GreenPower (GP) Regains Nasdaq Compliance After Recapitalization; Panel Monitor for One Year

Vancouver turnaround keeps GreenPower on Nasdaq

Vancouver, British Columbia, Feb 16 (Reuters) - GreenPower Motor Company says Nasdaq confirms the electric-bus maker has regained compliance with Listing Rule 5550(b)(1) and meets all criteria for continued listing on The Nasdaq Capital Market. The company says a string of balance‑sheet moves over recent months drives the determination and that Nasdaq is appointing a Panel monitor to review compliance for one year.

Financing overhaul wins regulatory relief

GreenPower describes the transactions that it says restore compliance as a coordinated recapitalisation. The company completes an equity offering of Series A Convertible Preferred Shares for up to $18 million, secures term loans totalling $5 million and establishes a new banking relationship with CIBC that includes both a line of credit and an additional term loan. It also converts $7 million of related‑party loans into convertible debentures and $3 million of related‑party loans into Series B Convertible Preferred Shares, moves that CEO Fraser Atkinson says help the company “regain full compliance and advance strategic goals.”

Nasdaq’s compliance decision comes with conditions. A Panel monitor will oversee GreenPower for 12 months and if staff finds the company again non‑compliant with the Equity Rule during that period, the company faces a delisting determination without the chance to submit a compliance plan. GreenPower may request a hearing before the Hearings Panel, and any hearing request automatically stays suspension or delisting actions while the hearings process and any Panel extension proceed. The company says its common stock continues to trade on Nasdaq under the ticker GP.

Product focus and market positioning

GreenPower emphasises that its core business remains designing, building and distributing a full suite of all‑electric medium and heavy‑duty vehicles, including transit buses, school buses, shuttles, cargo vans and cab and chassis. The company highlights its clean‑sheet OEM platform and integration of global suppliers for key components to support zero‑emission deployments.

Operational support and contacts

GreenPower says it focuses on maintenance accessibility, warranty support and meeting varied operator specifications to accelerate fleet adoption of electric vehicles. For further information the company lists CEO Fraser Atkinson, President Brendan Riley and CFO Michael Sieffert as contacts.