Sankar Das Gupta Exercises Warrants to Acquire Common Shares of Electrovaya Inc.

Rhea-AI Summary

Electrovaya (Nasdaq:ELVA / TSX:ELVA) announced that director and chairman Dr. Sankar Das Gupta exercised 1,420,000 warrants to acquire 1,420,000 common shares at an exercise price of $0.90 per share on January 20, 2026.

Immediately prior to the exercise he held 10,270,751 shares (~21.40%), and following the exercise he holds 11,690,751 shares (~23.66%). He still holds 605,000 options; if those options are later exercised (and assuming no other issuances), his ownership would reach 12,295,751 shares (~24.58%). The company provided contact details for investor relations for the corresponding regulatory report.

Positive

• Insider exercised 1,420,000 warrants at $0.90 each
• Exercise increased insider stake from 21.40% to 23.66%
• Warrant exercise generated approximately $1,278,000 in proceeds

Negative

• Single shareholder concentration rose to 23.66%, increasing control concentration
• Outstanding 605,000 options could raise insider stake to 24.58%

News Market Reaction

+8.04% 2.2x vol

12 alerts

+8.04% News Effect

+6.0% Peak Tracked

-3.8% Trough Tracked

+$36M Valuation Impact

$489M Market Cap

2.2x Rel. Volume

On the day this news was published, ELVA gained 8.04%, reflecting a notable positive market reaction. Argus tracked a peak move of +6.0% during that session. Argus tracked a trough of -3.8% from its starting point during tracking. Our momentum scanner triggered 12 alerts that day, indicating notable trading interest and price volatility. This price movement added approximately $36M to the company's valuation, bringing the market cap to $489M at that time. Trading volume was elevated at 2.2x the daily average, suggesting notable buying interest.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Warrants exercised: 1,420,000 warrants Exercise price: $0.90 per share Post-exercise shares: 11,690,751 shares +5 more

8 metrics

Warrants exercised 1,420,000 warrants Common share purchase warrants exercised by chairman

Exercise price $0.90 per share Exercise price of the 1,420,000 warrants

Post-exercise shares 11,690,751 shares Common shares owned after warrant exercise

Ownership stake 23.66% Post-exercise non-diluted ownership of outstanding shares

Options remaining 605,000 options Options entitling purchase of additional common shares

Fully diluted holding 12,295,751 shares Potential total shares if remaining options exercised

Potential ownership 24.58% Ownership if all remaining options are exercised

Share price $9.82 Pre-news current price vs $0.90 warrant exercise

Market Reality Check

Price: $8.87 Vol: Volume 687,984 vs 20-day ...

normal vol

$8.87 Last Close

Volume Volume 687,984 vs 20-day average 490,901 (relative volume 1.4). normal

Technical Price 9.82 is trading above 200-day MA at 4.94 and near 52-week high 9.96.

Peers on Argus

While peers like SDST and FCEL appeared in momentum scans with positive moves, E...

3 Up

While peers like SDST and FCEL appeared in momentum scans with positive moves, ELVA’s 8.39% pre-news price change and today’s insider warrant exercise point to a stock-specific catalyst rather than a broad sector rotation.

Historical Context

5 past events · Latest: Dec 10 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 10	Full-year earnings	Positive	+0.0%	Record FY2025 revenue, EBITDA growth, first net profit, positive cash flow.
Nov 25	Earnings date set	Positive	+6.9%	Announcement of FY2025 results release date and conference call details.
Nov 19	Business update	Positive	-1.3%	Jamestown facility financing progress and confirmation of insider share purchases.
Nov 12	Investor conferences	Neutral	+0.2%	Participation in multiple investor conferences to engage the market.
Nov 06	Equity offering	Negative	-7.9%	Oversubscribed US$28.1M common share offering at US$5.20 per share.

Pattern Detected

The stock often aligned with negative/dilutive or event-driven news, but showed mixed or muted reactions around positive operational updates and strong earnings.

Recent Company History

Over the last few months, Electrovaya reported record FY2025 revenue of $63.8M, Adjusted EBITDA of $8.8M, and first annual net profit of $3.3M, yet the immediate price reaction was flat. The company raised roughly US$28.1M via a public offering on Nov 6, 2025, which coincided with a -7.86% move. Business updates, conference participation, and an earnings-date announcement saw small mixed reactions. Today’s insider warrant exercise fits into a pattern of ongoing capital and ownership reshaping alongside operational growth.

Market Pulse Summary

The stock moved +8.0% in the session following this news. A strong positive reaction aligns with an ...

Analysis

The stock moved +8.0% in the session following this news. A strong positive reaction aligns with an insider increasing exposure through warrant exercise at $0.90 while the stock traded around $9.82. Historical data show the stock reacting sharply to capital-related events, such as the -7.86% move on the US$28.1M offering. Investors could weigh this added insider commitment against past dilution and the concentration of ownership above 23% when assessing durability of the move.

Key Terms

warrants, options, exercise price, early warning requirements, +1 more

5 terms

warrants financial

"exercised 1,420,000 warrants ("Warrants") to purchase common shares"

Warrants are special documents that give you the right to buy a company's stock at a set price before a certain date. They are often used as a way for companies to attract investors or raise money, and their value can increase if the company's stock price goes up.

options financial

"605,000 options entitling the Acquirer to purchase an additional 605,000 Common Shares"

Options are contracts that give investors the right to buy or sell an asset at a specific price within a certain time frame. They function like a reservation or a ticket that allows for potential profit or protection against price changes, making them useful tools for managing investment risks or speculating on market movements.

exercise price financial

"to purchase common shares ... at an exercise price of $0.90 per Common Share"

The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.

early warning requirements regulatory

"Item 5 of Form 62-103F1 - Required Disclosure under the Early Warning Requirements"

Early warning requirements are rules that force large shareholders or insiders to publicly disclose when their ownership crosses specified thresholds, like when someone buys or sells a big chunk of a company's stock. They matter to investors because these disclosures act like a public alert—similar to a neighborhood note when someone starts renovating a house—signaling potential changes in control, strategy, or market sentiment that can affect a stock’s price and risk.

form 62-103f1 regulatory

"Item 5 of Form 62-103F1 - Required Disclosure under the Early Warning Requirements"

Form 62-103F1 is a standardized Canadian securities filing that publicly discloses when an individual or group buys or sells a significant stake in a public company, typically when ownership crosses regulatory thresholds that require notice. It matters to investors because it reveals who is gaining or losing influence—like watching a large player move chess pieces—which can signal potential takeovers, voting-power shifts, board changes, or future pressure on the stock price.

AI-generated analysis. Not financial advice.

TORONTO, ONTARIO / ACCESS Newswire / January 20, 2026 / Electrovaya Inc. (Nasdaq:ELVA)(TSX:ELVA), a leading lithium-ion battery technology and manufacturing company, announces that Dr. Sankar Das Gupta (the "Acquirer"), a director and Chairman of the Board of Directors of Electrovaya Inc. ("Electrovaya") exercised 1,420,000 warrants ("Warrants") to purchase common shares (each, a "Common Share") at an exercise price of $0.90 per Common Share, acquiring an equivalent number of Common Shares on the exercise.

Immediately prior to the exercise, the Acquirer owned 10,270,751 Common Shares on a non-diluted basis, representing approximately 21.40% of the outstanding Common Shares, 605,000 options entitling the Acquirer to purchase an additional 605,000 Common Shares, and 1,420,000 Warrants entitling the Acquirer to purchase an additional 1,420,000 Common Shares. If the Acquirer were to have exercised all options and Warrants held, and assuming no other new issuances of Common Shares at or prior to such exercise, the Acquirer would have owned an aggregate of 12,295,751 Common Shares, representing approximately 24.58% of the then outstanding Common Shares.

Following the exercise, the Acquirer owns 11,690,751 Common Shares on a non-diluted basis, representing approximately 23.66% of the outstanding Common Shares, and 605,000 options to purchase Common Shares, entitling the Acquirer to purchase an additional 605,000 Common Shares. If the Acquirer were to exercise all his remaining options, and assuming no other new issuances of Common Shares at or prior to such exercise, the Acquirer would own an aggregate of 12,295,751 Common Shares, representing approximately 24.58% of the then outstanding Common Shares.

The Acquirer exercised the Warrants as an investment in the Company in consideration of the current market price of the Common Shares and the exercise price and expiry date of the Warrants. The Acquirer may, from time to time in the future, increase or decrease direct or indirect ownership, control or direction over the Common Shares, Warrants or other securities of Electrovaya through market transactions, private agreements, subscriptions from treasury or otherwise, subject to applicable securities laws. The Acquiror has no present plans or intentions which relate to or would result in any of the transactions or circumstances identified in Item 5 of Form 62-103F1 - Required Disclosure under the Early Warning Requirements.

Electrovaya's head office is located at 6688 Kitimat Road, Mississauga, Ontario, L5N 1P8.

For further information, including with respect to obtaining a copy of the corresponding report filed with Canadian securities regulators, contact:

Investor and Media Contact:     

Jason Roy
VP, Corporate Development and Investor Relations
Electrovaya Inc.
jroy@electrovaya.com / 905-855-4618

About Electrovaya Inc.

Electrovaya Inc. (NASDAQ:ELVA)(TSX:ELVA) is a technology-driven lithium-ion battery company commercializing its proprietary Infinity Battery Technology, designed for superior safety, longevity, and performance in mission-critical industrial, robotics, defense and energy-storage applications. The Company leverages a strong intellectual-property portfolio and advanced materials expertise to deliver durable, high-value battery solutions to global OEMs and end users. To support growing demand and advancing energy-security and national-security objectives, Electrovaya is expanding U.S. manufacturing through its 52-acre Jamestown, New York site, which includes a 137,000-square-foot facility planned as its first gigafactory. Electrovaya also operates two Canadian sites focused on research, engineering, and product commercialization. For more information, please visit www.electrovaya.com.

SOURCE: Electrovaya, Inc.

View the original press release on ACCESS Newswire

FAQ

How many warrants did Sankar Das Gupta exercise in Electrovaya (ELVA) on January 20, 2026?

He exercised 1,420,000 warrants to purchase 1,420,000 common shares.

What was the exercise price paid by Sankar Das Gupta for Electrovaya (ELVA) warrants?

The exercise price was $0.90 per common share.

What percentage of Electrovaya (ELVA) does Sankar Das Gupta own after the January 20, 2026 exercise?

Following the exercise he owns approximately 23.66% of outstanding common shares.

How much cash did Electrovaya (ELVA) receive from the warrant exercise on January 20, 2026?

The exercise equates to approximately $1,278,000 in gross proceeds (1,420,000 × $0.90).

Could Sankar Das Gupta increase his stake in Electrovaya (ELVA) further after January 20, 2026?

Yes; he holds 605,000 options that, if exercised, would raise his ownership to about 24.58%, assuming no other issuances.