VANCOUVER, BC, March 7,
2025 /PRNewswire/ -- GreenPower Motor Company
Inc. (NASDAQ: GP) (TSXV: GPV) ("GreenPower" or the "Company"), a
leading manufacturer and distributor of all-electric,
purpose-built, zero-emission medium and heavy-duty vehicles, is
pleased to announce that it has entered into a sales agreement (the
"Sales Agreement") with Roth Capital Partners, LLC ("Roth"), to
establish an at the market equity program (the "ATM Program"). The
Company, at its discretion, may issue up to US$850,000 of common shares (the "Common Shares")
of the Company under the ATM Program, which will be issued from
treasury to the public. Any Common Shares sold under the ATM
Program will be sold at market price, or as otherwise agreed upon
by the Company and Roth by means of ordinary brokers' transactions
on the Nasdaq Capital Market ("Nasdaq") or any other existing
trading market for the Common Shares in the United States. No Common Shares will be
offered or sold in Canada under
the ATM Program. The Company intends to use the net proceeds of any
sales of Common Shares under the ATM Program 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.
The Company is not obligated to make any sales of Common Shares
under the Sales Agreement. There are no warrants, derivatives,
financial or business covenants associated with the Sales
Agreement.
The Company will pay Roth a commission rate equal to 3.0% of the
aggregate gross proceeds from the sale of Common Shares pursuant to
the Sales Agreement. The Company will also reimburse Roth for
certain of its expenses.
The ATM Program is made pursuant to an effective shelf
registration statement that has been filed with the U.S. Securities
and Exchange Commission (the "SEC"). The prospectus supplement
relating to the ATM Program was filed with the SEC and is available
on the SEC's website at http://www.sec.gov. Copies of the
prospectus supplement and the accompanying prospectus relating to
the ATM Program may be obtained from Roth Capital Partners, LLC 888
San Clemente Drive, Suite 400, Newport
Beach, CA 92660; (800) 678-9147.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy securities, nor will there be any
sale of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such
jurisdiction.
Contacts
Fraser Atkinson, CEO
(604) 220-8048
Michael Sieffert, CFO
(604) 563-4144
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 van 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.
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 ATM Program and the number of Common Shares to
be sold in connection to the ATM Program, if any. The material
assumptions supporting these forward-looking statements include,
among others, the receipt of all required regulatory approvals with
respect to the ATM Program. 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 ATM Program. 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, including the securities laws of the United States and Canada. 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. All amounts in U.S. dollars. ©2025
GreenPower Motor Company Inc. All rights reserved.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/greenpower-establishes-atm-equity-program-302396098.html
SOURCE GreenPower Motor Company
