GreenPower Motor Company Inc.

Good evening and welcome to the Green Power Motor Company first quarter earnings call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on your touchtone phone. To withdraw your question, please press star, then two. Please note, this event is being recorded. I would now like to turn the conference over to Michael Sieffert, CFO. Please go ahead.

Thank you. This is Michael Sieffert, the Chief Financial Officer of Green Power Motor Company. I would like to welcome everyone to our call to discuss Green Power's first quarter financial results for the period ended June 30, 2020. I'm here today with our Chief Executive Officer, Fraser Atkinson, and our President, Brendan Riley. During today's call, we may make comments or statements about our future expectations, plans, and prospects, which may constitute forward-looking statements for the purpose of safe harbor provision under the Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in our quarterly interim results and in our MD&A filed on CDAR. In addition, these forward-looking statements relate to the date on which they are made. We anticipate that subsequent events and developments may cause the company's views to change. Green Power disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Also, during the course of today's call, we may refer to certain non-IFRS financial measures. Reconciliation of these non-IFRS measures can be found in our MD&A filed on CDAR, which is located on our website at www.greenpowerbus.com. I will now pass the call over to Fraser Atkinson.

Thank you, Michael. A lot has happened recently, so before we get into the quarter, I'm going to talk about NASDAQ and the share consolidation, among other things. This past Friday, August 28th, the company completed a consolidation of its common shares on the basis of seven pre-consolidation or pre-split common shares for one post-consolidation or post-split shares. So if you held 7,000 shares pre-split, you now own 1,000 shares post-split. The reason for going through this exercise was to achieve a number of objectives, which I'll talk about shortly. but in the context of several other activities undertaken at this time. The second one is that on that same date, August 28th, the company shares commenced trading on the NASDAQ capital market under the symbol GEP. Our shares continued to be listed for trading on the TSX Venture Exchange under the symbol GPV. The shares of the company that were traded on the OTCQB under the symbol GPVR ads as of August 28th were no longer quoted for trading on the OTCQB. And NASDAQ had worked to effectively port over those shares. And if there is any shareholders that are encountering difficulties or problems, please contact us at our office. As previously announced on August 28, 2020 and filed with the SEC and on CDAR, the company priced its U.S. initial public offering for 1,860,000 post-consolidation common shares of the company at a price of $20 per share. In addition, the company granted the underwriters a 30-day option to purchase up to an additional 279,000 shares at the initial public offering price. The gross proceeds from the offering before deducting underwriting discounts and commissions and estimated offering expenses payable by the company are expected to be approximately $37.2 million. Both of the figures I've just quoted are all in U.S. dollars. Excluding any exercise of the underwriter's option to purchase additional common shares, the offering is expected to close on September 1, 2020, subject to the satisfaction of Customary Closing Conditions. The company intends to use the net proceeds from this offering for the production of all electric vehicles, including EV stars, EV star plus, EV star cabin chassis, our school bus, and our 30-foot low-floor transit-style bus, as well as product development and geographic expansion, with the remainder, if any, for working capital. NASDAQ has, in terms of my earlier comment about the objectives that we were seeking, NASDAQ has a minimum listing requirement which we have been tracking or we had been tracking below. At our pre-split levels or prices, we're also below the majority of the thresholds that ETFs, index funds, and CSG funds require in order to buy a stock that would otherwise qualify for their fund. So whereas our Green Power stock may meet all the criteria, requirement, and even the objectives set by the management of these funds, simply our stock price was a limiting factor in terms of these funds acquiring our stock. And to illustrate the impact of these, We understand there are 21 ETFs that own more than 5 million shares of Workhorse. So our view is a great example of how these funds can be an effective participant in a company's stock and went a long way in our determination of the metrics for our various activities of last week. So at this point, I'd like to introduce Michael Sieffert, the CFO of Green Power, who spoke at the beginning of this call.