GreenPower Announces Proposed Share Consolidation

Core Points - GreenPower Motor Company Inc. plans to consolidate its common shares at a ratio of one new share for every ten currently outstanding shares [1][2] - The consolidation aims to comply with Nasdaq's minimum bid price requirement of $1 per share [2][6] - The number of outstanding shares will decrease from approximately 30,462,084 to about 3,046,208 post-consolidation [2] Company Compliance and Financial Status - The company received a notice from Nasdaq indicating non-compliance with the minimum stockholders' equity requirement of $2,500,000 [6][7] - GreenPower has until September 29, 2025, to submit a plan to regain compliance, with a potential extension until February 11, 2026, if accepted [7] - There is no immediate effect on the listing of the company's shares on the Nasdaq Capital Market [7] Shareholder Impact - No fractional shares will be issued; shareholders entitled to fractions will be rounded up to the nearest whole number [4] - The exercise price and number of shares for outstanding options, warrants, and convertible debentures will be proportionally adjusted following the consolidation [5] Company Overview - GreenPower designs and manufactures all-electric medium and heavy-duty vehicles, including transit buses and cargo vans [8] - The company was founded in Vancouver, Canada, and has operational facilities in southern California [8] - GreenPower has been listed on the Toronto exchange since November 2015 and completed its U.S. IPO and NASDAQ listing in August 2020 [8]