EAST WINDSOR, N.J.,
June 30, 2021 /PRNewswire/ --
Greenland Technologies Holding Corporation (NASDAQ: GTEC)
("Greenland" or the "Company"), a
technology developer and manufacturer of electric industrial
vehicles and drivetrain systems for material handling machineries
and vehicles, today announced the closing of an underwritten public
offering with gross proceeds to the Company of approximately
$7.0 million, before deducting
underwriting discounts and commissions and other estimated offering
expenses payable by the Company. The public offering equates to
857,844 of the Company's ordinary shares at a price of $8.16 per share. The Company intends to use the
net proceeds from this offering for working capital and general
corporate purposes.
The Company has also granted the underwriter a 45-day option to
purchase up to an additional 15% of the number of ordinary shares
offered in the public offering to cover over-allotments, if any,
which would increase the total gross proceeds of the offering to
approximately $8.0 million, if the
over-allotment option is exercised in full.
Aegis Capital Corp. acted as the sole book-running manager
for the offering.
This offering was made pursuant to an effective shelf
registration statement on Form S-3 (No. 333-256509) previously
filed with the U.S. 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 Offering have been filed
with the SEC and are available on the SEC's website located at
http://www.sec.gov. Electronic copies of the final prospectus
supplement and accompanying prospectus may be obtained by
contacting Aegis Capital Corp., Attention: Syndicate Department,
810 7th Avenue, 18th floor, New York,
NY 10019, by email at syndicate@aegiscap.com, or by
telephone at (212) 813-1010.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful 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 a manufacturer of drivetrain systems for
material handling machineries and electric vehicles, as well as
electric industrial vehicles. For more information
visit www.gtec-tech.com.
Forward-Looking Statements
This press release contains statements that may constitute
"forward-looking statements." Such statements
reflect Greenland's current views with respect to future
events and are subject to such risks and uncertainties, many of
which are beyond the control of Greenland, including those set
forth 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," "forecast,"
"anticipate," "intend," "plan," "may," "will," "could," "should,"
"believes," "predicts," "potential," "continue," and similar
expressions are intended to identify such forward-looking
statements. These forward-looking statements include, without
limitation, Greenland's intended use of proceeds, Greenland's expectations with respect to
future performance. In addition, there is uncertainty about the
further spread of the COVID-19 virus or the occurrence of another
wave of cases and the impact it may have on the Company's
operations, the demand for the Company's products, global supply
chains and economic activity in general. Should one or more of
these risks or uncertainties materialize, or should assumptions
underlying the forward-looking statements prove incorrect, actual
results may vary materially from those described herein as
intended, planned, anticipated or expected. Statements contained in
this news 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
does not assume any obligation to update these forward-looking
statements, other than as required by law.
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SOURCE Greenland Technologies Holding Corporation