04:24 PM EDT, 05/06/2024 (MT Newswires) -- GreenPower Motor Company ( GP ) (GPV.V, GP), a manufacturer of zero-emission medium and heavy-duty vehicles, was at last look down 28% in US after-hours trading as it launched an underwritten public offering in the United States.

According to a statement, the offering consists of shares and warrants and is subject to market conditions. It noted there can be no assurance as to whether or when the offering may be completed, or as to the actual size, pricing or other terms of the offering. In addition, the company intends to grant the underwriter a 45-day option to purchase up to an additional 5% of the offering as an over-allotment option.

It did not specify expected gross proceeds from the offering.

GreenPower said it currently intends to use the net proceeds from the offering for the production of all-electric vehicles, including BEAST school buses and EV Star commercial vehicles, as well as for product development, with the remainder, if any, for general corporate purposes.

The company's shares were last seen down US$0.51 to US$1.31 in after-hours Nasdaq trading. They closed up C$0.01 to C$2.48 on the TSX Venture Exchange.