Blue Bird, Generate Capital terminate joint venture agreement

On October 22, the Board of Directors of Blue Bird (BLBD) approved the termination of the previously announced joint venture agreement with Generate Capital, respecting the joint venture named Clean Bus Solutions. Generate Capital, as the other 50% shareholder of the Joint Venture, has also approved termination of the venture, and the Board of CBS will immediately begin the process of winding down affairs and will formally dissolve the legal entity upon completing appropriate legal and contractual obligations. Circumstances Surrounding Termination. Through the course of its operation, the Joint Venture was unable to generate business on a timeline that was likely to generate profitable returns for the entity within the expectations of the joint venture partners. In October 2025, the Board of CBS met and voted to recommend to the joint venture partners to terminate the business, wind down operations, and dissolve the legal entity. On October 22, 2025, the Blue Bird Board approved the termination of the Joint Venture and Joint Venture Agreement. Upon obtaining approval from Generate Capital, the CBS Board authorized winding down and dissolution of the business on October 24, 2025. Through the date of termination, Blue Bird has provided capital infusions to the Joint Venture in the aggregate amount of $1,678,934. No further material financial commitments are anticipated, and the company does not expect such termination to have a material adverse effect on the company’s future financial condition, results of operations, or cash flows.