GreenPower Motor Company Launches Innovative ATM Equity Program
GreenPower Motor Company Inc. (NASDAQ: GP), a top player in the manufacturing and distribution of all-electric vehicles, is thrilled to announce the initiation of its at-the-market (ATM) equity program. This strategic move comes alongside a partnership with Roth Capital Partners, LLC, aimed at effectively raising funds in support of its mission to develop sustainable transportation solutions.
Under this new ATM program, GreenPower may release up to US$850,000 of its common shares to be traded publicly. The initiative offers a flexible financial solution, as shares will be sold at market prices through routine transactions on Nasdaq. It’s important to note that these shares will not be available for purchase in Canada, aligning with the company's strategic market approach.
Strategic Use of Proceeds from the ATM Program
The revenue generated from the ATM program is earmarked primarily for the advancement of GreenPower's production lines, specifically focusing on their innovative electric vehicles. This includes BEAST school buses and the versatile EV Star commercial vehicles, which reflect the company’s commitment to zero-emission transport. Additionally, the funds may support ongoing research and development initiatives, ensuring that GreenPower remains at the forefront of technological advancement in clean transportation.
Agreement Details with Roth Capital Partners
As part of the agreement, GreenPower will compensate Roth with a commission of 3.0% based on the gross sales made through this program. Roth will also receive reimbursement for certain expenses incurred during this partnership. This comprehensive collaboration is designed to facilitate a seamless execution of the ATM program while maximizing the potential financial benefits for GreenPower as they expand their operations.
Regulatory Compliance and Transparency
The ATM program operates under a registered shelf statement with the U.S. Securities and Exchange Commission (SEC), ensuring all actions taken by GreenPower are compliant with regulatory standards. As part of the transparency commitment, the prospectus related to the ATM program has been filed and can be accessed by interested parties for review.
GreenPower emphasizes that while they possess the option to sell these common shares, they hold no obligation to do so. The company maintains a focused approach on utilizing these opportunities without compromising its long-term goals.
About GreenPower Motor Company Inc.
GreenPower Motor Company Inc. is a dedicated leader in the electric vehicle market, committed to manufacturing a diverse array of zero-emission vehicles. Their offerings include state-of-the-art transit buses, school buses, shuttles, cargo vans, and customized chassis, all designed with sustainability and efficiency in mind. With a clean-sheet design philosophy, GreenPower’s vehicles are built for performance, underpinned by strategic partnerships with global suppliers to ensure quality and innovation.
Founded in Vancouver, the company has expanded its operations extensively, particularly in southern California, reinforcing its status as an industry pioneer.
Frequently Asked Questions
What is the ATM equity program initiated by GreenPower?
The ATM equity program allows GreenPower to sell common shares to raise funds to support electric vehicle production and development on the market.
How much funding is GreenPower looking to raise through this program?
GreenPower aims to raise up to US$850,000 under this ATM equity program.
What are the intended uses of the proceeds from the ATM program?
The proceeds will primarily fund the production of electric vehicles and support ongoing research and product development initiatives.
Who is GreenPower partnering with for this equity program?
GreenPower is partnering with Roth Capital Partners, LLC, to implement its ATM equity program.
Where can I find the prospectus for the ATM program?
The prospectus for the ATM program is available on the U.S. Securities and Exchange Commission's website, ensuring regulatory compliance and transparency.
