Greenland Technologies Commences ~$6.1M Offering Of 5.083M Units At $1.20/Unit

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 pricing of its underwritten public offering of 5,083,330 units (the "Units") at a public offering price of $1.20 per Unit. Each Unit consists of one ordinary share of the Company (each, an "ordinary share" and collectively, the "ordinary shares") and four-fifths of one warrant (each, a "warrant" and collectively, the "warrants"), with each whole warrant exercisable for one ordinary share.

The gross proceeds from the offering are expected to be approximately $6.1 million, before deducting underwriting discounts and other  offering expenses payable by the Company. The Company intends to use the net proceeds from the offering for working capital and general corporate purposes.