Greenland Acquisition Corp.

The swing from operating loss to $5.98 million of operating income is driven partly by an $5.8 million reduction in G&A that the company attributes to stock-based compensation, a non-cash item, rather than to volume alone. The HEVI suspension is a stated, continuing condition.

A single-class ordinary share structure became a dual-class Class A / Class B structure during the half-year, and receivables plus notes receivable grew by roughly $20.7 million while cash grew $1.2 million. Warrant liability fell to $18,900 from $70,910.

The fee table sizes the transaction at 7,500,000 ordinary shares and a maximum value of $76,237,500. Approval requires only a majority of the voting power present and voting at the meeting rather than of all shares outstanding, so turnout decides it. At the closing the units separate and the rights automatically convert into shares, so GLACU and GLACR stop trading and a rights holder becomes a shareholder without acting. The record date is September 18, 2019, and on September 23, 2019 the units, shares, rights and warrants last closed at $10.50, $10.37, $0.51 and $0.13.

Three dates and three prices, all stated. The combination deadline is July 27, 2019, extendable to April 27, 2020. Cash in trust was approximately $10.12 per public share at February 28, 2019, the shares closed at $10.16 on July 2, 2019, and the proxy caps redemptions at 3,853,677 public shares at a redemption price of approximately $10.13, a maximum derived from the minimum net tangible asset requirement. A deadline fifteen days after this filing is what makes the extension the live question rather than the deal.

What changed: Exhibit 99.1 to an 8-K filed under Greenland Acquisition Corp's CIK: Greenland Technologies Holding Corporation (Nasdaq: GTEC) Q2 and H1 2026 results. Q2 revenue rose 37.6% to $29.88 million from $21.72 million on transmission-product volume of 53,243 sets versus 42,908; gross profit rose 65.9% to $9.54 million and gross margin to 31.9% from 26.5%; income from operations was $5.98 million against a $2.32 million operating loss; net income was $4.94 million against a $2.76 million loss, with $3.50 million attributable to the company and EPS of $0.13 versus $(0.20). H1 revenue rose 27.7% to $55. Why it matters: The swing from operating loss to $5.98 million of operating income is driven partly by an $5.8 million reduction in G&A that the company attributes to stock-based compensation, a non-cash item, rather than to volume alone. The HEVI suspension is a stated, continuing condition.

What changed: Q2 2026 10-Q of Greenland Technologies Holding Corporation (Nasdaq: GTEC), filed under Greenland Acquisition Corp's CIK. The balance sheet shows cash of $8,980,604 versus $7,775,330 at December 31, 2025, accounts receivable of $30,472,900 versus $17,256,479, notes receivable of $22,146,768 versus $14,704,079, inventories of $24,623,617, total current assets of $125,799,314 and total assets of $147,526,268 versus $115,772,341. Total liabilities rose to $64,632,102 from $49,452,420, including bank-acceptance notes payable of $20,263,519 and accounts payable of $35,032,772. Why it matters: A single-class ordinary share structure became a dual-class Class A / Class B structure during the half-year, and receivables plus notes receivable grew by roughly $20.7 million while cash grew $1.2 million. Warrant liability fell to $18,900 from $70,910.