07:19 AM EDT, 05/07/2024 (MT Newswires) -- GreenPower Motor Company Inc ( GP ) said late Monday it priced an underwritten public offering of 1.5 million common shares and warrants to purchase 1.5 million common shares at $1.55 per share and accompanying warrant for total expected gross proceeds of $2.3 million.

The underwriters have been granted a 45-day option to purchase an additional 5% of shares and/or warrants.

The warrants will be exercisable at a rate of $1.82 per share.

Net proceeds will be used for the production of all-electric vehicles, product development, and general corporate purposes, the company said.

Closing of the offering is expected on or about May 9, subject to customary closing conditions.

Price: 1.2000, Change: -0.62, Percent Change: -34.07