LOS ANGELES,
July 18,
2023 /CNW/ -- GreenPower Motor Company
Inc. (NASDAQ: GP (TSXV: GPV) ("GreenPower"), today
announced that the British Columbia Securities Commission and the
Ontario Securities Commission have revoked a "failure to file"
cease trade order in respect of GreenPower's securities under
Multilateral Instrument 11-103 Failure-to-File Cease Trade
Orders in Multiple Jurisdictions (the "CTO").
The CTO was issued as a result of GreenPower's failure to file
its audited financial statements, management's discussion and
analysis and related certifications for the year ended March 31, 2023 before the June 29, 2023 filing deadline. These
documents were filed by GreenPower on SEDAR on July 14, 2023.
GreenPower is coordinating with the TSX Venture Exchange a
resumption of trading as expeditiously as possible.
In addition, GreenPower announced that it has signed a
non-binding term sheet with a lender (the "Lender") for a
secured term loan credit facility of up to US$15,000,000 (the "Loan") for the purpose
of working capital requirements to cover manufacturing costs of
GreenPower's existing sales pipeline. It is contemplated that
certain subsidiaries of GreenPower will be guarantors of the Loan
and that the Loan will be available for 12 months from the date of
a credit agreement (the "Credit Agreement") to be entered
into between GreenPower and the Lender. It is also
contemplated that the Loan will bear interest at the rate of U.S.
prime plus the margin (5% p.a.) with a default interest rate of 2%
above the pre-default rate of interest payable on demand, and that
the Loan will be repayable in 36 substantially equal, consecutive,
monthly installments commencing on the 20th day of the
13th month following the first advance, and amounts
repaid will not be available for reborrowing. The Loan would be
subordinate to GreenPower's existing US$8
million line of credit and will be subject to an entry into
the Credit Agreement, related financing documents, and other
conditions customary for a loan of this type. There is no assurance
that GreenPower will enter into the Credit Agreement with the
Lender on the terms expected, or at all.
Contacts
Fraser Atkinson, CEO
(604) 220-8048
Brendan Riley, President
(510) 910-3377
Michael Sieffert, CFO
(604) 563-4144
About GreenPower Motor Company Inc.
GreenPower designs, builds and distributes a full suite of
high-floor and low-floor all-electric medium and
heavy-duty vehicles, including transit buses, school
buses, shuttles, cargo van, and a cab and chassis.
GreenPower employs
a clean-sheet design to manufacture all-electric vehicles that are purpose built
to be
battery powered with zero emissions while integrating global suppliers for key components.
This OEM
platform allows GreenPower to meet the specifications of various operators while providing standard parts
for ease of maintenance
and accessibility for warranty requirements. GreenPower was founded in
Vancouver,
Canada with primary operational facilities in southern California. Listed on the Toronto
exchange since November 2015, GreenPower completed its U.S. IPO and NASDAQ listing in August 2020.
For further information go to
www.greenpowermotor.com
Forward-Looking Statements
This news release contains forward-looking statements relating
to, among other things, GreenPower's
business and operations and the environment in which it operates, which are based on GreenPower's
operations, estimates, forecasts, and projections. Forward-looking statements
are not based on historical
facts, but rather on current expectations
and projections about future events,
and are therefore subject to
risks and uncertainties which could cause actual results to differ materially from the future results expressed
or implied by the forward-looking statements. These statements
generally can be identified by the use of
forward-looking words such as "upon", "may", "should", "will",
"could", "intend", "estimate", "plan", "anticipate", "expect",
"believe" or "continue", or the negative thereof or similar
variations. The forward-looking statements in this news release
include the statement related to the resumption of trading on the
TSX Venture Exchange and the proposed terms of the Loan and entry
into the Credit Agreement and other financing documents with the
Loan. These statements are not guarantees of
future performance and involve risks and uncertainties that are difficult to
predict or are beyond GreenPower's control. A number
of important factors, including those
set forth in other public filings (filed under GreenPower's profile on
www.sedar.com), could cause actual outcomes
and results to differ materially from those expressed in these forward-looking statements.
Consequently, readers should not place any undue reliance on such forward-looking statements. In addition,
these forward-looking statements relate to the date on which they are made. GreenPower disclaims
any
intention or obligation to update or revise any forward-looking statements whether as a result of new
information, future events or otherwise, except as
required by applicable securities laws.
Neither the TSX Venture Exchange nor
its Regulation Services Provider (as that term
is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
All amounts are in US dollars © 2023 GreenPower Motor Company Inc. All rights reserved.
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SOURCE GreenPower Motor Company