GPVRF - GreenPower Motor Co. - Subsidy-Driven Revenues At Risk

• GreenPower Motor Company is an electric vehicle company that has actually managed to sell its products, unlike many smaller caps in the space.
• We estimate that ~74% of GreenPower's revenues come from a subsidy program that has been frozen since November 2019 and will likely be smaller in the future.
• We believe that GreenPower has prioritized administrative operating expenses over R&D, resulting in NO protected IP and calling into question the company's ability to remain competitive.
• We believe that GreenPower's CEO and auditor have checkered pasts and present significance governance risks to shareholders.
• These factors, combined with the subsidy cliff that we believe will occur in 2021, lead us to assign a $2 price target to GreenPower's stock, down 85% from the Monday close.

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