Greenland Acquisition Corporation Announces Dismissal of Purported Class Action Lawsuit

About this update from Greenland Technologies Holding Corporation

[{"type":"text","content":"NEW YORK, Oct. 17, 2019 /PRNewswire/ -- Greenland Acquisition Corporation (NASDAQ: GLAC) (the \"Company\" or \"Greenland\") announced today that it has entered into a confidential memorandum of understanding (the \"MOU\") with the plaintiff and other parties in a purported class action, captioned Wheby v. Greenland Acquisition Corporation, et al., Case No. 19-1758-MN (D. Del.), which was filed on September 19, 2019, against the Company and certain individuals (the \"Action\"). Pursuant to the MOU, a stipulation and order of dismissal of the Action was filed by the plaintiff in the United States District Court for the District of Delaware on October 14, 2019, which was approved and entered by the court on October 15, 2019.\n\"We are pleased that the case has been dismissed and we remain focused on driving long-term value for our shareholders by working toward advancing the proposed business combination with Zhongchai Holding (Hong Kong) Limited,\" stated Yanming Liu, Chief Executive Officer and Chairman of the Company.\nAbout Greenland\nGreenland Acquisition Corporation is a blank check company formed for the purpose of acquiring, engaging in a share exchange, share reconstruction and amalgamation with, purchasing all or substantially all of the assets of, entering into contractual arrangements with, or engaging in any other similar business combination with one or more businesses or entities.\nForward-Looking Statements\nAs previously disclosed in a Current Report on Form 8-K filed on July 12, 2019, Greenland entered into a share exchange agreement (the \"Share Exchange Agreement\") with Zhongchai Holding, Greenland Asset Management Corporation, a British Virgin Islands company with limited liability, in the capacity thereunder as the purchaser representative, and Cenntro Holding Limited, the sole member of Zhongchai Holding, pursuant to which, among other things and subject to the terms and conditions contained therein, Greenland has agreed to acquire all of the outstanding capital stock of Zhongchai Holding through a share exchange, with Zhongchai Holding becoming a direct wholly owned subsidiary of Greenland (the \"Business Combination\").\nThis press release contains statements that may constitute \"forward-looking statements.\" Forward-looking statements are subject to numerous conditions, many of which are beyond the contr...

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