VANCOUVER, Canada, – GreenPower Motor Company Inc. (Nasdaq: GP) (“GreenPower” and 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 the Company has received formal notice from The Nasdaq Stock Market LLC (“Nasdaq”) confirming that the Company has regained compliance with Nasdaq Listing Rule 5550(b)(1), the “Equity Rule,” and otherwise satisfies all applicable criteria for continued listing on The Nasdaq Capital Market.
“Over the past few months GreenPower has completed a series of transactions including raising new capital with an equity offering of Series A Convertible Preferred Shares for up to $18 million, term loans of $5 million and a new banking relationship with CIBC including a line of credit and term loan. In addition, the Company exchanged $7 million of related party loans for convertible debentures and $3 million of related party loans for Series B Convertible Preferred Shares,” said Fraser Atkinson, CEO of GreenPower. “These transactions have helped the Company regain full compliance with the Nasdaq listing criteria as well as with the execution of our strategic goals.”
Notwithstanding the Nasdaq compliance determination, the Company will remain subject to a Panel monitor for one year. If, within that one-year monitoring period, Staff finds the Company again out of compliance with the Equity Rule that was the subject of the hearing, the Company will be subject to a delisting determination and will not have the opportunity to present a compliance plan for the Staff’s consideration. However, the Company will be afforded the opportunity to request a hearing before the Hearings Panel, and the hearing request will automatically stay any suspension or delisting action pending the conclusion of the hearings process and the expiration of any additional extension period granted by the Panel following the hearing.
The Company’s common stock will continue to trade on Nasdaq under the ticker symbol “GP.”
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 van 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. For further information go to www.greenpowermotor.com
