New York, July 27, 2018 (GLOBE NEWSWIRE) -- Greenland Acquisition Corporation (NASDAQ: GLACU, the “Company”) announced today that it closed its initial public offering of 4,400,000 units, which included 400,000 units issued pursuant to the partial exercise by the underwriters of their over-allotment option. The offering was priced at $10.00 per unit, resulting in gross proceeds of $44,000,000.
The Company’s units began trading on The NASDAQ Capital Market (“NASDAQ”) on July 25, 2018 and trade under the ticker symbol “GLACU”. Each unit consists of one ordinary share, one warrant to purchase one-half of one ordinary share, and one right to receive one-tenth of one ordinary share upon the consummation of the Company’s initial business combination. Once the securities comprising the units begin separate trading, the ordinary shares, rights and warrants are expected to be listed on NASDAQ under the symbols “GLAC,” “GLACR,” and “GLACW,” respectively.
Of the proceeds received from the consummation of the initial public offering and a simultaneous private placement of units, $44,000,000 (or $10.00 per unit sold in the public offering) was placed in trust. An audited balance sheet of the Company as of July 27, 2018 reflecting receipt of the proceeds upon consummation of the initial public offering and the private placement will be included as an exhibit to a Current Report on Form 8-K to be filed by the Company with the Securities and Exchange Commission.
Ellenoff Grossman & Schole LLP and Ogier acted as counsel to the Company and Loeb & Loeb LLP acted as counsel to the underwriters.
Chardan acted as sole book running manager and I-Bankers Securities acted as co-manager in the offering.
About Greenland Acquisition Corporation
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. The Company’s efforts to identify a prospective target business will not be limited to a particular industry or geographic region, but it intends to focus on businesses that have their primary operations located in China.
A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on July 24, 2018. The offering was made only by means of a prospectus, copies of which may be obtained by contacting Chardan Capital Markets, LLC, 17 State Street, Suite 1600, New York, New York 10004. Copies of the registration statement can be accessed through the SEC's website at www.sec.gov.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Forward Looking Statements
This press release includes forward-looking statements that involve risks and uncertainties. Forward looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.