GreenPower Motor Company Inc. completed the second tranche of its Series A Convertible Preferred Shares financing on March 2, 2026, raising $879,700 in gross proceeds from 926 shares. The transaction brings the total amount raised under the $18 million convertible preferred share facility to date to $879,700, with the remaining balance still available for future tranches.
The Series A facility was first announced on November 14, 2025, and the second tranche is part of a broader recapitalization effort that also includes a $5 million term loan from family offices and a $5 million financing facility from CIBC, comprising a revolving line of credit and a term loan. These capital raises helped GreenPower regain compliance with Nasdaq Listing Rule 5550(b)(1) on February 16, 2026, and support the company’s transition to a customer‑order‑driven production strategy.
The financing is intended to fund retooling, inventory management, and production expansion as GreenPower shifts from building electric vehicles on spec to producing vehicles to customer orders. The company’s management has highlighted that this transition is necessary to meet growing demand while managing the headwinds that have affected the broader electric‑vehicle sector.
GreenPower’s Q3 FY2026 financial results provide context for the financing. Revenue for the quarter ended December 31, 2025 rose to $8.5 million, and the company reported a net income of $4.2 million, a turnaround from a $7.2 million revenue figure and a net loss of approximately $4.7 million in Q3 2025. The improvement reflects stronger sales and better cost control as the company scales its operations.
The company continues to focus on its all‑electric medium and heavy‑duty vehicle lineup for transit, school, shuttle, and cargo markets, with a notable pilot program for all‑electric school buses in New Mexico. The Series A convertible preferred shares carry a 9 % annual dividend rate and can be converted into common stock at 105 % of the stated value plus any amounts owing to the investor, or at 125 % of the closing price of the common shares on the day prior to issuance.
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