GreenPower Converts $1.14M Loans into 1,200 Series B Convertible Preferred Shares
GreenPower converted $1.14 million of related-party term loans into 1,200 Series B Convertible Preferred Shares with a US$1,000 stated value each, adding US$1.2 million to equity. The new shares carry a 9% annual dividend and convert into common stock at US$1.975 per share, a 105% stated amount premium.
1. Exchange Terms
On March 31, 2026, GreenPower converted USD 1,140,000 of related-party term loans into 1,200 Series B Convertible Preferred Shares with a stated value of USD 1,000 each. The shares yield a 9% annual dividend and may convert at USD 1.975 per common share, reflecting a 105% stated value premium.
2. Equity Increase and Hold Period
The conversion adds USD 1.2 million to GreenPower’s shareholders’ equity, bolstering the company’s balance sheet. All issued Series B Convertible Preferred Shares are subject to a statutory hold period of four months plus one day under applicable securities legislation.
3. Insider Ownership and Control
Insider Fraser Atkinson received 818 Series B shares through FWP Holdings LLC and 382 shares through 0851433 B.C. Ltd, retaining 27.1% non-diluted ownership. Full exercise of his options, warrants, debentures and preferred shares could raise his stake to 66.1% on a partially diluted basis, potentially consolidating control.