Mr. Fraser Atkinson reports

GREENPOWER ANNOUNCES SECOND TRANCHE OF TERM LOAN

Greenpower Motor Company Inc. has arranged the second tranche of its previously announced secured term loan offering for an aggregate principal amount of $500,000 (U.S.). Please refer to the company's news release dated May 13, 2025, for more details regarding the term loan offering.

The company anticipates closing the second tranche of $500,000 (U.S.) from companies associated with the chief executive officer and a director of the company. Management anticipates that the company will allocate the net proceeds from the loans toward production costs, supplier payments, payroll and working capital.

As an inducement for the loans, the company will issue non-transferable share purchase warrants to one of the lenders, with the number of loan bonus warrants to be determined by the principal amount of the applicable loan divided by the market price (as such term is defined in the policies of the TSX Venture Exchange). Each loan bonus warrant will entitle the holder to purchase one common share of the company at an exercise price equal to the market price of the shares on the closing date for a period of 24 months. In addition, two lenders will be issued shares, with the number of loan bonus shares to be determined by taking 20 per cent of principal amount of the applicable loans divided by the market price.

The lenders are each considered to be a related party within the meaning of Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions), and each of the loans and issuance of loan bonus warrants and loan bonus shares, as applicable, is considered to be a related-party transaction within the meaning of MI 61-101, but each is exempt from the formal valuation requirement and minority approval requirements of MI 61-101 by virtue of the exemptions contained in Section 5.5(a) and 5.7(a) as the fair market value, in each case, of the loans, the loan bonus warrants and the loan bonus shares, as applicable, is not more than 25 per cent of the company's market capitalization.

All securities issued in connection with the loans will be subject to a statutory hold period of four months plus a day from the closing of the initial loan in accordance with applicable securities legislation.

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 original equipment manufacturer 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. Listed on the Toronto Stock Exchange since November, 2015, Greenpower completed its U.S. initial public offering and Nasdaq listing in August, 2020.

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