06:12 AM EDT, 05/07/2024 (MT Newswires) -- GreenPower Motor Company Inc. ( GP ) , amanufacturer and distributor of purpose-built, all-electric, zero-emission medium and heavy-duty vehicles serving the cargo and delivery market, shuttle and transit space and school bus sector, announced overnight the pricing of its previously announced underwritten public offering.

A statement noted the offering consists of 1.5 million common shares and warrants to purchase 1.5 million common shares. Each common share is to be sold together with one warrant at a combined public offering price of US$1.55, for gross proceeds of approximately US$2.3 million before deducting underwriting discounts and offering expenses. The warrants will have an exercise price of approximately US$1.82 per share, are exercisable immediately and will expire three years following the date of issuance. In addition, the company granted the underwriter a 45-day option to purchase up to an additional 5% of the number of common shares and/or warrants offered in 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 offering is expected to close on or about May 9, 2024, subject to the satisfaction of customary closing conditions.