Greenland Technologies Holding Corporation Announces $10.0 Million Registered Direct and Private Placement

About this update from Greenland Technologies Holding Corporation

[{"type":"text","content":"EAST WINDSOR, N.J., July 25, 2022 /PRNewswire/ -- Greenland Technologies Holding Corporation (\"GTEC\" or the \"Company\") (Nasdaq: GTEC), a technology developer and manufacturer of electric industrial vehicles and drivetrain systems for material handling machineries and vehicles, today announced that it has entered into a definitive agreement with a single institutional investor for the purchase and sale of 1,250,000 ordinary shares and pre-funded warrants to purchase up to 398,974 ordinary at a purchase price of $4.17 per share in a registered direct offering. The purchase price for the pre-funded warrants is identical to the purchase price for shares, less the exercise price of $0.001 per share.\n\nIn a concurrent private placement, the Company also agreed to issue to the investor units to purchase pre-funded warrants to purchase up to 616,026 ordinary shares and common warrants to purchase 4,530,000 ordinary shares at an exercise price of $4.49 per share. The purchase price for each unit will be $5.089, with an exercise price per pre-funded warrant of $0.001 per share. The common warrants will have a 5.5-year term from the date of issuance. The aggregate gross proceeds to the Company of both transactions are expected to be approximately $10.0 million. The transactions are expected to close on or about July 27, 2022, subject to the satisfaction of customary closing conditions.\nAegis Capital Corp. is acting as the Exclusive Placement Agent.\nThe registered direct offering is being 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 proposed offering will be filed with the SEC and will be available on the SEC's website located at http://www.sec.gov. Electronic copies of the final prospectus supplement and the accompanying prospectus may be obtained, when available, by contacting Aegis Capital Corp., Attention: Syndicate Department, 1345 Avenue of the Americas, 27th floor, New York, NY 10105, by email at [email protected], or by telephone at (212) 813-1010.\nThe offer and sale of the securities in the private placement are being made in a transaction not involving a public o...

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