GreenPower Secures US$1.425M in Third Preferred Share Tranche, Expands Facility by US$2M
GP•On June 30, GreenPower issued 1,500 Series A Convertible Preferred Shares for US$1.425M in gross proceeds and amended its Securities Purchase Agreement to add US$2M in stated value. Each share converts at 105% of stated value divided by 125% of the prior day's NASDAQ closing price.
1. Third Tranche Issuance
On June 30, GreenPower issued the third tranche of 1,500 Series A Convertible Preferred Shares in a private placement, generating US$1.425 million in gross proceeds under the existing Securities Purchase Agreement with an institutional investor.
2. Facility Amendment
The Company and the investor amended the Securities Purchase Agreement to increase the aggregate stated value of Series A Convertible Preferred Shares issuable under the facility by US$2 million, enhancing available financing capacity.
3. Conversion and Fees
Each Series A Convertible Preferred Share is convertible into common shares at a rate equal to 105% of stated value divided by 125% of the prior NASDAQ closing price, and a 5% cash placement fee on proceeds will be paid to Digital Offering LLC.
