Greenland Technologies Proposes $ 7.0 Million Bought Deal Public Offering

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WINDSOR EAST, NJ, June 28, 2021 / PRNewswire / – Greenland Technologies Holding Corporation (NASDAQ: GTEC) (“Greenland“or the” Company “), a technology developer and manufacturer of electric industrial vehicles and transmission systems for handling machinery and vehicles, today announced the price of a subscribed public offering, the gross proceeds of which for the Company are expected to be be around $ 7.0 million, before deduction of subscription discounts and commissions and other estimated offering costs payable by the Company. The public offering is equivalent to 857,844 ordinary shares of the Company at a price of $ 8.16 per share. The Company intends to use the net proceeds of this offering for working capital and general corporate purposes. The offer is expected to close on June 30, 2021, subject to customary closing conditions.

(PRNewsfoto / Greenland Technologies Holding Corporation)

The Company also granted the underwriter a 45-day option to purchase up to an additional 15% of the number of common shares offered under the public offering to cover over-allotments, if any, which would increase the proceeds. total gross supply. around $ 8.0 million, if the over-allotment option is fully exercised.

Aegis Capital Corp. acts as the only accounting manager of the offer.

This offering is made pursuant to a current registration statement on Form S-3 (No. 333-256509) previously filed with the United States Securities and Exchange Commission (the “SEC”) and declared effective by the SEC on June 7, 2021. A final prospectus supplement and accompanying prospectus describing the terms of the proposed offering will be filed with the SEC and will be available on the SEC’s website at http://www.sec.gov. Electronic copies of the Final Prospectus Supplement and accompanying prospectus can be obtained, when available, by contacting Aegis Capital Corp., Attention: Syndicate Department, 810 7th Avenue, 18th floor, New York, New York State 10019, by email at [email protected], or by phone at (212) 813-1010. Before investing in this offering, interested parties should read the entire Prospectus Supplement and accompanying Prospectus and other documents the Company has filed with the SEC which are incorporated by reference in this Prospectus Supplement. and the accompanying prospectus, which provide more information about the Company and this offer.

This press release does not constitute an offer to sell or the solicitation of an offer to buy and there will be no sale of such securities in any state or jurisdiction in which such an offer, solicitation or sale would be illegal. prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Greenland Technologies Holding Corporation

Greenland Technologies Holding Corporation (NASDAQ: GTEC) is a developer and manufacturer of transmission systems for material handling machinery and electric vehicles, as well as industrial electric vehicles. For more information, visit www.gtec-tech.com.

Forward-looking statements

This press release contains statements which may constitute “forward-looking statements”. These statements reflect Greenland’s current views regarding future events and are subject to such risks and uncertainties, many of which are beyond Greenland’s control, including those set out in the Risk Factors section of Greenland’s annual report on Form 10-K and Definitive Proxy Statement on Schedule 14A filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. Words such as “expect”, “estimate”, “project”, “budget”, “plan”, “anticipate”, “intend to”, “plan”, “power”, “power” , “Could”, “should,” “believes”, “predicted”, “potential”, “continuing” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, Greenland’s ability to complete the offer, its intended use of the product, from Greenland expectations for future performance. In addition, there is uncertainty as to the continued spread of the COVID-19 virus or the appearance of another wave of cases and the impact this could have on the Company’s operations, the demand for the Company’s products, global supply chains and general economic activity. . If one or more of these risks or uncertainties materialize, or if the assumptions underlying forward-looking statements prove to be incorrect, actual results may differ materially from those described herein as expected, planned, anticipated or expected. Statements in this press release regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Greenland does not intend and assumes no obligation to update these forward-looking statements, except as required by law.

Cision

Cision

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SOURCE Greenland Technologies Holding Corporation



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