GTEC - Greenland Technologies to raise $10M in stock offering and private placement

• Greenland Technologies ( NASDAQ: GTEC ) entered into a definitive agreement with a single institutional investor for the purchase and sale of 1.25M shares and pre-funded warrants to purchase up to 398,974 ordinary at a purchase price of $4.17/share in a registered direct offering.
• In a concurrent private placement, it 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 4.53M shares at an exercise price of $4.49/share.
• The purchase price for each unit will be $5.089, with an exercise price per pre-funded warrant of $0.001/share.
• Common warrants will have a 5.5-year term from issuance date.
• Gross proceeds  of both transactions are expected to be ~$10M.
• Transactions are expected to close on or about July 27, 2022.

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