VANCOUVER, BC, 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 the pricing of its underwritten public offering of
3,000,000 shares of its common stock 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, commissions and offering
expenses. All of the shares of common stock are being offered by
the Company. In addition, the Company has granted the underwriters
a 45-day option to purchase up to an additional 450,000 shares of
common stock at the public offering price less discounts and
commissions, to cover over-allotments. The offering is expected to
close on October 30, 2024, subject to
satisfaction of customary closing conditions.
The Company intends to use the net proceeds from the offering
primarily for the production of electric vehicles, working capital,
and general corporate purposes.
ThinkEquity is acting as sole book-running manager for the
offering.
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 prospectus supplement and
accompanying prospectus describing the terms of the offering will
be filed with the SEC on its website at www.sec.gov. Copies of the
prospectus supplement and the accompanying prospectus relating to
the offering may also be obtained, when available, from the offices
of ThinkEquity, 17 State Street, 41st Floor,
New York, New York 10004.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any 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.
Contacts
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, 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
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