GreenPower Motor Company Inc. (NASDAQ: GP) (TSXV: GPV), a distinguished manufacturer and distributor of purpose-built, all-electric, zero-emission medium and heavy-duty vehicles, has proudly concluded its underwritten public offering (the “Offering”).
Offering Details
The Offering comprised 1,500,000 common shares along with warrants to purchase an equivalent number of common shares. Each common share was paired with one warrant at a combined public offering price of US$1.55. The warrants hold an exercise price of US$1.82 per share, are immediately exercisable, and have a three-year validity period from the date of issuance. Furthermore, GreenPower granted the underwriter a 45-day option to acquire up to an additional 5 percent of the common shares and/or warrants offered, with Maxim exercising a portion of its option to procure additional warrants to purchase 75,000 common shares. The Offering grossed approximately US$2.3 million before deducting underwriting discounts and offering expenses, inclusive of the over-allotment.
Utilization of Proceeds
GreenPower intends to allocate the net proceeds from the Offering towards the production of all-electric vehicles, including BEAST school buses and EV Star commercial vehicles, as well as for product development, with any remaining funds allocated for general corporate purposes.
Compliance and Regulation
The Offering adhered to an effective shelf registration statement on Form F-3, as amended, (File No. 333-276209) previously filed with and declared effective by the U.S. Securities and Exchange Commission (“SEC”) on February 2, 2024. Securities were offered and sold in both the United States and foreign jurisdictions, with no sales made to Canadian purchasers.
Accessibility of Documentation
A final prospectus supplement and accompanying prospectus detailing the Offering’s terms have been filed with the SEC and are accessible on the SEC’s website at www.sec.gov. Interested parties can obtain copies of the final prospectus supplement and accompanying prospectus by contacting Maxim Group LLC.
Legal Disclaimer
This press release serves solely for informational purposes and does not constitute an offer to sell or solicitation to buy these securities. No sale of these securities shall occur in any state or jurisdiction where such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Source：apnews.com
