The electric vehicle industry has grown at a breakneck pace over the course of the past half a decade, and Tesla is not the only company that investors care tracking. One of the companies on investors radar is that of Canadian battery-electric vehicle manufacturer GreenPower Motor Company Inc (OTCMKTS:GPVRF).
The stock has been on a tear triggered by recent developments. On Monday GPVRF rallied by as much as 70%, and this week it a 52-week high of $3.31. Even widening the scope further, GreenPower has booked gains to the tune of as much as 200% in the month of August.
One of the biggest triggers for the latest rally is linked to an announcement from the company last week. Last Wednesday, the company filed an uplisting application with the Security and Exchange Commission to list its stock on the NASDAQ.
The company stated in the application that it wishes to raise as much as $35 million from the IPO. GreenPower currently trades on the TSX Venture Exchange and the OTCQB. This is a major move from the company since it will give it access to a greater number of investors and by extension to a greater pool of capital.
GPVRF looks to trade under the ticker symbol GP and have employed Roth Capital and B. Riley FBR as the bookrunners for the endeavor. That being said, pricing and terms with regards to the shares have not been revealed by the company.
On a final note, July 29th the company made another major announcement that initially sparked the stock. GreenPower announced that it received an order for 100 of its all-electric van pool operator known as Green Commuter. The deliveries are scheduled for 2021. Sign up below for GPVRF alerts and breakout stock picks.