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GreenPower Announces Revocation of Cease Trade Order
LOS ANGELES, July 18, 2023 /PRNewswire/ -- GreenPower Motor Company Inc. (NASDAQ: GP (TSXV: GPV) ("GreenPower"), today announced that the British Columbia
About this update from Greenpower Motor Company Inc.
[{"type":"text","content":"LOS ANGELES, July 18, 2023 /PRNewswire/ -- GreenPower Motor Company Inc. (NASDAQ: GP (TSXV: GPV) (\"GreenPower\"), today announced that the British Columbia Securities Commission and the Ontario Securities Commission have revoked a \"failure to file\" cease trade order in respect of GreenPower's securities under Multilateral Instrument 11-103 Failure-to-File Cease Trade Orders in Multiple Jurisdictions (the \"CTO\").\n\n \n \n \n \n \n \n\n \nThe CTO was issued as a result of GreenPower's failure to file its audited financial statements, management's discussion and analysis and related certifications for the year ended March 31, 2023 before the June 29, 2023 filing deadline. These documents were filed by GreenPower on SEDAR on July 14, 2023.\nGreenPower is coordinating with the TSX Venture Exchange a resumption of trading as expeditiously as possible.\nIn addition, GreenPower announced that it has signed a non-binding term sheet with a lender (the \"Lender\") for a secured term loan credit facility of up to US$15,000,000 (the \"Loan\") for the purpose of working capital requirements to cover manufacturing costs of GreenPower's existing sales pipeline. It is contemplated that certain subsidiaries of GreenPower will be guarantors of the Loan and that the Loan will be available for 12 months from the date of a credit agreement (the \"Credit Agreement\") to be entered into between GreenPower and the Lender. It is also contemplated that the Loan will bear interest at the rate of U.S. prime plus the margin (5% p.a.) with a default interest rate of 2% above the pre-default rate of interest payable on demand, and that the Loan will be repayable in 36 substantially equal, consecutive, monthly installments commencing on the 20th day of the 13th month following the first advance, and amounts repaid will not be available for reborrowing. The Loan would be subordinate to GreenPower's existing US$8 million line of credit and will be subject to an entry into the Credit Agreement, related financing documents, and other conditions customary for a loan of this type. There is no assurance that GreenPower will enter into the Credit Agreement with the Lender on the terms expected, or at all.\nContacts\nFraser Atkinson, CEO (604) 220-8048\nBrendan Riley, President(510) 910-3377\nMichael Sieffert, CFO (604) 563-4144\nAbout GreenPower Motor Company Inc...