Dr. Sankar Das Gupta reports
ELECTROVAYA ANNOUNCES RESULTS OF ANNUAL SHAREHOLDERS MEETING AND UPDATE ON OUTSTANDING DEBENTURES
All of the resolutions that shareholders were asked to consider at Electrovaya Inc.'s 2020 annual meeting, held on March 27, 2020, in Toronto, Ont., were approved. The six directors named in the management information circular of the company, being Dr. Sankar Das Gupta, Dr. Bejoy Das Gupta, Dr. James Jacobs, Dr. Alexander McLean, Dr. Carolyn Hansson and John A. Macdonald, were each elected as directors by over 96 per cent of the votes cast for and less than 4 per cent of the votes withheld at the meeting for each director individually. Detailed results of the vote are set out herein.
VOTING RESULTS FOR ELECTION OF DIRECTORS
Nominee Votes for Votes withheld Percentage of votes for Percentage of votes withheld
Dr. Sankar Das Gupta 38,200,847 510,554 98.68% 1.32%
Dr. Bejoy Das Gupta 37,288,597 1,422,804 96.32% 3.68%
Dr. Alexander McLean 38,516,537 194,864 99.50% 0.50%
Dr. Carolyn Hansson 37,630,437 1,080,964 97.21% 2.79%
Dr. James K. Jacobs 37,645,097 1,066,304 97.25% 2.75%
John A. Macdonald 37,649,391 1,062,010 97.26% 2.74%
Goodman & Associates LLP was reappointed as the auditor of the company.
Additional details will be included in the report of voting results filed under the company's profile on SEDAR.
Update with respect to settlement of outstanding debentures
The company's 9 per cent convertible unsecured subordinated debentures, issued to an institutional investor in the principal amount of $15-million, mature on March 27, 2020. The company is in negotiations with the debentureholder and its secured lenders with respect to the debentures. The company will update the market with additional information as soon as it is available.
About Electrovaya Inc.
Electrovaya designs, develops and manufactures proprietary lithium-ion batteries, battery systems and battery-related products for energy storage, clean electric transportation and other specialized applications. Electrovaya is a technology-focused company with extensive intellectual property. Headquartered in Ontario, Canada, Electrovaya has production facilities in Canada with customers around the globe.
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