GreenPower Motor Company Inc. Announces Closing of Public Offering
GreenPower Motor Company (NASDAQ: GP) has closed its public offering of 3,000,000 common shares at $1.00 per share, raising gross proceeds of $3,000,000. The company granted the underwriter a 45-day option to purchase up to 450,000 additional shares. ThinkEquity , acting as underwriter, received a 7% discount and warrants to purchase 150,000 common shares at $1.25 per share, exercisable over three years. The net proceeds will fund production of all-electric vehicles, including BEAST school buses and EV Star commercial vehicles, product development, and general corporate purposes.
GreenPower Motor Company (NASDAQ: GP) ha concluso la sua offerta pubblica di 3.000.000 azioni ordinarie a $1,00 per azione, raccogliendo un ricavato lordo di $3.000.000. L'azienda ha concesso all'intermediario un'opzione di acquisto di ulteriori 450.000 azioni per 45 giorni. ThinkEquity, in qualità di intermediario, ha ricevuto uno sconto del 7% e diritti per acquistare 150.000 azioni ordinarie a $1,25 per azione, esercitabili per tre anni. I proventi netti finanzieranno la produzione di veicoli completamente elettrici, inclusi autobus scolastici BEAST e veicoli commerciali EV Star, lo sviluppo del prodotto e scopi aziendali generali.
GreenPower Motor Company (NASDAQ: GP) ha cerrado su oferta pública de 3.000.000 de acciones ordinarias a $1.00 por acción, recaudando ingresos brutos de $3.000.000. La compañía otorgó al suscriptor una opción de compra de hasta 450.000 acciones adicionales por 45 días. ThinkEquity, actuando como suscriptor, recibió un descuento del 7% y opciones para comprar 150.000 acciones ordinarias a $1.25 por acción, ejercitables durante tres años. Los ingresos netos financiarán la producción de vehículos totalmente eléctricos, incluyendo autobuses escolares BEAST y vehículos comerciales EV Star, desarrollo de productos y fines corporativos generales.
그린파워 모터 컴퍼니 (NASDAQ: GP)는 3,000,000주 일반 주식을 주당 $1.00에 공모를 마감하여 총 $3,000,000의 수익을 올렸습니다. 회사는 인수인에게 45일 동안 450,000주 추가 구매 옵션을 부여했습니다. ThinkEquity는 인수인으로서 7% 할인과 주당 $1.25에 150,000주를 구매할 수 있는 전환권을 받았으며, 이는 3년 동안 행사할 수 있습니다. 순수익은 BEAST 학교 버스 및 EV Star 상업용 차량을 포함한 전기차 생산, 제품 개발 및 일반 기업 목적에 사용될 것입니다.
GreenPower Motor Company (NASDAQ : GP) a clôturé son offre publique de 3.000.000 d'actions ordinaires au prix de 1,00 $ par action, levant ainsi des recettes brutes de 3.000.000 $. La société a accordé à l'agent de placement une option d'achat de 450.000 actions supplémentaires valable 45 jours. ThinkEquity, agissant en tant qu'agent de placement, a reçu une remise de 7 % ainsi que des bons pour acheter 150.000 actions ordinaires à 1,25 $ par action, pouvant être exercés sur une période de trois ans. Les produits nets financeront la production de véhicules entièrement électriques, y compris les bus scolaires BEAST et les véhicules commerciaux EV Star, ainsi que le développement de produits et des objectifs généraux de l'entreprise.
GreenPower Motor Company (NASDAQ: GP) hat ihr öffentliches Angebot von 3.000.000 Stammaktien zu einem Preis von 1,00 $ pro Aktie abgeschlossen und damit einen Bruttoertrag von 3.000.000 $ erzielt. Das Unternehmen gewährte dem Underwriter eine 45-tägige Option zum Kauf von bis zu 450.000 zusätzlichen Aktien. ThinkEquity, als Underwriter tätig, erhielt einen Rabatt von 7 % sowie Optionen zum Kauf von 150.000 Stammaktien zu 1,25 $ pro Aktie, die über drei Jahre ausgeübt werden können. Die Nettoerlöse werden die Produktion von vollelektrischen Fahrzeugen finanzieren, einschließlich BEAST-Schulbusse und EV Star-Nutzfahrzeuge, Produktentwicklung und allgemeine Unternehmenszwecke.
- Secured $3 million in gross proceeds through public offering
- Funds allocated for production of electric vehicles and product development
- 7% underwriting discount reduces net proceeds
- Potential dilution from 3,000,000 new shares plus possible 450,000 additional shares
- Additional dilution risk from 150,000 warrant shares at $1.25 exercise price
Insights
This
The capital allocation strategy focusing on EV production and development is important given the company's small market cap of
ThinkEquity LLC acted as underwriter in the offering. Underwriting discount to ThinkEquity was
The Company intends to use the net proceeds from this offering 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.
ThinkEquity acted as sole book-running manager for the offering.
The offering was made pursuant to an effective shelf registration statement that has been filed with the
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
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 vans 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
Contacts
Fraser Atkinson, CEO
fraser@greenpowermoter.com
Brendan Riley, President
brendan@greenpowermotor.com
Michael Sieffert, CFO
Michael.sieffert@greenpowermotor.com
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 offering. The material assumptions supporting these forward-looking statements include, among others, the receipt of all required regulatory approvals with respect to the offering. 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 offering. 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. 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. ©2024 GreenPower Motor Company Inc. All rights reserved.
View original content to download multimedia:https://www.prnewswire.com/news-releases/greenpower-motor-company-inc-announces-closing-of-public-offering-302292047.html
SOURCE GreenPower Motor Company
FAQ
How much did GreenPower Motor (GP) raise in its October 2024 public offering?
What is the exercise price of the underwriter's warrants for GreenPower Motor (GP)?