Ener1 Announces Common Stock Purchase Agreement for up to $50M

Ener1, Inc. HEV today announced that Aspire Capital Fund, LLC, an Illinois limited liability company, has purchased 2,325,581 shares of Ener1 common stock for $2,000,000. The per share purchase price was $0.86, which was the closing price on August 2, 2011. The investment represents the first purchase under a common stock purchase agreement in which Aspire Capital has agreed to buy, at Ener1's option, up to a total of $50,000,000 of Ener1 common stock over the next 24 months. The purchase agreement provides Ener1 with two mechanisms under which it can elect to sell shares of common stock to Aspire Capital on any business day: (1) Ener1 can sell up to 250,000 shares per day at a known price based on the market price on the purchase date, and (2) Ener1 can sell up to 30% of the number of shares traded on the purchase date at a price equal to 95% of the volume weighted average price for such purchase date.