- GreenPower Motor (NASDAQ:GP) climbs 5% premarket on acquiring Lion Truck Body, headquartered in Torrance, California.
- Lion Truck Body designs and installs a range of resilient state-of-the-art truck bodies for industries such as goods movement, construction, catering, landscaping, utility and service sector and generated $3.5M revenue in it's last fiscal year.
- Under the purchase agreement Greenpower has purchased the assets of the business through a wholly owned subsidiary.
- The agreement comprised of upfront cash payments totaling $215,000, the assumption of certain liabilities totaling approximately $1.45M, and remaining cash payments of up to $25,000, which remain subject to customary adjustments and other post-closing conditions.
- Greenpower can leverage upon Lion Truck Body's years of expertise hence the deal will provide robust potential for it's EV star truck customers.
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