GreenPower Announces Issuance of Series B Convertible Preferred Shares in Settlement of Convertible Debentures and Issuance of Shares for Accrued Interest and Dividends
Key Highlights
- ➤$1.99975M debentures converted into 2,105 Series B preferred shares
- ➤9% annual dividend; preferred shares convertible at US$1.975 per Share
- ➤219,932 common shares issued for accrued debenture interest
- ➤140,640 common shares issued for accrued preferred-share dividends
- ➤Atkinson ownership rose to 29.3% non-diluted after issuances
- ➤Richardson ownership rose to 10.9% non-diluted after issuances
Expert Statements
Fraser Atkinson, CEO of GreenPower Motor Company Inc.
“including its financial performance, and depending upon these factors, market conditions and other factors, additional securities of the Company may be acquired as is considered or deemed appropriate. Alternatively, some or all of the securities described herein may be disposed of in compliance with applicable securities regulatory requirements.”
G. David Richardson, GreenPower securityholder
“including its financial performance, and depending upon these factors, market conditions and other factors, additional securities of the Company may be acquired as is considered or deemed appropriate. Alternatively, some or all of the securities described herein may be disposed of in compliance with applicable securities regulatory requirements.”
Vancouver, British Columbia--(Newsfile Corp. - October 16, 2026) - GreenPower Motor Company Inc. (NASDAQ: GP) ("GreenPower" or 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 announces that it has converted (the "Preferred Share Offering") the principal of convertible debentures (the "Debentures") in the aggregate amount of $1,999,750 owed to certain creditors into an aggregate of 2,105 series B convertible preferred shares (each, a "Series B Convertible Preferred Share"), with a stated value of USD $1,000 per share, for a purchase price of US$1,999,750 and a stated value of US$2,105,000. The Series B Convertible Preferred Shares have a dividend rate of 9% per annum and each Series B Convertible Preferred Share is eligible to be converted into common shares of the Company (each, a "Share") at 105% of the stated amount of the Series B Convertible Preferred Share and are convertible at US$1.975 per Share, subject to adjustment as provided for in the rights and restrictions of the Series B Convertible Preferred Shares. In addition, a total of 219,932 common shares of the Company were issued for interest accrued from July 1, 2026 to September 30, 2026 to the Debenture investors, and 140,640 common shares of the Company were issued for dividends accrued from July 1, 2026 to September 30, 2026 to the Series B Convertible Preferred Share investors. The conversion of Debentures into Series B Convertible Preferred Shares improves the Shareholders' Equity of the Company. This strategic decision was made to improve the Company's balance sheet and align with Nasdaq's minimum shareholders' equity requirement.
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