analysis and certifications, and the CEO (chief executive officer) and CFO (chief financial officer) certificates delating to the financial statements 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 time frame. 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 Jan. 12, 2024.

Considering the foregoing, the company believes that in the event the required filings not be filed by Dec. 29, 2023, the imposition of a management cease trade order (MCTO) as contemplated under National Policy 12-203 -- Management Cease Trade Orders 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 (Toronto Stock Exchange) 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 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 intellectual property 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.

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