Greenland Acquisition Corporation and Zhongchai Holding (Hong Kong) Limited Announce Closing of Business Combination

About this update from Greenland Technologies Holding Corporation

[{"type":"text","content":"NEW YORK, Oct. 24, 2019 /PRNewswire/ -- Greenland Acquisition Corporation (the \"Company\" or \"Greenland\") (Nasdaq: GLAC) and Zhongchai Holding (Hong Kong) Limited (\"Zhongchai Holding\") today jointly announced the closing of the previously-announced business combination (the \"Business Combination\") pursuant to which Zhongchai Holding became a wholly-owned subsidiary of the Company and the former shareholder of Zhongchai Holding acquired 7,500,000 ordinary shares of the Company (\"Ordinary Shares\"). The transaction was approved at a special meeting of the Company's shareholders in lieu of an annual meeting held on October 24, 2019.\nAs part of the transaction, the Company changed its name to \"Greenland Technologies Holding Corporation\". As a result, the Company expects that its ordinary shares and warrants will begin trading on The Nasdaq Capital Market under the ticker symbols \"GTEC\" and \"GTECW,\" respectively, starting on or about October 28, 2019, and that its units and rights will cease trading as of the close of business on October 28, 2019.\nZhongchai Holding is a developer and manufacturer of traditional transmission products for material handling machineries and a developer of a robotic cargo carrier prototype expected to be available for commercial use in the near future in China.\nIn connection with the Business Combination, (i) the Company's units, each of which is comprised of one Ordinary Share, one warrant to purchase one-half of one Ordinary Share and one right, have been separated into their component securities, and (ii) the 4,400,000 public rights (including those included in units) have been converted into 440,000 Ordinary Shares. In addition, 260,000 rights held by Greenland Asset Management Corporation have been converted into 26,000 Ordinary Shares and 22,000 rights held by Chardan Capital Markets, LLC have been converted into 2,200 Ordinary Shares.\nPeter Zuguang Wang, the Chairman of the Company, said, \"We are entering an exciting phase for our company where the resources of the public capital markets will be available to enhance our R&D efforts and business growth in the transmission industry. We believe that this will enable us to execute more rapidly and efficiently in delivering and scaling new designs and products to the world's connected consumers.\"\nYanming Liu, the former Chairman...

More updates from Greenland Technologies Holding Corporation