Financing ·
GreenPower converts $1,999,750 of convertible debentures into Series B preferred shares
GPGREENPOWER MOTOR Co Inc.
GreenPower Motor Company Inc. converted the principal of convertible debentures totaling $1,999,750 owed to certain creditors into 2,105 Series B Convertible Preferred Shares with a stated value of USD $1,000 per share. The preferred shares carry a 9% annual dividend rate and are convertible into common stock at US$1.975 per share. Additionally, the company issued 219,932 common shares for accrued interest on debentures and 140,640 common shares for accrued dividends on the preferred shares to investors including Fraser Atkinson and G. David Richardson. The transaction is intended to improve shareholders' equity and align with Nasdaq's minimum requirements. GreenPower designs, builds and distributes all-electric medium and heavy-duty vehicles.