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.
As 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.
Zhongchai 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.
In 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.
Peter 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."
Yanming Liu, the former Chairman
and Chief Executive Officer of the Company, remarked, "We are
excited about joining forces with Zhongchai Holding, and we believe
that the combination of Greenland's innovation focus and capital
markets experience with Zhongchai Holding's experienced management
team and their track record of growth in the transmission industry
will be a powerful combination. We believe this successful
transaction will deliver to Greenland's shareholders the key benefits of a
SPAC structure: capital preservation and an opportunity for
growth."
Chardan acted as financial advisor to the Company in the
transaction.
About Greenland
Greenland Acquisition Corporation is a British Virgin Islands 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.
About Zhongchai Holding
Zhongchai Holding (Hong Kong)
Limited is a holding company incorporated under the laws of
Hong Kong. It 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.
Forward-Looking Statements
This press release contains statements that may constitute
"forward-looking statements." Forward-looking statements are
subject to numerous conditions, 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
expectations with respect to future performance and anticipated
financial impacts of the business transaction.
Greenland undertakes no
obligation to update these statements for revisions or changes
after the date of this release, except as may be required by
law.
Such forward-looking statements relate to future events or
future performance, but reflect the parties' current beliefs, based
on information currently available. Certain of these factors are
outside the parties' control and may be difficult to predict. A
number of factors could cause actual events, performance or results
to differ materially from the events, performance and results
discussed in the forward-looking statements. Factors that may cause
such differences include: business conditions; natural disasters;
changing interpretations of U.S. Generally Accepted Accounting
Principles; outcomes of government reviews; inquiries and
investigations and related litigation; continued compliance with
government regulations; changes in legislation or regulatory
environments, requirements or changes adversely affecting the
businesses of Greenland and
Zhongchai Holding, including but not limited the reaction of
Zhongchai Holding customers to the Business Combination;
difficulties in maintaining and managing continued growth;
restrictions on the ability to make dividend payments;, general
economic conditions; geopolitical events and regulatory changes;
and the failure to maintain the listing of Greenland's securities on the Nasdaq Stock
Market.
The foregoing list of factors is not exclusive. Additional
information concerning these and other risk factors are contained
in Greenland's filings with the
SEC. Readers are cautioned not to place undue reliance upon any
forward-looking statements in this press release, which speak only
as of the date made. The Company does not undertake or accept any
obligation or undertaking to publicly update or revise any
forward-looking statements in this press release to reflect any
change in their expectations or any change in events, conditions or
circumstances on which any such statement is based, except as may
be required by law. Nothing contained herein constitutes or will be
deemed to constitute a forecast, projection or estimate of the
future financial performance of the Company following the closing
of the Business Combination or otherwise.
Company Contact:
Greenland Technologies Holding Corporation
Jing Jin
+86 182-6810-4220
View original
content:http://www.prnewswire.com/news-releases/greenland-acquisition-corporation-and-zhongchai-holding-hong-kong-limited-announce-closing-of-business-combination-300945335.html
SOURCE Greenland Acquisition Corporation