Envision Solar Announces Closing of Second Over-Allottment Exercise for Gross Proceeds of Additional $1.2 Million

SAN DIEGO, CA / ACCESSWIRE / May 22, 2019 / Envision Solar International, Inc., (NASDAQ: EVSI, EVSIW) (“Envision Solar,” or the “Company”), a leading producer of unique and sustainable infrastructure products for electric vehicle charging, energy security and outdoor media, today announced the May 16, 2019 closing of the Underwriters Second Over-Allotment partial exercise option to purchase 200,000 shares of Common Stock at $5.99 per share (the “Second Over-Allotment Exercise”), pursuant to and in compliance with the terms and conditions of the previously announced April 16, 2019 Underwriting Agreement and Offering. The Company has received gross proceeds of $13.2 million for the Offering to date, including the exercise of the Second Over-Allotment Exercise, prior to deducting underwriting discounts and commissions and offering expenses payable by the Company.

As previously reported, the Company entered into an Underwriting Agreement with Maxim Group LLC, as representative for several underwriters, pursuant to its previously announced underwritten public offering of 2,000,000 units at a price to the public of $6.00 per unit. Each unit issued in the offering consisted of one share of common stock and one warrant to acquire one share of common stock at an exercise price of $6.30 per share. No units were issued. The common stock and warrants were immediately separable from the units and were issued separately. The common stock and warrants began trading on The Nasdaq Capital Market on April 16, 2019, under the symbols “EVSI” and “EVSIW,” respectively.

Envision Solar granted the underwriters a 45-day option to purchase up to 300,000 additional shares of common stock at the public offering price to cover over-allotments, if any. The underwriters previously exercised their option to purchase an additional 300,000 warrants. The offering closed on April 18, 2019.

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

About Envision Solar International, Inc.

Envision Solar, www.envisionsolar.com, is a sustainable technology innovation company whose unique and patented products include 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 NasdaqCM under the symbols EVSI and EVSIW. For more information visit www.envisionsolar.com or call (515) 222-2560. Follow us on social media to keep up with the latest news: Facebook, Twitter, Instagram, and YouTube.

Media Contact:

Lucia Asbury
Envision Solar International, Inc.
(858) 799-4583

Investor Relations:

Tristan Traywick
Senior Account Director
516 222 2560

SOURCE: Envision Solar International, Inc.

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