TIDMENV TIDMENVS
RNS Number : 6603T
Enova Systems, Inc.
09 December 2011
December 8, 2011
Enova Systems, Inc
("Enova" or the "Company")
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, IN OR INTO OR FROM, THE UNITED STATES OF AMERICA, CANADA,
AUSTRALIA, JAPAN, THE REPUBLIC OF IRELAND OR THE REPUBLIC OF SOUTH
AFRICA
Neither this announcement nor any copy of it may be taken,
transmitted or distributed, directly or indirectly, in or into the
United States of America, Canada, Australia, the Republic of
Ireland, the Republic of South Africa or Japan. Any failure to
comply with this restriction may constitute a violation of United
States, Canadian, Australian, South African, Irish or Japanese
securities laws.
Notice of Annual Meeting of Shareholders: Filing of Preliminary
Proxy
Enova Systems, Inc. announces that it has filed with the US
Securities and Exchange Commission a preliminary proxy in respect
of its 2011 Annual Meeting of Shareholders. Resolutions to be
proposed at the meeting include, in addition to the election of
directors and ratification of the appointment of auditors,
shareholder approval for the issue of up to fifteen million
(15,000,000) new Common Shares at US$0.15 per share, together with
warrants to purchase an equal number of shares, as described
below.
A copy of the preliminary proxy may be viewed at
http://www.sec.gov.
Summary of the Proposed Subscription
Enova proposes to issue to certain identified accredited
investors up to fifteen million (15,000,000) new Common Shares of
no par value ("Subscription Shares") at US$0.15 per share to raise
up to approximately US$2.25 million before expenses, together with
warrants to purchase up to an equal number of shares of the
Company's common stock ("Warrants"), all by way of a placing in the
United States (the "Subscription"). The Warrants would have a five
year term and be exercisable at the option of the holder at a price
equal to the volume weighted average price of the Company's common
stock for the twenty trading days immediately prior to the date of
the closing of the sale of the Common Shares (the "Exercise
Price"). The Warrants would further provide that, at the Company's
option, the Company may require that the Warrants be exercised for
shares of the Company's common stock upon written notice from the
Company if (i) the closing price of one share of its common stock
is at or above two times the Exercise Price for twenty consecutive
trading days, and (ii) the average daily trading volume during such
twenty-day period is at least 10,000 shares per day.
The Subscription is subject to market and other conditions.
There can be no certainty that subscribers will be procured for all
or any of the Subscription Shares or Warrants.
Further details of the proposed Subscription are set out
below.
Use of proceeds
Enova intends to utilize all of the net proceeds from the sale
of Common Shares working capital and general corporate purposes and
the completion of key product development initiatives.
Shareholder approval
The proposed Subscription, if it proceeds, will be conditional
on, among other things, the approval of the holders of Enova's
Common Shares ("Shareholders"), such approval being required by the
NYSE Amex rules which require shareholder approval of certain stock
issuances or potential stock issuances (and issuances or potential
issuances of securities convertible into common stock) that equal
or exceed 20% of the outstanding common stock and where the price
per share is less than the greater of book value or market value of
the common stock. The Company intends to convene the Annual Meeting
of Shareholders on or around 30 December 2011 to seek the relevant
Shareholder approval (the "Annual Meeting"). It is anticipated
that, subject to any regulatory approval, proxy statements will be
sent on or around 19 December 2011 to those Shareholders that are
eligible to vote at the Annual Meeting as of the record date of 28
November 2011.
Application for Admission of the Subscription Shares
The Company intends to file an additional listing application
with the NYSE AMEX and an application to the London Stock Exchange
for admission to AIM before the closing covering the Subscription
Shares.
For further information: Enova Systems, Inc +1 310 527 2800 Mike
Staran, President and Chief Executive Officer John Micek, Chief
Financial Officer
Daniel Stewart +44 (0)20 7776 6550 Paul Shackleton/Jamie
Barklem
Threadneedle Communications +44 (0)20 7653 9850 Josh Royston
Graham Herring Hilary Millar
About Enova: Enova Systems (http://www.enovasystems.com) is a
leading supplier of efficient, environmentally friendly digital
power components and systems products. The Company's core
competencies are focused on the development and commercialization
of power management and conversion systems for mobile applications.
Enova applies unique 'enabling technologies' in the areas of
alternative energy propulsion systems for light and heavy-duty
vehicles as well as power conditioning and management systems for
distributed generation systems. The Company develops, designs and
produces non-invasive drive systems and related components for
electric, hybrid-electric, and fuel cell powered vehicles in both
the "new" and "retrofit" vehicle sales market. For further
information, contact Enova Systems directly, or visit its Web site
at http://www.enovasystems.com. Additional Information: This news
release contains forward-looking statements relating to Enova
Systems and its products that are intended to be covered by the
safe harbor for forward-looking statements provided by the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are statements that are not historical facts. These
statements can be identified by the use of forward-looking
terminology such as "believe," "expect," "may," "will, " "should,"
"could," "project," "plan," "seek," "intend," or "anticipate" or
the negative thereof or comparable terminology and statements about
industry trends and Enova's future performance, operations and
products. These forward-looking statements are subject to and
qualified by certain risks and uncertainties. These and other risks
and uncertainties are detailed from time to time in Enova Systems'
periodic filings with the Securities and Exchange Commission,
including but not limited to Enova's annual report on Form 10-K for
the year ended December 31, 2010 and most recent Form 10-Q for the
fiscal quarter ended September30, 2011.
THIS ANNOUNCEMENT REQUIRED BY AIM DOES NOT CONSTITUTE AN OFFER
OR SOLICITATION OF SECURITIES FOR SALE IN THE UNITED STATES OR
ELSEWHERE. THE SHARES DESCRIBED ABOVE HAVE NOT BEEN REGISTERED
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
"SECURITIES ACT"), AND MAY NOT BE OFFERED OR SOLD IN THE UNITED
STATES UNLESS THEY ARE REGISTERED UNDER THE SECURITIES ACT OR THEY
ARE EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT.
This information is provided by RNS
The company news service from the London Stock Exchange
END
AGMEAFANEELFFEF
Enova (LSE:ENV)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Enova (LSE:ENV)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024
