VANCOUVER - GreenPower Motor Company Inc. (NASDAQ: GP) (TSXV: GPV), a manufacturer of zero-emission electric vehicles, today commenced an underwritten public offering of common shares and warrants in the United States. The terms of the offering, including the number of shares, pricing, and the total amount to be raised, have not been finalized and are subject to market conditions.
The company also plans to give the underwriter, Maxim (NASDAQ:MXIM) Group LLC, a 45-day option to purchase up to an additional 5% of the shares and/or warrants being offered. GreenPower aims to allocate the net proceeds from the sale towards the production of its all-electric vehicles, such as the BEAST school buses and EV Star commercial vehicles, and for product development. Remaining funds, if any, will be used for general corporate purposes.
The offering is contingent upon customary closing conditions, including necessary regulatory approvals from the TSX Venture Exchange and notification to The Nasdaq Stock Market. It is being conducted in accordance with a shelf registration statement previously declared effective by the U.S. Securities and Exchange Commission on February 2, 2024.
GreenPower's vehicles are designed from the ground up to be battery-powered and emission-free, with a focus on integrating components from global suppliers for maintenance ease and warranty accessibility. The company, headquartered in Vancouver, Canada, operates primarily out of Southern California.
This announcement does not constitute an offer to sell or a solicitation of an offer to buy the securities, and the securities will not be sold in any jurisdiction where such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
The preliminary prospectus supplement and accompanying prospectus detailing the offering terms will be filed with the SEC and made available on its website. Final terms will be disclosed in a final prospectus supplement filed with the SEC.
This article is based on a press release statement and has been written to provide factual information without endorsing any claims made by GreenPower Motor Company Inc.
InvestingPro Insights
As GreenPower Motor Company Inc. (NASDAQ: GP) launches its underwritten public offering of common shares and warrants, investors are closely monitoring the company's financial health and market performance. According to the latest metrics from InvestingPro, GreenPower's Market Cap stands at a modest 45.48 million USD, reflecting the size of the company within the electric vehicle industry.
The company's financial data shows a significant Revenue Growth of 72.38% over the last twelve months as of Q3 2024, signaling strong sales performance in a competitive sector. However, it's important to note that the Revenue Growth on a quarterly basis for Q3 2024 shows a decline of -36.28%, indicating potential volatility in earnings.
This aligns with an InvestingPro Tip highlighting that stock price movements for GreenPower have been quite volatile, which could be a factor for investors to consider when evaluating the timing and potential risk of the offering.
Another key metric for investors is the company's P/E Ratio, which currently stands at -2.89. This negative figure is supported by an InvestingPro Tip stating that analysts do not anticipate the company will be profitable this year. Moreover, GreenPower does not pay dividends to shareholders, which may influence the investment decisions of income-focused investors.
For investors seeking a deeper dive into GreenPower's financials and future outlook, there are additional InvestingPro Tips available. By using the coupon code PRONEWS24, readers can get an extra 10% off a yearly or biyearly Pro and Pro+ subscription, accessing a wealth of analysis and real-time data to inform their investment strategies.
Discover more about GreenPower's performance and future prospects by visiting InvestingPro at: https://www.investing.com/pro/GP, where several more InvestingPro Tips are available to guide your investment decisions.
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