NEW YORK, Oct. 17, 2019
/PRNewswire/ -- Greenland Acquisition Corporation
(NASDAQ: GLAC) (the "Company" or "Greenland") announced today that it has
entered into a confidential memorandum of understanding (the "MOU")
with the plaintiff and other parties in a purported class action,
captioned Wheby v. Greenland Acquisition Corporation, et al., Case
No. 19-1758-MN (D. Del.), which was filed on September 19, 2019, against the Company and
certain individuals (the "Action"). Pursuant to the MOU, a
stipulation and order of dismissal of the Action was filed by the
plaintiff in the United States
District Court for the District of Delaware on October 14,
2019, which was approved and entered by the court on
October 15, 2019.
"We are pleased that the case has been dismissed and we remain
focused on driving long-term value for our shareholders by working
toward advancing the proposed business combination with Zhongchai
Holding (Hong Kong) Limited,"
stated Yanming Liu, Chief Executive
Officer and Chairman of the Company.
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.
Forward-Looking Statements
As previously disclosed in a Current Report on Form 8-K filed on
July 12, 2019, Greenland entered into a share exchange
agreement (the "Share Exchange Agreement") with Zhongchai Holding,
Greenland Asset Management Corporation, a British Virgin Islands company with limited
liability, in the capacity thereunder as the purchaser
representative, and Cenntro Holding Limited, the sole member of
Zhongchai Holding, pursuant to which, among other things and
subject to the terms and conditions contained therein, Greenland has agreed to acquire all of the
outstanding capital stock of Zhongchai Holding through a share
exchange, with Zhongchai Holding becoming a direct wholly owned
subsidiary of Greenland (the
"Business Combination").
This press release contains statements that may constitute
"forward-looking statements." Forward-looking statements are
subject to numerous conditions, many of which are beyond the
control of Greenland, including
those set forth in the Risk Factors section of Greenland's Annual Report on Form 10-K filed
with the SEC. Copies are available on the SEC's website,
www.sec.gov. Words such as "expect," "estimate," "project,"
"budget," "forecast," "anticipate," "intend," "plan," "may,"
"will," "could," "should," "believes," "predicts," "potential,"
"continue," and similar expressions are intended to identify such
forward-looking statements. These forward-looking statements
include, without limitation, Greenland's expectations with respect to
future performance, anticipated financial impacts of the business
transaction; approval of the business transaction by shareholders;
the satisfaction of the closing conditions to the business
transaction; and the timing of the completion of the business
transaction.
Greenland undertakes no
obligation to update these statements for revisions or changes
after the date of this release, except as required by law.
Such forward-looking statements relate to future events or
future performance, but reflect the parties' current beliefs, based
on information currently available. Most of these factors are
outside the parties' control and are difficult to predict. A number
of factors could cause actual events, performance or results to
differ materially from the events, performance and results
discussed in the forward-looking statements. Factors that may cause
such differences include: business conditions; natural disasters;
changing interpretations of U.S. Generally Accepted Accounting
Principles; outcomes of government reviews; inquiries and
investigations and related litigation; continued compliance with
government regulations; changes in legislation or regulatory
environments, requirements or changes adversely affecting the
business of Greenland and
Zhongchai Holding, including but not limited the reaction of
Zhongchai Holding customers to the Business Combination,
difficulties in maintaining and managing continued growth,
restrictions on the ability to make dividend payments, and general
economic conditions; geopolitical events and regulatory changes;
and the failure to maintain the listing of Greenland's securities on the Nasdaq Stock
Market. Other factors include the possibility that the Business
Combination does not close or the occurrence of any event, change
or other circumstances that could give rise to the termination of
the Share Exchange Agreement, including due to the failure to
receive required shareholder approvals, or the failure of other
closing conditions.
The foregoing list of factors is not exclusive. Additional
information concerning these and other risk factors are contained
in Greenland's most recent filings
with the SEC. All subsequent written and oral forward-looking
statements concerning Greenland
and Zhongchai Holding, the business transaction or other matters
and attributable to Greenland,
Zhongchai Holding, and Zhongchai Holding's shareholder or any
person acting on their behalf are expressly qualified in their
entirety by the cautionary statements above. Readers are cautioned
not to place undue reliance upon any forward-looking statements,
which speak only as of the date made. Neither Greenland, nor Zhongchai Holding or Zhongchai
Holding's shareholder undertake or accept any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statement to reflect any change in their
expectations or any change in events, conditions or circumstances
on which any such statement is based.
Company Contact:
Greenland Acquisition Corporation
Yanming Liu
+(86) 010-53607082
View original
content:http://www.prnewswire.com/news-releases/greenland-acquisition-corporation-announces-dismissal-of-purported-class-action-lawsuit-300940257.html
SOURCE Greenland Acquisition Corporation