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  "documentTitle": "GreenPower Motor Company (GP)",
  "authorId": "61_White_Diamond_Research",
  "authorName": "White Diamond Research",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-12-01 00:00:00",
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  "notes": "The slide functions as a short-seller report, using a 'villain_critique' approach to undermine the company's business model and valuation.",
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      "kind": "callout",
      "text": "Our Research Shows That GreenPower Motors Isn't Really An Electric Bus Manufacturer, But Is An Importer/Reseller",
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      "text": "price target: $1.50",
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      "text": "GreenPower is all over the map. Formed in 2014 by a reverse merger with Oakmont Minerals Corp., a blank check company with some minor claims on Utah manganese prospects, its headquarters are in Vancouver, British Columbia while its operations are in California. Production is in Porterville and sales & marketing are in Rancho Cucamonga.",
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      "text": "When GreenPower first started trading on the OTC exchange in 2015, it stayed in a range of $1-4 per share up until it started trading on the Nasdaq. It had 15.5M shares outstanding between January-July 2020. Much of that time it was trading below $1 per share, which gave it a market cap of around $15M. The stock is up 1000%+ since June 1 and it uplisted to the Nasdaq on August 28.",
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      "text": "In its latest 20-F filing, GreenPower stated that on 9/30/20 it had 19M shares outstanding. Its fully diluted share count is about 24M.",
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      "kind": "paragraph",
      "text": "A 2018 interview with GreenPower CEO Fraser Atkinson shows:",
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      "text": "For many years, GreenPower remained almost unnoticed by investors, trudging along with a below $30M market capitalization for most of its history as a public company. Things changed suddenly in June 2020 as management and its investment bankers prepared to take advantage of peak investor enthusiasm for all things EV related. As such, management entered the advanced stages of marketing GreenPower for a Nasdaq public offering.",
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      "text": "The electric vehicle space is increasingly competitive, and we see no long-term value in GreenPower for shareholders or customers. GreenPower is a vehicle importer with an unknown brand, no intellectual property, and does a minimal amount of assembly operations on its own. Valuing GP at 1x revenues plus net cash, we assign it a price target of $1.50.",
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      "text": "California - this shuts down and minimizes their potential total addressable market size. As previously written by Mariner Research, GreenPower is heavily reliant on the California HVIP (Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project) and as subsidies in California are shrinking, and they are not eligible for other states, this spells trouble for GreenPower.",
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      "kind": "paragraph",
      "text": "While GreenPower presents itself as an electric bus manufacturer, we found the company doesn't manufacture anything. Furthermore, GreenPower's buses aren't \"made in America\". The reality is, GreenPower imports its already manufactured buses from China and resells them! The company is misleading investors.",
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      "text": "GreenPower Motor's Checkered History",
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