GreenPower Motor Company, Inc. (NASDAQ: GP) (TSXV: GPV) has announced the closing of its previously announced underwritten public offering. The offering consisted of 1,500,000 common shares and warrants to purchase 1,500,000 common shares. Each common share was sold together with one warrant at a combined public offering price of . The warrants have an exercise price of per share, are exercisable immediately, and will expire three years following the date of issuance. In addition, the Company granted the underwriter a 45-day option to purchase up to an additional 5 percent of the number of common shares and/or warrants offered in the Offering, of which Maxim has partially exercised its option to purchase additional warrants to purchase 75,000 common shares. Gross proceeds from the Offering were approximately before deducting underwriting discounts and offering expenses, inclusive of the over-allotment. Maxim Group LLC acted as sole book-running manager for the Offering.
GreenPower currently intends to use the net proceeds from the Offering for the production of all-electric vehicles, including BEAST school buses and EV Star commercial vehicles, as well as for product development, with the remainder, if any, for general corporate purposes.
The Offering was made pursuant to an effective shelf registration statement on Form F-3, as amended, (File No. 333-276209) previously filed with and subsequently declared effective by the U.S. Securities and Exchange Commission (“SEC”) on . GreenPower offered and sold securities in both and foreign jurisdictions. No securities were offered or sold to Canadian purchasers. A final prospectus supplement and accompanying prospectus relating to the Offering and describing the terms thereof has been filed with the SEC and forms a part of the effective registration statement and is available on the SEC’s website at . Copies of the final prospectus supplement and accompanying prospectus may be obtained by contacting Maxim Group LLC, at 300 Park Avenue, 16th Floor, 10022, Attention: Syndicate Department, or by telephone at (212) 895-3745 or by email at .
GreenPower designs, builds, and distributes a full suite of high-floor and low-floor all-electric medium and heavy-duty vehicles, including transit buses, school buses, shuttles, cargo vans, and a cab and chassis. GreenPower employs a clean-sheet design to manufacture all-electric vehicles that are purpose-built to be battery-powered with zero emissions while integrating global suppliers for key components. This OEM platform allows GreenPower to meet the specifications of various operators while providing standard parts for ease of maintenance and accessibility for warranty requirements. GreenPower was founded in with primary operational facilities in southern . GreenPower’s EV
