VANCOUVER, BC, May 6, 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 pricing of its previously announced underwritten public
offering (the "Offering").
The Offering consists of 1,500,000 common shares and warrants to
purchase 1,500,000 common shares. Each common share is to be sold
together with one warrant at a combined public offering price of
US$1.55, for gross proceeds of
approximately US$2.3 million before
deducting underwriting discounts and offering expenses. The
warrants will have an exercise price of approximately 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.
Maxim Group LLC is acting 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 is expected to close on or about
May 9, 2024, subject to the
satisfaction of customary closing conditions.
The offering is subject to customary closing conditions
including the receipt of all necessary regulatory approvals,
including the approval of the TSX Venture Exchange and notification
to The Nasdaq Stock Market.
The Offering is being 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 will
offer and sell securities in both United
States and foreign jurisdictions. No securities will be
offered or sold to Canadian purchasers.
A preliminary 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 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. The final terms of the
offering will be disclosed in a final prospectus supplement to be
filed with the SEC.
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 expected closing date of the
Offering and the statements relating to the satisfaction of the
closing conditions. 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, 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, 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
