GreenPower Announces Closing of US$2.3 Million Underwritten Public Offering

VANCOUVER, BC

,

May 9, 2024

/PRNewswire/ — GreenPower Motor Company Inc. (NASDAQ: GP) (TSXV: GPV) (“GreenPower” or the “Company”), a leading manufacturer and marketer of all-electric utility and purpose-built vehicles and zero emissions. heavy vehicles serving the freight and delivery market, shuttle, transit space and school bus sector, today announced the closing of its previously announced underwritten public offering (the “Offering”).

The offering consisted of 1,500,000 shares of common stock and warrants to purchase 1,500,000 shares of common stock. Each share of common stock was sold with one warrant at a combined public offering price of

US$1.55

. The warrants have an exercise price of

US$1.82

per share, are exercisable immediately and will expire three years after the date of issue. In addition, the Company has granted the underwriter a 45-day option to purchase up to an additional 5 percent of the number of shares of common stock and/or warrants offered in the offering, of which Maxim has partially exercised. option to purchase additional warrants to purchase 75,000 shares of common stock. The gross proceeds of the Offering amounted to approximately

2.3 million US dollars

before deduction of underwriting discounts and offering costs, including over-allotment.

Maxim Group LLC acted as sole book-running manager for the Offering.

GreenPower currently intends to use the net proceeds from the offering for the production of fully electric vehicles, including BEAST school buses and EV Star commercial vehicles, as well as for product development, the remainder, if applicable. where applicable, for general corporate purposes.

The offering was made pursuant to an effective shelf registration statement on Form F-3, as amended (File No. 333-276209), previously filed and subsequently declared effective by the Securities and Exchange Commission (“SEC”) ) of the United States on

February 2, 2024

. GreenPower offered and sold securities in both

UNITED STATES

and foreign jurisdictions. No securities have been offered or sold to Canadian purchasers.

A final prospectus supplement and accompanying prospectus relating to the offering and describing the terms thereof have been filed with the SEC and are part of the effective registration statement and are available on the website of the SEC at www.sec.gov. Copies of the final prospectus supplement and accompanying prospectus may be obtained by contacting Maxim Group LLC, 300 Park Avenue, 16th Floor,

New York, New York

10022, Attention: Syndicate Department, or by telephone at (212) 895-3745 or by email at [email protected].

This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

For more information contact

Frasier Atkinson

CEO

[email protected]

Brendan Riley

President

[email protected]

Michael Sieffert

CFO

[email protected]

Allie Potter


Skyya PR for GreenPower

(218) 766-8856

[email protected]

About GreenPower Motor Company, Inc.

GreenPower designs, builds and distributes a full range of fully electric high and low floor medium and heavy-duty vehicles, including city buses, school buses, shuttles, cargo vans and cab and chassis. GreenPower uses an entirely new design to manufacture fully electric vehicles specifically designed to be battery powered with zero emissions, while integrating global suppliers for key components. This OEM platform allows GreenPower to meet the specifications of different operators while providing standard parts for ease of maintenance and accessibility for warranty requirements. GreenPower was founded in

Vancouver, Canada

with main operational facilities in the south

California

.

Forward-looking statements

This press release contains forward-looking statements within the meaning of applicable securities laws. Forward-looking statements are not based on historical facts, but rather on current expectations and projections regarding future events and are therefore subject to risks and uncertainties that 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 “will”, “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan” , ” anticipate “. “, “expect”, “believe” or “continue”, or the negative thereof or similar variations. These forward-looking statements include, among others,

GreenPower

intended use of the net proceeds of the Offering. Material assumptions supporting these forward-looking statements include, among others, the receipt of all required regulatory approvals with respect to the continued offering and production by BEAST School Bus Company and

VE

Featured utility vehicles. Actual results could differ materially due to a number of factors, including, without limitation, the dilutive effects of the offering, market conditions and changes in the intended use of proceeds of the offering. offer. Although

Green energy

believes that the expectations reflected in the forward-looking information or statements are reasonable, potential investors in

GreenPower

securities should not place undue reliance on forward-looking information and statements because

Green energy

cannot guarantee that these expectations will prove to be correct. The forward-looking information and statements contained in this press release are as of the date of this press release and

Green energy

undertakes no obligation to update or revise this forward-looking information and statements, except as required by law. Therefore, readers should not place undue reliance on these forward-looking statements.

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.

©2024 GreenPower Motor Company Inc. All rights reserved.

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SOURCE GreenPower Motor Company