GreenPower Motor Company (GP) Stock Is Lower After Announcing Plan to Raise Up To $200 Million

What is going on with GP?

GreenPower Motor Company Inc. (GP) announced today that it has filed a preliminary short form base shelf prospectus with the securities commissions in the Provinces of British Columbia, Alberta and Ontario, and a corresponding registration statement on Form F-10 with the SEC. This prospectus will allow the company to raise up to $200 million during the 25-month period that the prospectus remains effective.

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. Shares of GP declined 0.53% to $17.60 as of Friday at 10:45am.

What does this mean for GreenPower Motor Company?

When finalized, Green Power's prospectus filing will give the company the ability to raise up to $200 million, a significant sum which can be generated through an offering of common shares, preferred shares, warrants, subscription receipts, units, debt securities or share purchase contracts. Although most companies will sell common shares, GP can raise funds through any combination of offering types.

So far, GP has not given any further details on their plans for their offering, but the company did state that the specific terms of any securities offering, including the use of proceeds, will be set forth in another shelf prospectus supplement that will be filed with regulators.

GP has a Fundamental Rank of 85. Find out what this means to you and get the rest of the rankings on GP!

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GreenPower Motor Company Inc is the manufacturer and distributor of an all-electric charter, school and city buses. The company offers electric-powered transit bus deploying electric drive and battery technologies with a lightweight chassis and low floor body. Its product line includes All-electric transit buses and All-electric school and shuttle buses. The company's buses depend on clean sheet design and utilize a custom battery management system and a proprietary flex power system for the drive motors.