Mr. Fraser Atkinson reports

GREENPOWER CLOSES SECOND TRANCHE OF TERM LOAN OFFERING

Greenpower Motor Company Inc. has closed 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.

In connection with the loans, the company entered into respective loan agreements with companies controlled by 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.

The loans are secured with a general security agreement on the assets of the company subordinated to all senior debt with financial and other institutions, and will bear interest of 12 per cent per annum commencing on the date of closing to and including the date all of the company's indebtedness pursuant to the loans is paid in full. The term of the loans will be two years from the closing date.

As an inducement for the loan, the company issued 568,181 non-transferable share purchase warrants to one of the lenders. Each loan bonus warrant entitles the holder to purchase one common share of the company at an exercise price of 44 U.S. cents per share for a period of 24 months from the closing date of the loan. In addition, two lenders will be issued an aggregate of 113,635 shares.

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 the loans, and the issuance of loan bonus warrants and loan bonus shares, as applicable, are 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 sections 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 OEM (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 TSX Venture Exchange since November, 2015, Greenpower completed its U.S. IPO (initial public offering) and Nasdaq Stock Market listing in August, 2020.

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