GreenPower Converts Series B Preferred Shares into Common Shares

GreenPower Motor Company Inc., a leading manufacturer and distributor of all-electric, purpose-built, zero-emission medium and heavy-duty vehicles, announced the conversion of its Series B convertible preferred shares into common shares. The conversions took place on August 6 and 18, 2026, and involved three key shareholders.

On August 6, 324 Series B Convertible Preferred Shares held by Koko Financial Services Ltd. ("Koko") were converted into 244,201 common shares.

These transactions have been filed on Insider Trading Reports on SEDI. As the shares were issued to companies controlled by an insider of the Company, the issuance is considered a "related party" transaction under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions. The issuance 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.

These represent 17.5% of the 8,547,602 issued and outstanding Shares immediately prior to the conversions of the Series B Convertible Preferred Shares and the issuance of the Shares, on a non-diluted basis.

Following the conversions and the issuance of the Shares, the Acquiror directly and indirectly owned and controlled the following securities: 536,230 Shares held directly; 2,857 Shares held indirectly through Atkinson Family Trust; 785,555 Shares held indirectly through FWP Acquisition; 464,367 Shares held indirectly through NumberCo; 634,686 Shares held indirectly through FWP Holdings; 70,893 Shares held indirectly through KFS; 333,209 Shares held indirectly through Koko; 1,786 Shares held through H. Atkinson ITF RR Atkinson; 1,786 Shares held through H. Atkinson ITF SS Atkinson; 24,500 Options; 54,348 Warrants held by FWP Acquisition; a debenture in the amount of US$1,874,945 held by FWP Acquisition; a debenture in the amount of US$108,055 held by Koko; and 4,640 Series B Convertible Preferred Shares held indirectly through FWP Acquisition. These represent 28.6% of the 9,884,038 issued and outstanding Shares following the conversions of the Series B Convertible Preferred Shares and the issuance of the Shares, on a non-diluted basis.

This press release is not an offer to sell or the solicitation of an offer to buy the securities in the United States or in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The securities may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from U.S. registration requirements and applicable U.S. state securities laws.