VANCOUVER, BC, Oct. 30,
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 public
offering of 3,000,000 of its common shares at a public offering
price of U.S. $1.00 per share, for
gross proceeds of U.S. $3,000,000,
before deducting underwriting discounts and offering expenses. In
addition, GreenPower has granted the underwriter a 45-day option to
purchase up to an additional 450,000 shares of common stock to
cover over-allotments, if any, at the public offering price, less
underwriting discounts and commissions.
ThinkEquity LLC acted as underwriter in the offering.
Underwriting discount to ThinkEquity was 7%. The Company also
issued and sold to certain principals and employees of ThinkEquity
warrants (the "Underwriter's Warrants") to purchase up to 150,000
common shares of the Company. The Underwriter's Warrants are
exercisable at any time and from time to time, in whole or in part,
during the three year period commencing immediately from the date
of issuance at a per share exercise price equal to U.S.
$1.25, subject to any additional
terms contained in the agreements representing the Underwriter's
Warrants.
The Company intends to use the net proceeds from this 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.
ThinkEquity acted as sole book-running manager for the
offering.
The offering was made pursuant to an effective shelf
registration statement that has been filed with the U.S. Securities
and Exchange Commission (the "SEC"). The final prospectus
supplement relating to the offering was filed with the SEC and is
available on the SEC's website at http://www.sec.gov. Copies of the
final prospectus supplement and the accompanying prospectus
relating to the offering may be obtained from ThinkEquity, 17 State
Street, 41st Floor, New York,
New York 10004 Attention: Prospectus Department.
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 registration or qualification under the securities laws of any
such state or other 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.
Contacts
Fraser Atkinson, CEO
fraser@greenpowermoter.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, 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.
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