LOS
ANGELES, Oct. 28, 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 that it intends to
offer to sell its common shares (and/or pre-funded warrants
("Pre-Funded Warrants") in lieu thereof) in an underwritten public
offering. All of the common shares (and/or Pre-Funded Warrants) are
to be sold by the Company.
ThinkEquity is acting as sole book-running manager for the
offering.
The Company expects to grant the underwriter a 45-day option to
purchase up to an additional 15% of the number of common shares
(and/or Pre-Funded Warrants) sold in this offering to cover
over-allotments, if any. The offering is subject to market
conditions and there can be no assurance as to whether or when the
offering may be completed, or as to the actual size or terms of the
offering.
The Company intends to use the net proceeds from the offering
primarily 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 securities will be offered and sold pursuant to a shelf
registration statement on Form F-3 (File No. 333-276209), including
a base prospectus, filed with the U.S. Securities and Exchange
Commission (the "SEC") on December 21,
2023 and declared effective on February 2, 2024. The offering will be made only
by means of a written prospectus. A preliminary prospectus
supplement and accompanying prospectus describing the terms of the
offering has been or will be filed with the SEC on its website at
www.sec.gov. Copies of the preliminary prospectus supplement and
the accompanying prospectus relating to the offering may also be
obtained from the offices of ThinkEquity, 17 State Street,
41st Floor, New York, New
York 10004. Before investing in this offering, interested
parties should read in their entirety the preliminary prospectus
supplement and the accompanying prospectus and the other documents
that the Company has filed with the SEC that are incorporated by
reference in such preliminary prospectus supplement and the
accompanying prospectus, which provide more information about the
Company and such offering.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such state or
jurisdiction.
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.
For further information contact
Fraser Atkinson, CEO
fraser@greenpowermotor.com
Brendan Riley, President
brendan@greenpowermotor.com
Michael Sieffert, CFO
Michael.sieffert@greenpowermotor.com
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, the statements relating to the
proposed public offering of GreenPower's common shares (and/or
pre-funded warrants in lieu thereof) in an underwritten public
offering, including the completion of the offering and the actual
size or terms of the offering, and GreenPower's anticipated use of
the net proceeds of the offering, if any. The material assumptions
supporting these forward-looking statements include, among others,
Greenpower's ability to complete the offering in the manner
described, or at all and the receipt of all required regulatory
approvals with respect to the offering. Actual results could differ
materially due to a number of factors, including, without
limitation, delays or changes of plan with respect to the offering
described herein, termination of the offering in accordance with
its terms, 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
