GreenPower Launches $1.1M Convertible Share Deal Amid Stock Slide

Introduction

GreenPower Motor Company Inc. (NASDAQ: GP) is a Canadian designer and manufacturer of purpose-built, battery-electric medium- and heavy-duty vehicles. On November 25, 2025, the stock traded at $0.92, reflecting a 28.12% decline from the previous day, on a volume of 143,549 shares.

Corporate Structure

Founded in 2010, GreenPower is headquartered in Vancouver, British Columbia, with a sales and administration office in Rancho Cucamonga, California. U.S. assembly occurs in Porterville, California, and a production facility operates in South Charleston, West Virginia. The company employs between 51 and 200 individuals across its North American operations. Subsidiaries include:

• Electric Vehicle Logistics Inc.
• GreenPower Industries Inc.
• GreenPower Manufacturing WV Inc.
• GreenPower Motor Company, Inc.
• Green-Power Private Ltd.
• Lion Truck Body Incorporated
• San Joaquin Valley Equipment Leasing, Inc.

Electric Vehicles by CHUTTERSNAP

Developments and News

On November 14, 2025, GreenPower filed a Form 6-K incorporating a Securities Purchase Agreement and a Registration Rights Agreement, along with a press release announcing:

• A public offering of 754 Series A Convertible Preferred Shares at $1,000 per share (gross proceeds of $716,300)
• A private placement of 425 Series A Convertible Preferred Shares (gross proceeds of $403,750)
• A conversion price of $1.975 per share, representing up to 523,611 common shares upon conversion

A subsequent Form 6-K on November 20, 2025, referenced Exhibit 99.1, indicating the release of detailed financial results and operational highlights in a press release dated that day.

In October 2025, GreenPower’s EV Star Class 4 vehicles became eligible under Phase III of New Jersey’s Zero-Emission Incentive Program (NJ ZIP), offering a base voucher of $65,000 per vehicle, with stackable bonuses potentially reaching $90,000.

LinkedIn updates in November 2025 reported that GreenPower retained over $6 million in customer deposits for EV Star Cab & Chassis orders without further delivery obligations. Another announcement indicated the securing of an $18 million financing facility to expedite production and fulfill over $50 million in contracted orders for the Nano BEAST and BEAST school buses.

Financial and Strategic Analysis

As of November 25, 2025, the company’s public float was valued at $9,461,556, with 3,077,483 total common shares outstanding and a high closing price of $3.96 recorded on November 13, 2025. The decline in share price to $0.92 reflects market fluctuations.

The combined public and private offerings aim to raise over $1.1 million. Proceeds are intended to support expanded manufacturing capacity and research and development. The November 20, 2025, press release (Exhibit 99.1) is expected to provide insights into revenue trends, profit margins, and strategic priorities for 2026.

Operational milestones include a 92.2 Altoona Bus Testing score for the EV Star Passenger Van and compliance with Buy America, ADA, and FMVSS standards, which are necessary for U.S. transit agency procurement.

Market Position and Industry Context

GreenPower operates within the zero-emission transit, delivery, shuttle, and school bus markets. The company’s ground-up EV Star and BEAST platforms differentiate it from retrofitted alternatives by optimizing battery placement, structural integrity, and safety. Key orders include:

• Ten EV350 transit buses for Porterville, California (2017)
• Six BEAST school buses for Thermalito Union Elementary School District (2020)
• Autonomous EV Star pilots with Jacksonville Transportation Authority (2023)

Strategic partnerships, such as the agreement with Forest River in 2021, and production capacity expansion in West Virginia (August 2022) position GreenPower to address increasing fleet electrification under evolving federal and state incentive programs.

tl;dr

On November 14 and 20, 2025, GreenPower filed SEC Form 6-K disclosures and launched a convertible preferred share offering plus private placement, targeting over $1.1 million in new capital. In October 2025, its EV Star Class 4 vehicles gained eligibility under Phase III of New Jersey’s Zero-Emission Incentive Program, with voucher incentives up to $90,000 per unit. LinkedIn updates indicated that the company retained over $6 million in customer deposits and secured an $18 million financing facility to support production and fulfill over $50 million in backlog. The share price stood at $0.92 on November 25, 2025. GreenPower intends to use these funds to scale manufacturing, support R&D, and fulfill contracted orders amidst growing demand for zero-emission commercial vehicles.