05:30 PM EDT, 10/28/2024 (MT Newswires) -- GreenPower Motor ( GP ) , down 17% in Monday trading, after trade said it plans a public offering of shares or prefunded warrants.

The electric-truck company did not specify the number or shares or warrants it plans to market. The underwriter will have a 45-day option to buy up to an additional 15% of the shares.

Proceeds will be used for producing all-electric vehicles, including BEAST school buses and EV Star commercial vehicles, and for product development. Any remaining funds will be used for general corporate purposes.

The offering is tied to market conditions, and there's no guarantee of when it will be completed or the final size and terms, the company added.

Earlier Monday the company said that it had finalized the particulars for 50 all-electric school buses funded by the EPA Clean School Bus Program for seven county school districts in West Virginia. The order was submitted through GreenPower's West Virginia dealer.

"EPA has previously awarded $18.5 million to purchase 50 GreenPower all-electric school buses and provide for the charging infrastructure associated with these purpose-built EVs," said GreenPower President Brendan Riley.

The company's shares closed down $0.34, or 17%, to $1.68 on the TSX Venture Exchange.