Greenland Acquisition Corp. (GLAC), announced today that they had adjourned their shareholder vote to complete their combination with Zongchai Holdings. The new shareholder vote date will be on Thursday, October 24th.
As a result of the adjournment, the redemption deadline has been changed as well. The final date for public shareholders to demand redemption of their shares has been extended to 5:00 p.m., Eastern Time, on October 23, 2019. However, the record date remains the same, which is the close of business on September 18, 2019.
Greenland’s share closed today at $6.98, indicating there were going to be a significant number of redemptions. Plus, Greenland’s IPO unit included a Right, so there should be additional selling pressure post-vote. However, it’s unclear what Greenland will be able to do to in a week’s time (Oct. 24th) to change that, but we’ll have to wait and see An additional adjournment on the 24th is also a possibility.