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GreenPower Motor Company Inc. Sets Public Offering Pricing To Boost Electric Vehicle Production

VANCOUVER, BC, May 6, 2024 – Today, GreenPower Motor Company Inc. (NASDAQ: GPV) (TSXV: GPV), a pioneering force in the manufacture and distribution of zero-emission electric medium and heavy-duty vehicles, has declared the pricing structure for its recently divulged underwritten public offering. This financial decision comes as an effort to expand the production of its electric vehicle lineup which addresses various market segments, including school transportation, transit services, and the cargo and delivery industry.

Embarking on a progressive stride in the zero-emission vehicle landscape, GreenPower has initiated a public offering that introduces 1,500,000 common shares to the marketplace, alongside warrants to acquire an identical quantity of shares. With each common share coupled with a single warrant, they together bear a united public offering price tagging at US$1.55. As a result of this offering strategy, the company estimates gross proceeds that are positioned around US$2.3 million prior to the subtraction of underwriting discounts and expenditure tied to the offering proceedings. Share warrants, with an imminent exercise capability, are tagged at an approximate price of US$1.82 per share, carry an immediate exercise option, and are set against a three-year expiry countdown following their initial issuance date. Moreover, the Company has extended a gesture of confidence to the underwriters by presenting a 45-day window of opportunity to secure up to an extra 5 percent portion in either common stock or warrants, as specified in the conditions of the offering.

Maxim Group LLC is at the forefront of this operation, assuming the role of the exclusive book-running manager tasked with overseeing the offering process.

GreenPower anticipates allocating the eventual net proceeds from this thrilling financial journey to accelerate the production of their cutting-edge all-electric vehicles. The targeted production includes BEAST school buses and EV Star commercial vehicles that are paving the way for a greener future in transportation. The residual funds, following the deployment to the aforementioned blueprint, are earmarked for general corporate engagements. Subject to meeting all typical closing contingencies, this offering aims to reach its completion around May 9, 2024.

The realization of this offering subject is rooted in compliance with the usual closing formalities – ones that underscore the necessary approvals from regulatory bodies including those from the TSX Venture Exchange. Additionally, it necessitates notifications to be extended to The Nasdaq Stock Market.

GreenPower's endeavors in extending its financial footprint within both the United States and its foreign counterparts adhere to the regulatory framework of an effective shelf registration statement on Form F-3, as amended, (File No. 333-276209). This was priorly lodged with the U.S. Securities and Exchange Commission – hence known as the SEC – and decisively went into effect on February 2, 2024. It is noteworthy that GreenPower’s securities are designed specifically to avoid being extended or sold to Canadian purchasers.

A comprehensive outline of the offering terms is featured within a preliminary prospectus supplement as well as an accompanying prospectus. These documents have undergone the process of filing with the SEC and comfortably position within the confines of the effective registration statement on record. The details hurling around the SEC and its offerings are transparently accessible via www.sec.gov. Should the need arise for obtaining tangible copies of the prospectus supplement and the prospectus, one may reach out to Maxim Group LLC, headquartered at 300 Park Avenue, 16th Floor, New York, NY 10022. The Syndicate Department anticipates such requests either through telephone at (212) 895-3745 or via email at [email protected] It is at the time of the filing of a final prospectus supplement with the SEC that the ultimate conditions of the offering will be publicly disclosed.

This press release is by no means an invitation to purchase the securities nor does it embrace the caricature of a solicitation of an offer to buy such securities. Furthermore, it is not to be misconstrued as a sale of these securities in any jurisdiction where such an offer, solicitation, or sale would be considered illegal prior to the coherence with the registration requirements or qualification under the umbrella of securities laws of any such jurisdiction.

Contact Information for Further Inquiries:

For additional insights into GreenPower's recent venture, interested parties may make contact with the company's CEO, Fraser Atkinson, through to [email protected] President Brendan Riley can be reached at [email protected], and CFO Michael Sieffert is available at [email protected] For PR-related queries, Allie Potter from Skyya PR, represents GreenPower and can be contacted at (218) 766-8856 or via [email protected]

About GreenPower Motor Company Inc.:

GreenPower stands as a visionary contributor to the electric vehicle industry, crafting an array of all-electric high-floor and low-floor vehicles, which inclusively embrace different forms of public utility and logistics vehicles, such as transit buses, school buses, shuttles, cargo vans, and a custom cab and chassis. GreenPower boasts a clean-slate approach in the engineering of battery-powered vehicles, ensuring zero emissions and collaborating with leading global component suppliers. This holistic OEM strategy has equipped GreenPower with the dexterity to adhere to divergent operator specifications while promising uncomplicated maintenance and accessible warranty services. The company's roots trace back to Vancouver, Canada, with a significant operational presence established in Southern California.

Looking Ahead: Forward-Looking Statements

This release dovetails a series of forward-looking statements which, by their intrinsic nature, are sculpted not from past data but from current expectations and forecasts regarding future events. This positions them in the realm of being susceptible to uncertainties which may spawn results far detached from the predictions painted by forward-looking statements. Such projections typically wear the hat of forward-looking terminologies like "upon", "may", "should", "will", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe", "continue", or their negative counterparts or other analogous variations.

Within these expectations are included would-be realities like the use of net proceeds from the Offering, the prospective closure date of the same, and conversations around the fulfillment of closing contingencies. The foundational bricks of these forward-looking statements rest on assumptions including the successful consummation of the Offering in adherence to the blueprint and the company's unrelenting drive to manufacture the earmarked BEAST school buses and EV Star vehicles.

Potential divergences from actual outcomes are attributed to a myriad of reasons such as unplanned adjustments or postponements in the Offering, the potential cessation of the arrangement as per its embedded terms, shifting market conditions, or alterations in the prescribed use of proceeds deriving from the offering. In the essence of placing reasonable reliance on forward-looking statements, GreenPower advocates for a prudent approach in trust allocation by investors within GreenPower's financial circuitry, as the company holds no guarantees that the aforementioned aspirations and projections will crystallize as envisioned. It is imperative to mark this press release with the date stamp of inception as GreenPower commits to no bound obligations in updating or revising any forward-looking information unless mandated by law, thereby nudging readers towards a cautious stance on such forward-looking statements.

Flaring at the conclusion of the press release is a nod to the TSX Venture Exchange and its Regulation Services Provider – underscoring that neither assumes the role of a custodian for the completeness or the accuracy of this announcement. GreenPower Motor Company Inc. reserves all rights for the content encapsulated within the year 2024.

SOURCE: GreenPower Motor Company

In a society that’s ever-increasingly attuned to the ecological footprint of transportation, GreenPower Motor Company Inc.’s initiative to enhance its electric vehicle production capacities through this innovative public offering is a step towards the sustainable and electric future of mass and freight transportation. With the details laid bare and the regulatory pathways clearly delineated, GreenPower asserts its unwavering commitment to a zero-emission tomorrow and invites stakeholders to partake in this pivotal moment in the company's and the industry's growth trajectory.