VANCOUVER, Canada — GreenPower Motor Company, Inc. (TSXV: GPV) (OTCQB: GPVRF), a leading all-electric vehicle manufacturer, announced on Feb. 6 that it is seeking the approval of the TSX Venture Exchange for a temporary reduction of the conversion price of its convertible debentures to a conversion price of $0.335 per share for a 30-day period.
The company has outstanding debentures in the aggregate principal amount of $5,596,000; $1,900,000 that mature on May 17, 2021, $250,000 that mature on May 31, 2021, $1,476,000 that mature on September 25, 2021 and $1,970,000 that mature on October 16, 2021, which includes $3,125,000 held by insiders of the company.
The company will be seeking approval from the Exchange for a temporary reduction of the conversion price to $0.335 per share for a period of 30 days. To the extent that any debentures are converted, this will improve the company’s cash flow and shareholders’ equity.
If all of the debentures are converted, the company will issue 16,704,457 common shares. The repricing of the conversion of the debentures is subject to all necessary approvals by the Exchange.
At the end of the period of the price reduction, the debentures that have not been converted will revert to their original conversion prices. The company will notify each of the respective holders of the debentures following receipt of approval of the Exchange.
About GreenPower Motor Company, Inc.
GreenPower designs, builds and distributes a full suite of high-floor and low-floor vehicles, including transit buses, school buses, shuttles and a double-decker. GreenPower employs a clean-sheet design to manufacture all-electric buses that are purpose-built to be battery powered with zero emissions. GreenPower integrates global suppliers for key components, such as Siemens or TM4 for the drive motors, Knorr for the brakes, ZF for the axles and Parker for the dash and control systems. 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. www.greenpowerbus.com