Greenland Technologies Slips After $10M Equity Offering

Greenland Technologies Holding Corp GTEC has entered into a definitive agreement with a single institutional investor for the purchase and sale of 1.25 million ordinary shares and pre-funded warrants to purchase up to 398,974 ordinary at $4.17 per share.
GTEC 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 4.53 million ordinary shares at an exercise price of $4.49 per share.
The purchase price for each unit will be $5.089, with an exercise price per pre-funded warrant of $0.001 per share. The common warrants will have a 5.5-year term from the date of issuance.
GTEC expects the aggregate gross proceeds of both transactions to be ~$10 million.
The transactions are expected to close on July 27, 2022.
Price Action: GTEC shares are trading lower by 5.63% at $4.36 on the last check Monday.