Enova Systems, Inc. (NYSE AMEX: ENA) (AIM: ENV) (AIM: ENVS), a leading developer of proprietary hybrid electric and all-electric drive systems and drive system components for the emerging green commercial vehicle market, has filed a shelf registration statement on Form S-3 with the Securities and Exchange Commission ("SEC"). When the shelf registration statement is declared effective by the SEC, it will allow Enova to periodically sell, in one or more offerings, up to $50 million of securities, with the amount that Enova expects to be able to offer in the next twelve month period limited to one-third of the publicly traded float of Enova's common stock.
Specific terms and share prices will be determined at the time of each offering under a separate prospectus supplement to be filed with the SEC at the time of each offering. Enova has not made a decision to make any offering at this time.
"As outlined in today’s SEC filing, Enova intends to use proceeds of any offering for general corporate purposes, including potentially a ramp up to higher production volumes of our power train systems. Once the registration statement becomes effective, it will offer us additional flexibility in accessing capital markets over a 3-year period when market conditions are favorable," stated Michael E. Staran, President and Chief Executive Officer of Enova.
The shelf registration statement filed by Enova Systems with the SEC has not yet become effective. No securities covered by the registration statement may be sold prior to its effectiveness, nor may offers to buy those securities be accepted before that time, and no securities will be offered unless and until Enova determines to proceed with an offering. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities covered by the registration statement. Any offer of those securities may be made solely by means of the prospectus included in the registration statement and the prospectus supplement for any future offering.
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