New Issue: Enova prices $4.98 million private placement of shares

By Devika Patel

Knoxville, Tenn., April 24 - Enova Systems, Inc. said it has arranged a $4.98 million private placement of stock.

The company will sell 1,273,700 common shares at $3.91 per share.

Proceeds will be used as working capital and to strengthen the company's balance sheet.

Based in Torrance, Calif., Enova makes digital power-control systems for automobile engines.

Issuer:	Enova Systems, Inc.
Issue:	Common stock
Amount:	$4,980,167
Shares:	1,273,700
Price:	$3.91
Warrants:	No
Pricing date:	April 24
Stock symbol:	Amex: ENA
Stock price:	$3.86 at close April 23

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