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Envision Solar Announces Closing of $11.5 Million Underwritten Public Offering and Exercise of Overallotment Option

SAN DIEGO, July 07, 2020 (GLOBE NEWSWIRE) -- Envision Solar International, Inc. (NasdaqCM: EVSI, EVSIW) (“Envision Solar,” or the “Company”), a producer of unique and sustainable infrastructure products for electric vehicle charging, energy security and outdoor media, today announced it closed its previously announced underwritten public offering of 1,212,121 shares of its common stock at a public offering price of $8.25 per share. In addition, Envision Solar granted to Maxim Group LLC a 45-day option to purchase up to an additional 181,818 shares of common stock for the purposes of covering any over-allotments. As of today, Maxim Group LLC has exercised its option to purchase 181,779 shares of common stock. Gross proceeds before underwriting discounts and commissions and estimated offering expenses, are approximately $11.5 million. 

Maxim Group LLC acted as Sole Book-Running manager and Joseph Gunnar & Co. acted as co-manager for the offering.

The securities described above were offered by Envision Solar pursuant to a registration statement (File No. 333-238701) previously filed and declared effective by the Securities and Exchange Commission (SEC). The securities were offered by means of a prospectus supplement and accompanying prospectus, forming part of the registration statement. The prospectus supplement and accompanying prospectus relating to this offering have been filed with the SEC. Electronic copies of the prospectus supplement and the accompanying prospectus relating to this offering may be obtained from Maxim Group LLC, 405 Lexington Avenue, 2nd Floor, New York, NY 10174, at 212-895-3745. Electronic copies of the prospectus supplement and accompanying prospectus are also available on the website of the SEC at www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

About Envision Solar International, Inc.

Envision Solar, www.envisionsolar.com, produces and sells unique and patented sustainable infrastructure products for electric vehicle charging, energy security and outdoor media, including the EV ARC™ and the Solar Tree® with EnvisionTrak™ patented solar tracking, SunCharge™ solar Electric Vehicle Charging, ARC™ technology energy storage, and EnvisionMedia™ solar advertising displays.

Based in San Diego, the company produces Made in America products. Envision Solar is listed on the Nasdaq CM under the symbols EVSI and EVSIW. For more information visit www.envisionsolar.com or call (858) 799-4583. Follow us on social media to keep up with the latest news: LinkedIn, Facebook, Twitter, Instagram, and YouTube.

Media Contacts:
Alyson Dutch / Sherry Butler
Brown + Dutch Public Relations, Inc.
alyson@bdpr.comsherry@bdpr.com
+1 310 456 7151

Investor Relations:
Tristan Traywick
Senior Account Director
CORE IR
516 222 2560
tt@coreir.com
www.coreir.com