GreenPower Converts Series B Preferred Convertible Shares

GreenPower Motor Company Inc. (NASDAQ: GP) converted Series B convertible preferred shares of the Company. The conversions included: (i) the conversion of 324 Series B Convertible Preferred Shares held by Koko Financial Services Ltd. into 244,201 common shares of the Company on August 6, 2026, (ii) the conversion of 610 Series B Convertible Preferred Shares held by 0851433 BC Ltd. into 464,367 common shares on August 18, 2026, and (iii) the conversion of 818 Series B Convertible Preferred Shares held by FWP Holdings LLC into 627,868 common shares on August 18, 2026. Each of Koko, NumberCo and FWP Holdings is controlled by Fraser Atkinson, the Company's Chief Executive Officer, Chairman and a director. These transactions have been filed on Insider Trading Reports on SEDI. As the common shares were issued to companies controlled by an insider of the Company, the issuance is considered to be a "related party" within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions and the issuance of common shares is considered to be a "related party transaction" but is exempt from the formal valuation requirement and minority approval requirements of MI 61-101 by virtue of the exemptions contained in Sections 5.5(g) and 5.7(e) of MI 61-101.

On August 6, 2026, 324 Series B Convertible Preferred Shares held by Koko were converted into 244,201 common shares, and on August 18, 2026, 610 Series B Convertible Preferred Shares held by NumberCo and 818 Series B Convertible Preferred Shares held by FWP Holdings were converted into 464,367 common shares and 627,868 common shares, respectively. Prior to the conversions of the Series B Convertible Preferred Shares, the Acquiror directly and indirectly owned and controlled the following securities: 536,230 common shares held directly; 2,857 common shares held indirectly through Atkinson Family Trust; 785,555 common shares held indirectly through FWP Acquisition Corp., a private company owned by the Acquiror; 6,818 common shares held indirectly through FWP Holdings; 70,893 common shares held indirectly through KFS Capital LLC, a private limited liability company owned by the Acquiror; 89,008 common shares held indirectly through Koko; 1,786 common shares held through H. Atkinson ITF RR Atkinson; 1,786 common shares held through H. Atkinson ITF SS Atkinson; 24,500 stock options (each, an "Option"); 54,348 share purchase warrants (each, a "Warrant") held by FWP Acquisition; Secured convertible debentures (each, a "Debenture") in the amount of US$1,874,945 held by FWP Acquisition; Debenture in the amount of US$108,055 held by Koko; and 6,392 Series B Convertible Preferred Shares, of which 4,640 are held indirectly through FWP Acquisition, 818 are held indirectly through FWP Holdings, 324 are held indirectly through Koko and 610 are held indirectly through NumberCo, which represents 17.5% of the 8,547,602 issued and outstanding common shares immediately prior to the conversions of the Series B Convertible Preferred Shares and the issuance of the common shares, on a non-diluted basis. If the Acquiror were to exercise the Options, the Warrants and convert the Debentures and the Series B Convertible Preferred Shares, the Acquiror would directly and indirectly own and control 6,813,266 common shares or 49.1% of the issued and outstanding common shares calculated on a partially-diluted basis. Following conversions of the Series B Convertible Preferred Shares and the iss...