From Earlier: Enova Systems Signs Purchase Agreements with Lincoln Park Capital

Enova Systems, Inc. ENA announced yesterday that it has signed a purchase agreement on April 24, 2012 for the sale, from time to time, of $3.4 million of its common stock, including an initial investment of $250,000, with Lincoln Park Capital Fund, LLC , a Chicago-based institutional investor. The securities LPC agreed to purchase under this purchase agreement were offered through a prospectus supplement pursuant to the Company's effective shelf registration statement and base prospectus contained therein. In addition, Enova previously entered into a separate purchase agreement with LPC that, subject to certain conditions including the effectiveness of a registration statement to be filed with the US Securities and Exchange Commission covering the resale of the shares that may be issued to LPC, commits LPC to purchase up to $6.6 million of Enova's common stock over a 36-month period. LPC has no right to require any sales by Enova, but is obligated to make purchases as Enova directs in its sole discretion in accordance with the purchase agreement, which may be terminated by Enova at any time, without cost or penalty.