Greenland Acquisition Corp. (GLAC), now Greenland Technologies Holding Corp. (GTEC), filed an 8-K this afternoon and included in the filed document was information regarding redemptions at their recent shareholder vote. Specifically, at Greenland’s vote to complete their combination with Zongchai Holdings, 3,794,057 Ordinary Shares were redeemed for $39,303,238 or, $10.359 per Share.
For reference, Greenland had 4,000,000 public Shares outstanding before the vote, so the cancellation of 3,794,057 means the float now stands at just 205,943 Shares. However, this does not include Rights Shares, which number 400,000. Regardless, this is a pretty small float no matter how you look at it, but keep in mind, since this SPAC did not file their proxy as an S-4, they are only subject to “continued listing” requirements on the Nasdaq, not “initial listing” requirements. It’s a complicated topic, so if you’d like to read up on the topic, you can find all the posts Kirkland & Ellis put together on the topic here: Part I, Part II, Rule Changes, FAQs on new listing standards.