Business
GreenPower Announces US$10 Million Financing and US$2.95 Million in Standby Letter of Credit Facilities
VANCOUVER, BC, Jan. 8, 2026 /PRNewswire/ -- GreenPower Motor Company Inc. (Nasdaq: GP) ("GreenPower" or the "Company"), a leading manufacturer and distributor
About this update from Greenpower Motor Company Inc.
[{"type":"text","content":"VANCOUVER, BC, Jan. 8, 2026 /PRNewswire/ -- GreenPower Motor Company Inc. (Nasdaq: GP) (\"GreenPower\" or the \"Company\"), a leading manufacturer and distributor of all-electric, purpose-built, zero-emission medium and heavy-duty vehicles serving the cargo and delivery market, shuttle and transit space and school bus sector, today announced that it has received credit approval from CIBC for $5 million in financing facilities, comprised of a $3 million revolving line of credit and a $2 million term loan with a three year term. Additionally, the Company has received credit approval from CIBC to enter into a letter of credit of $450,000, secured by cash collateral, and a letter of credit facility of up to $2.5 million, which is subject to approval from another financial institution. GreenPower's transaction with CIBC is subject to finalizing documentation, as well as satisfaction of all closing conditions, and all parties are actively working towards a timely completion. In addition, GreenPower has announced that it has closed $5 million in term loans from two family offices, which have provided personal joint and several guarantees in support of these credit facilities. A portion of the net proceeds from the financings will be used to repay and close the Company's existing operating line of credit, with the remainder used for general corporate purposes. These transactions represent an important step in the recapitalization of the Company and will allow GreenPower to accelerate production of all-electric vehicles to fulfil existing customer orders. \n \n \n \n \n \n \n \nThe Company has agreed to issue 3,205,128 non-transferable share purchase warrants (each, a \"Loan Bonus Warrant\") to one of the family offices. Each Loan Bonus Warrant entitles the holder to purchase one common share of the Company (each, a \"Share\") at an exercise price of US$0.78 per Share for a period of thirty-six (36) months from the closing date of the Loan. In addition, the Company has agreed to issue to one of the family offices an aggregate of 641,025 Shares (each a \"Loan Bonus Share\"). The family offices are each considered to be a \"related party\" within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (\"MI 61-101\") and each of the loans with the family offices and issuance of Loan Bon...