VANCOUVER, BC, May 9, 2024
/CNW/ -- GreenPower Motor Company Inc. (NASDAQ: GP) (TSXV: GPV)
("GreenPower" or the "Company"), a leading manufacturer and
distributor of purpose-built, all-electric, zero-emission medium
and heavy-duty vehicles serving the cargo and delivery market,
shuttle and transit space and school bus sector, today announced
the closing of its previously announced underwritten public
offering (the "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
US$1.55. The warrants have an
exercise price of US$1.82 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 US$2.3 million 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
February 2, 2024. GreenPower offered
and sold securities in both United
States 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 www.sec.gov.
Copies of the final prospectus supplement and accompanying
prospectus may be obtained by contacting Maxim Group LLC, at 300
Park Avenue, 16th Floor, New York,
NY 10022, Attention: Syndicate Department, or by telephone
at (212) 895-3745 or by email at syndicate@maximgrp.com.
This press release shall not constitute an offer to sell or
the solicitation of an offer to buy these securities, nor shall
there be any sale of these securities in any state or other
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such state or other jurisdiction.
For further information contact
Fraser Atkinson, CEO
fraser@greenpowermotor.com
Brendan Riley, President
brendan@greenpowermotor.com
Michael Sieffert, CFO
Michael.sieffert@greenpowermotor.com
Allie Potter
Skyya PR for GreenPower
(218) 766-8856
allie@skyya.com
About GreenPower Motor Company, Inc.
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 Vancouver, Canada with primary operational
facilities in southern California.
Forward Looking Statements
This press
release contains forward-looking statements with the meaning of
applicable securities laws. Forward-looking statements are not
based on historical facts, but rather on current expectations and
projections about future events and are therefore subject to risks
and uncertainties which could cause actual results to differ
materially from the future results expressed or implied by the
forward-looking statements. These statements generally can be
identified by the use of forward-looking words such as "upon",
"may", "should", "will", "could", "intend", "estimate", "plan",
"anticipate", "expect", "believe" or "continue", or the negative
thereof or similar variations. Such forward-looking statements
include, among other things, GreenPower's anticipated
use of the net proceeds of the Offering,. The material assumptions
supporting these forward-looking statements include, among others,
the receipt of all required regulatory approvals with respect to
the Offering and the Company's continued production of BEAST school
buses and EV Star commercial vehicles. Actual results
could differ materially due to a number of factors, including,
without limitation, the dilutive effects of the Offering, market
conditions, and changes to the intended use of proceeds from the
Offering. Although GreenPower believes that the
expectations reflected in the forward-looking information or
statements are reasonable, prospective investors in
GreenPower's securities should not place undue reliance on
forward-looking information and statements because
GreenPower can provide no assurance that such expectations
will prove to be correct. Forward-looking information and
statements contained in this press release are as of the date of
this press release and GreenPower assumes no
obligation to update or revise this forward-looking information and
statements except as required by law. Consequently, readers should
not place any undue reliance on such forward-looking
statements.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. ©2024 GreenPower Motor
Company Inc. All rights reserved.
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SOURCE GreenPower Motor Company
