Electrovaya said there could be a delay in the filing of its annual statements for fiscal 2023.

The Toronto-based lithium-ion battery technology and manufacturing company on Friday said the potential delay comes as a result of its newly appointed auditor, which needs additional time to complete the audit.

Electrovaya named a new auditor in connection with the listing of its shares on the Nasdaq Capital Market in July and its growing business size, which required a larger auditing firm to be engaged.

"The company's board of directors, management and current and former external auditors are working expeditiously to meet the company's obligations to file the required filings within the prescribed timeframe," it said.

The required filings will be filed by no later than Jan. 12, 2024, if the company doesn't meet the Dec. 29 deadline.

Electrovaya isn't subject to any insolvency proceeding, the company added.