By Devika Patel
Knoxville, Tenn., Aug. 28 – GreenPower Motor Co. Inc. priced its $37.2 million initial public offering of stock, according to a Form F-1 filed with the Securities and Exchange Commission. The deal was announced Aug. 19 and initially priced for $8.28 million. There is a greenshoe for $44 million.
The company will sell 1.86 million common shares at $20.00 per share. The company initially planned to sell 414,000 shares but upsized the deal a few hours later due to demand, it stated in a Friday press release.
B. Riley FBR, Inc. is the lead bookrunner, and Roth Capital Partners is also a bookrunner.
Proceeds will be used to produce all-electric buses and for working capital.
Based in Vancouver, B.C., GreenPower Motor makes electric vehicles. The company expects its shares will trade on the Nasdaq under the symbol “GP” beginning Aug. 28. Although this is GreenPower Motor’s initial public offering in the United States, its common shares are listed on the TSX Venture Exchange in Canada under the symbol “GPV” and quoted on the OTCQB under the symbol “GPVRF.”
| Issuer: | GreenPower Motor Co. Inc.
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| Issue: | Common stock
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| Amount: | $37.2 million
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| Bookrunners: | B. Riley FBR, Inc. (lead) and Roth Capital Partners
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| Co-managers: | ThinkEquity, a division of Fordham Financial Management, Inc., Maxim Group LLC and PI Financial Corp.
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| Shares: | 1.86 million
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| Price: | $20.00
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| Warrants: | No
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| Announcement date: | Aug. 19
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| Pricing date: | Aug. 28
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| Stock symbol: | Nasdaq: GP
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