Corporate ActionJul 2, 2026, 04:22 PM
GreenPower boosts equity by $3.8M via share conversions & issuance
AI Summary
GreenPower Motor Co. Inc. significantly boosted its shareholder equity by approximately $3.8 million through a series of related party transactions during the quarter ended June 30, 2026. These capital actions included the conversion of $2.1 million in related party loans and debentures into Series B Convertible Preferred Shares, the conversion of 1,351 Series A Convertible Preferred Shares (a $1.6 million liability) into common shares, and the issuance of common shares to settle accrued interest and from warrant exercises. These transactions improved the company's balance sheet by transferring liabilities to equity and raising capital.
Key Highlights
- GreenPower increased shareholder equity by approximately $3.8 million during Q2 2026.
- Converted $2.1 million of related party loans and debentures into 2,192 Series B Convertible Preferred Shares.
- Converted 1,351 Series A Convertible Preferred Shares (a $1.6 million liability) into 1.5 million common shares.
- Issued 257,638 common shares at $1.44 per share to settle $0.4 million in accrued interest owed to related parties.
- A related party exercised 256,410 warrants for $0.2 million in gross proceeds, receiving 256,410 common shares.
- Series B Convertible Preferred Shares have a 9% annual dividend and are convertible at US$1.975 per share.
- All transactions involved related parties and were exempt from certain MI 61-101 requirements.
Price Impact
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