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GreenPower Announces Closing of U.S. Initial Public Offering
VANCOUVER, BC, Sept. 1, 2020 /PRNewswire/ -- GreenPower Motor Company Inc. (NASDAQ: GP) / (TSXV: GPV) (the "Company" or "GreenPower") today announced the
About this update from Greenpower Motor Company Inc.
[{"type":"text","content":"VANCOUVER, BC, Sept. 1, 2020 /PRNewswire/ -- GreenPower Motor Company Inc. (NASDAQ: GP) / (TSXV: GPV) (the \"Company\" or \"GreenPower\") today announced the closing of its previously announced upsized U.S. initial public offering (the \"Offering\") of 1,860,000 post-consolidation common shares of the Company (each, a \"Share\"), at a price to the public of US$20.00 per Share. In addition, the Company has granted the underwriters a 30-day option to purchase up to an additional 279,000 Shares at US$20.00 per Share, less the underwriting discounts and commissions. The gross proceeds from the Offering, before deducting underwriting discounts and commissions of US$1.40 per Share and estimated offering expenses payable by the Company, were US$37.2 million. The Shares began trading on the Nasdaq Capital Market on August 28, 2020, under the symbol \"GP.\"\nThe Company intends to use the net proceeds from the Offering for the production of all-electric vehicles, including EV Stars, EV Star plus, EV Star cab and chassis, B.E.A.S.T. school buses, EV250 thirty foot low floor transit style buses, product development and geographic expansion with the remainder, if any, for working capital.\nIn connection with the Offering, the Company completed a consolidation of its common shares on the basis of seven (7) pre-consolidation common shares for one (1) post-consolidation common share which became effective at the opening of the market on August 28, 2020. The common shares of the Company, which were previously traded on the OTCQB, operated by the OTC Market Group Inc. (the \"OTCQB\"), are no longer quoted for trading on the OTCQB. The common shares of the Company continue to be listed for trading on the TSX Venture Exchange (\"TSXV\").\nB. Riley FBR served as the lead book-running manager in the Offering. Roth Capital Partners also served as a book-running manager in the Offering. ThinkEquity, a division of Fordham Financial Management, Inc., Maxim Group LLC and PI Financial (US) Corp. served as co-managers in the Offering.\nThe underwriters did not, directly or indirectly, solicit offers to purchase or sell the Company's Shares in Canada.\nA registration statement on Form F-1 relating to the Offering has been filed with the Securities and Exchange Commission and became effective on August 27, 2020. The Offering was made only by means of a prosp...