GreenPower Announces Preferred Share Financing for up to $18 Million

Core Viewpoint - GreenPower Motor Company Inc. has entered into a Securities Purchase Agreement to issue up to US$18 million of Series A Convertible Preferred Shares, aimed at enhancing its capital structure and supporting its operations in the all-electric vehicle market [1][2]. Financing Details - The initial tranche includes 754 Series A Convertible Preferred Shares issued through a public offering and 425 shares through a private placement, totaling a stated value of $1,179,000 and a purchase price of $1,120,050 [2]. - A follow-on tranche of 926 Series A Convertible Preferred Shares is planned, with a stated value of $926,000 and a purchase price of $879,700, to be filed under a registration statement at a later date [2]. - The institutional investor has the right to acquire additional shares in tranches of up to $2 million, potentially totaling up to US$16 million [2]. Dividend and Conversion Terms - The Series A Convertible Preferred Shares carry a dividend rate of 9% per annum [2]. - Each share is convertible into common shares at 105% of the stated amount or at 125% of the closing price of GreenPower's common shares on NASDAQ prior to issuance, subject to adjustments [2]. Regulatory Compliance - The public offering is conducted under a shelf registration statement filed with the U.S. Securities and Exchange Commission, which was declared effective earlier in 2024 [3]. Company Overview - GreenPower designs, builds, and distributes a range of all-electric medium and heavy-duty vehicles, including transit buses, school buses, and cargo vans, focusing on zero-emission solutions [5].