Greenland Technologies Receives Nasdaq Notice on 2022 Annual General Meeting Requirement

Greenland to Hold its 2022 Annual General Meeting of Shareholders on Tuesday, January 31, 2023

EAST WINDSOR, N.J., Jan. 10, 2023 /PRNewswire/ — Greenland Technologies Holding Corporation (NASDAQ: GTEC) ("Greenland" or the "Company") today announced that on January 4, 2023, it received a notification (the "Notification") from The Nasdaq Stock Market LLC ("Nasdaq") that the Company no longer satisfies Nasdaq Listing Rule 5620(a) because the company failed to hold an annual shareholders meeting within twelve months of the Company’s fiscal year ended December 31, 2021. The Notification has no immediate effect on the listing of the Shares, and the Shares continue to trade on the Nasdaq Capital Market under the symbol "GTEC".

Greenland Technologies (NASDAQ: GTEC)
Greenland Technologies (NASDAQ: GTEC)

Accordingly, the Company will hold its 2022 Annual General Meeting of Shareholders on Tuesday, January 31, 2023. The meeting will be held in a virtual-only format and will begin at 9:30 a.m. ET. While shareholders will be able to attend the meeting online through a live audio webcast, there will not be a physical location for the annual meeting.

Pursuant to Nasdaq Listing Rules, the Company has 45 calendar days to submit a plan to regain compliance and if accepted, has up to 180 calendar days from the fiscal year end or until June 29, 2023 to regain compliance under the Nasdaq Listing Rules.

The meeting will focus on shareholder voting on formal business and proxy proposals. Shareholders may vote their shares electronically, online, by mail or by phone prior to 11:59 p.m. Eastern time on January 29, 2023. Shareholders entitled to vote at the meeting may also vote their shares online during the meeting.

The record date for shareholders entitled to vote at the virtual meeting is Friday, December 30, 2022. The Company’s preliminary proxy statement was filed on Friday, January 6, 2023 and includes details confirming how shareholders can access the January 31 virtual meeting and vote shares before or during the meeting. The public will also be able to listen to the Annual General Meeting, without the option to vote, through www.virtualshareholdermeeting.com/GTEC2023.

About Greenland Technologies Holding Corporation

Greenland Technologies Holding Corporation (NASDAQ: GTEC) is a developer and a manufacturer of drivetrain systems for material handling machineries and electric vehicles, as well as electric industrial vehicles. Information on the Company’s clean industrial heavy equipment division can be found at HEVI Equipment.

Safe Harbor Statement

This press release contains statements that may constitute "forward-looking statements." Such statements reflect Greenland’s current views with respect to future events and are subject to such risks and uncertainties, 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 and Definitive Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission ("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. In addition, there is uncertainty about the further spread of the COVID-19 virus or the occurrence of another wave of cases and the impact it may have on the Company’s operations, the demand for the Company’s products, global supply chains and economic activity in general. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated or expected. Statements contained in this news release regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Greenland does not intend and does not assume any obligation to update these forward-looking statements, other than as required by law.

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