GTEC - Greenland Technologies dips 12% on $10M direct offering

• Greenland Technologies ( NASDAQ: GTEC ) enters agreement with a single institutional investor for the purchase and sale of 1.25M ordinary shares and pre-funded warrants to purchase up to 398,974 shares at a price of $4.17 per share in a registered direct offering.
• Company also agreed to issue to the investor units to purchase pre-funded warrants to purchase up to 616,026 ordinary shares and warrants to purchase 4.53M shares at $4.49 per share.
• Aggregate gross proceeds of both transactions are expected to be ~$10M
• Closing expected July 27, 2022.
• Stock stumbles 12% during pre-market

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