GreenPower Regains Nasdaq Compliance After Restructuring; GP Stock Continues Trading Under One-Year Monitor
- Nasdaq confirms GreenPower regained compliance with Listing Rule 5550(b)(1); common stock continues trading under ticker GP.
- GreenPower raised financing: up to $18M Series A preferred, $5M term loans, and new CIBC credit line.
- Converted related-party debt (~$10M) into long-dated convertibles; Nasdaq imposed a one-year Panel monitor.
Nasdaq clearance follows balance-sheet overhaul
GreenPower Motor Company says Nasdaq confirms the company has regained compliance with Listing Rule 5550(b)(1) and otherwise meets the criteria for continued listing on The Nasdaq Capital Market, the Vancouver-based electric bus maker announces. The company says the determination allows its common stock to continue trading under the ticker GP, restoring a regulatory standing it lost earlier. The statement follows a series of financing and restructuring moves GreenPower carries out over recent months to bolster liquidity and capital structure.
GreenPower details a package of transactions it says underpin the compliance decision, including an equity offering of Series A Convertible Preferred Shares for up to $18 million, new term loans of $5 million and a new banking relationship with CIBC that provides a line of credit plus a term loan. The company also converts related-party debt into longer-dated instruments—about $7 million into convertible debentures and $3 million into Series B Convertible Preferred Shares—measures that CEO Fraser Atkinson says help the firm regain full compliance and advance its strategic goals.
Nasdaq’s compliance determination includes a one-year Panel monitor that will review GreenPower’s adherence to the exchange’s equity standards, the company says. If Nasdaq Staff finds GreenPower non‑compliant again during that period, the company faces a delisting determination without the opportunity to present a compliance plan; however, GreenPower may request a hearing before the Hearings Panel, and filing such a hearing request automatically stays any suspension or delisting action pending the hearings process and any Panel extension.
Product and platform focus
GreenPower continues to design, build and distribute a full suite of all‑electric medium- and heavy‑duty vehicles, including high‑floor and low‑floor transit buses, school buses, shuttles, cargo vans and cab-and-chassis models. The company emphasizes a clean‑sheet OEM platform that integrates global suppliers for key components to supply fleet operators with purpose-built zero‑emission vehicles.
Operational priorities and adoption
Management stresses operational support as central to its strategy, highlighting maintenance accessibility, warranty support and the ability to meet varied operator specifications as levers to accelerate fleet adoption of electric vehicles. The company lists Fraser Atkinson as CEO, Brendan Riley as President and Michael Sieffert as CFO for further inquiries.