GreenPower regains compliance with Nasdaq equity requirement

GreenPower Motor Company Inc. (NASDAQ: GP) announced it received formal notice from The Nasdaq Stock Market confirming the company has regained compliance with Nasdaq Listing Rule 5550(b)(1), the equity requirement, according to a press release statement.

The Vancouver-based electric vehicle manufacturer completed several financial transactions to meet the listing criteria. The company raised $18 million through an equity offering of Series A Convertible Preferred Shares, secured $5 million in term loans, and established a banking relationship with CIBC including a line of credit and term loan.

GreenPower also exchanged $7 million of related party loans for convertible debentures and $3 million of related party loans for Series B Convertible Preferred Shares, CEO Fraser Atkinson stated in the release.

The company will remain subject to a Panel monitor for one year. If GreenPower falls out of compliance with the equity rule during this monitoring period, it will face a delisting determination without the opportunity to present a compliance plan. However, the company would retain the right to request a hearing before the Hearings Panel.

GreenPower's common stock continues to trade on Nasdaq under the ticker symbol "GP." The company manufactures and distributes electric medium and heavy-duty vehicles for cargo, delivery, shuttle, transit and school bus markets.

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