An anonymous director reports
GREENPOWER ANNOUNCES PRICING OF ITS UPSIZED U.S. INITIAL PUBLIC OFFERING
Due to strong demand, GreenPower Motor Company Inc. has upsized its U.S. initial public offering to 1.86 million postconsolidation common shares of the company at a price to the public of $20 (U.S.) per share. In addition, the company has granted the underwriters a 30-day option to purchase up to an additional 279,000 shares at the initial public offering price, less the underwriting discounts and commissions.
The company has received approval to list its shares on the Nasdaq Capital Market, with trading expected to begin on Aug. 28, 2020, under the symbol GP.
Prior to the offering, the common shares of the company traded on the OTCQB, operated by OTC Market Group Inc., and, as of Aug. 28, 2020, will no longer be quoted for trading on the OTCQB. The shares will continue to be listed for trading on the TSX Venture Exchange, operated by TMX Group Ltd.
As previously announced, the company will complete a consolidation of its common shares on the basis of seven preconsolidation common shares for one postconsolidation common share, which will become effective at the opening of the market on Aug. 28, 2020.
The gross proceeds from the offering, before deducting underwriting discounts and commissions, and estimated offering expenses payable by the company, are expected to be approximately $37.2-million (U.S.), excluding any exercise of the underwriters' option to purchase additional common shares. The offering is expected to close on Sept. 1, 2020, subject to the satisfaction of customary closing conditions. The company intends to use the net proceeds from this offering for: the production of all-electric vehicles, including EV Star, EV Star Plus, EV Star Cab and Chassis, Beast school buses and EV250 buses; product development; and geographic expansion. The remainder, if any, will be used for working capital.
Concurrently with the closing of the offering, in a separate private placement pursuant to Regulation S under the Securities Act of 1933, the company's executive chairman and chief executive officer, Fraser Atkinson, has agreed to purchase from the company common shares for proceeds of $500,000 (U.S.) at a price per share equal to the price to the public, and without payment by the company of any underwriting discount or commission.
B. Riley FBR is serving as the lead bookrunning manager in the offering. Roth Capital Partners LLC is also serving as a bookrunning manager in the offering. ThinkEquity, a division of Fordham Financial Management Inc., Maxim Group LLC and PI Financial (US) Corp. are serving as co-managers in the offering.
The underwriters will not, directly or indirectly, solicit offers to purchase or sell the company's shares in Canada.
A registration statement on Form F-1, including a prospectus, relating to the offering has been filed with the U.S. Securities and Exchange Commission and became effective on Aug. 27, 2020. The offering is being made only by means of a prospectus, copies of which may be obtained, when available, from: B. Riley, attention: prospectus department, 1300 17th St. North, Ste. 1300, Arlington, Va., 22209, or by e-mail at email@example.com, or by telephone at 703-312-9580, or from Roth Capital Partners, 888 San Clemente, Newport Beach, Calif., 92660, attention: prospectus department, or by telephone at 800-678-9147.
About GreenPower Motor Company Inc.
GreenPower designs, builds and distributes a full suite of high-floor and low-floor vehicles, including: transit buses; school buses; shuttles; and double-deckers. GreenPower employs a clean-sheet design to manufacture all-electric buses that are purpose built to be battery powered with zero emissions.
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