BEIJING, July 24, 2019 /PRNewswire/ -- Greenland
Acquisition Corporation (the "Company" or "Greenland") (NASDAQ: "GLAC") today announced
that the Company's sponsor, Greenland Asset Management Corporation
(the "Sponsor"), has deposited into
the Company's trust account (the "Trust Account") an aggregate of
$440,000, representing $0.10 per public share of the Company, in order to extend the
period of time the Company has to consummate a business combination
by three months to October 25,
2019.
The Sponsor will have the option, but no obligation, to extend
such period of time an additional
two times, each by an additional three months, up to April 27, 2020, by depositing an aggregate of an
additional $880,000 into the Trust
Account, representing an additional $0.20 per public share, in connection with such
additional extensions.
About Greenland
Greenland Acquisition Corporation is a 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. On
July 12, 2019, Greenland entered into a definitive agreement
to combine with Zhongchai Holding (Hong
Kong) Limited, 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. For further information about such
transaction, please refer to Greenland's filings with the U.S. Securities
and Exchange Commission ("SEC").
Forward-Looking Statements
This press release contains statements that may constitute
"forward-looking statements," including the funding of the Trust
Account to further extend the period of time for the Company to
consummate an initial business combination, if needed.
Forward-looking statements are subject to numerous conditions, many
of which are beyond the control of the Company, including those set
forth in the Risk Factors section of the Company's annual report on
Form 10-K filed with the SEC. Copies are available on the SEC's
website, www.sec.gov. The Company undertakes no obligation to
update these statements for revisions or changes after the date of
this release, except as required by law.
Company Contact:
Greenland Acquisition Corporation
Yanming Liu
+ (86) 010-5360-7082
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SOURCE Greenland Acquisition Corporation
