CHARLESTON — GreenPower Motor Co. Inc. (NASDAQ: GP), a Canadian electric bus manufacturer with operations in West Virginia, completed a one-for-10 reverse stock split on Monday, Sept. 8, as part of an effort to maintain compliance with Nasdaq listing requirements.
The reverse split reduced the number of outstanding common shares by 90%, consolidating every 10 existing shares into one new share. While the move did not affect the company’s market capitalization, it increased the per-share trading price.
Reverse stock splits are used by companies whose share prices have fallen below the minimum required by stock exchanges. Nasdaq rules require listed companies to maintain a minimum bid price of $1 per share. GreenPower received a notice from Nasdaq on Feb. 27, 2025, indicating that its stock had traded below that threshold for 30 consecutive business days. The company was given 180 calendar days to regain compliance.
GreenPower’s stock price has declined significantly in recent years. After reaching a high of $30.84 in February 2021, shares dropped to $6.34 by February 2022 and to $0.54 by March 2025.
The company opened a manufacturing facility in South Charleston in 2022 to produce electric school buses, supported by more than $24 million in incentives and agreements from the state of West Virginia. The initiative was promoted as part of the state’s efforts to invest in green energy industries.
The company is currently priced at $2.95 per share, (which would be just $0.297 cents, if priced before the split).
GreenPower’s reverse split is intended to help the company meet Nasdaq’s minimum price requirements. It does not reflect a change in the company’s underlying financial performance or business operations.
