GreenPower establishes ATM equity program
by CM Staff
The company may issue up to US$20 million of common shares of the company under the ATM Program, which will be issued from treasury to the public.
VANCOUVER — GreenPower Motor Company Inc. has entered into a sales agreement with Roth Capital Partners to establish an at-the-market equity program.
The company may issue up to US$20 million of common shares of the company under the ATM Program, which will be issued from treasury to the public.
Any common shares sold under the ATM Program will be sold at market price, or as otherwise agreed upon by the company and Roth by means of ordinary brokers’ transactions on the Nasdaq Capital Market or any other existing trading market for the common shares in the United States.
The Company intends to use the net proceeds of any sales of Common Shares under the ATM Program for the production of all-electric vehicles, including EV Star cab and chassis, EV Star cargo, EV Stars and school buses, as well as for product development with the remainder, if any, for general corporate purposes.
GreenPower Motor Company says it is under no obligations to make any sales of common shares under the sales agreement. There are no warrants, derivatives, financial or business covenants associated with the sales agreement.
The sales agreement also mandates that the common shares will be made through “at-the-market distributions” as defined in National Instrument 44-102 . The same applies to shelf distributions on Nasdaq or on any other existing trading market for the common shares in the United States.
