GreenPower Raises $18M Equity, $5M Loans to Regain Nasdaq Compliance
GreenPower raised $18M via Series A convertible preferred shares, secured $5M in term loans and a new CIBC credit line, and converted $7M of related-party loans into debentures plus $3M into Series B preferred to meet Nasdaq Listing Rule 5550(b)(1). The company regained compliance but faces a one-year monitoring period.
1. Capital Raising Transactions
Over the past few months GreenPower completed multiple financing moves, including an $18 million Series A convertible preferred share offering, a $5 million term loan package and a new credit facility with CIBC. The company also converted $7 million of related-party loans into convertible debentures and $3 million into Series B convertible preferred shares to bolster its equity base.
2. Nasdaq Compliance and Monitoring
These transactions satisfied Nasdaq Listing Rule 5550(b)(1), enabling GreenPower to regain compliance and maintain its listing. The company remains under a one-year panel monitoring period and faces potential delisting if it again falls out of compliance, though it may request a hearing to contest any such action.