GreenPower Motors Powers Up with Strategic Share Consolidation to Bolster Market Presence

GreenPower Motor Company Inc. (NASDAQ: GP; TSX: GPV), a trailblazer in the manufacturing and distribution of zero-emission electric vehicles, has unveiled a pivotal strategic maneuver aimed at strengthening its market standing and ensuring continued compliance with critical exchange listing requirements.

The company's Board of Directors has given its unanimous nod to a proposed consolidation of its common shares, a proactive measure meticulously designed to fortify its financial foundation and significantly enhance the attractiveness of its stock to investors.

This proposed share consolidation, commonly known as a reverse stock split, presents the potential for GreenPower's common shares to be consolidated at a ratio spanning from one-for-two (1:2) up to one-for-ten (1:10).

The driving force behind this initiative is to meet the stipulated minimum bid price requirement for maintaining its esteemed listing on the NASDAQ Capital Market. Sustaining this listing is paramount for GreenPower, as it unlocks access to a vast investor network and substantial capital markets, crucial for the company's growth trajectory.

The ultimate determination of the precise consolidation ratio and the effective date will reside with GreenPower’s Board of Directors.

Their discretion will be exercised judiciously, considering prevailing market conditions and the company's overarching strategic objectives. This inherent flexibility empowers the company to adapt seamlessly to evolving circumstances, enabling them to select the most advantageous ratio within the pre-approved range.

Shareholder endorsement for this transformative corporate action will be sought at the upcoming Annual and Special Meeting of Shareholders, embodying a democratic process for such a significant decision.

For existing shareholders, comprehending the ramifications of this consolidation is vital.

While the total number of outstanding common shares will decrease proportionally to the chosen ratio, each shareholder's percentage ownership of GreenPower will remain entirely unchanged, provided they hold full shares. In essence, a smaller quantity of shares will represent the identical underlying ownership interest in the company, maintaining shareholder equity.

A notable and beneficial facet of this proposal is the treatment of fractional shares.

Any fractional common shares that emerge as a result of the consolidation will be conveniently rounded up to the nearest whole share. This thoughtful provision ensures that no shareholder is left with partial ownership, thereby simplifying and streamlining the post-consolidation share structure for all involved parties.

GreenPower anticipates that this strategic share consolidation will officially become effective during the summer of 2024.

Post-consolidation, GreenPower's common shares will seamlessly continue to trade on both the NASDAQ and the Toronto Stock Exchange (TSX) under their existing familiar symbols, GP and GPV, respectively. However, new CUSIP and ISIN numbers will be assigned to accurately reflect the updated share structure, ensuring clarity and proper identification.

This decisive share consolidation unequivocally underscores GreenPower's unwavering commitment to upholding its prominent presence on both major U.S.

and Canadian exchanges. Furthermore, it highlights the company's dedication to enhancing the marketability of its stock and, most importantly, creating sustained long-term value for its esteemed shareholders as it vigorously continues to propel innovation and leadership within the dynamic zero-emission vehicle sector.