Electric Commercial Vehicles Manufacturer GreenPower Motor Announces Terms for $32 Million US IPO
GreenPower Motor Co Inc, an electric commercial vehicle manufacturer, has filed Amendment No1 to Form F-1 Registration Statement on August 25, 2020 with the U.S Securities and Exchange Commission to announce terms for its IPO.
The company plans to raise $32 million by offering 1.5 million shares at the price range of $18 to $24. Assuming a successful IPO at the midpoint of the proposed range, the company expects a market capitalization of $372 million.
The company offers high-floor and low-floor vehicles, including transit buses, school buses, shuttles, and a double-decker. They manufacture all-electric buses that are purpose-built to be battery powered with zero emissions and reduction in carbon footprint.
The Vancouver, Canada-based company was founded in 2007 and booked $14 million in revenue for the 12 months ended March 31, 2020. It plans to list on the Nasdaq Capital Market under the symbol “GP.” B. Riley FBR and Roth Capital are underwriters of the IPO.
The company engages Clark Wilson LLP as US Securities Counsel, and Crowe MacKay LLP as Independent Auditor.
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