July 27, 2022
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 the closing of its registered direct offering and concurrent private placement with a single institutional investor. The Company issued 1,250,000 ordinary shares and pre-funded warrants to purchase up to 398,974 ordinary shares at a purchase price of $4.17 per share in a registered direct offering. In the concurrent private placement, the Company also issued and sold 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 Company received aggregate gross proceeds of US$10 million from the transactions, before deducting placement agent fees and other related expenses. The Company intends to use the net proceeds from these transactions for general corporate and working capital purposes.
Hunter Taubman Fischer & Li LLC (the “Firm”) acted as U.S. counsel to the Company. Hunter Taubman Fischer & Li LLC is a boutique law firm specializing in corporate, commercial and securities transactions, cross-border financing, immigration and taxation. Our team of lawyers works together so our clients can benefit from astute business experience and sophisticated legal solutions.