Greenland Technologies Holding Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Greenland Technologies Holding Corp. has filed its 2023 annual report on Form 10-K, detailing its financial performance and corporate information.</b>

AI Summary

Greenland Technologies Holding Corp. (GTEC) filed a Annual Report (10-K) with the SEC on April 16, 2024. Greenland Technologies Holding Corp. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The company's ordinary shares trade under the symbol GTEC on The Nasdaq Stock Market LLC. Greenland Technologies Holding Corp. was formerly known as Greenland Acquisition Corp., with a name change effective March 20, 2018. The company is incorporated in the British Virgin Islands. The filing indicates the company is a non-accelerated filer and a smaller reporting company.

Why It Matters

For investors and stakeholders tracking Greenland Technologies Holding Corp., this filing contains several important signals. This filing provides stakeholders with a comprehensive overview of the company's financial health, operational activities, and strategic direction for the fiscal year 2023. As a non-accelerated filer and smaller reporting company, this 10-K is crucial for investors to assess the company's compliance and financial standing within regulatory frameworks.

Risk Assessment

Risk Level: low — Greenland Technologies Holding Corp. shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate red flags or significant new disclosures that would suggest high risk based solely on the header information.

Analyst Insight

Review the full 10-K filing to understand Greenland Technologies Holding Corp.'s financial performance, operational risks, and future outlook for fiscal year 2023.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period covered by the 10-K report)
• 2024-04-16 — Filing Date (Date the 10-K was filed)
• 001-38605 — SEC File Number (Commission file number for the registrant)

Key Players & Entities

• Greenland Technologies Holding Corp. (company) — Filer name
• GTEC (company) — Trading Symbol
• The Nasdaq Stock Market LLC (company) — Exchange where GTEC is registered
• Greenland Acquisition Corp. (company) — Former company name
• 2023-12-31 (date) — Fiscal year end
• 2024-04-16 (date) — Filing date

FAQ

Industry Context

Greenland Technologies Holding Corp. operates in the general industrial machinery and equipment sector.

Regulatory Implications

The company is subject to the reporting requirements of the Securities Exchange Act of 1934, including filing annual reports on Form 10-K.

What Investors Should Do

1. Analyze the full 10-K for detailed financial statements and management discussion.
2. Review the risk factors section for potential business and financial challenges.
3. Assess the company's operational performance and strategic initiatives outlined in the report.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-04-16: Filing Date — Date Greenland Technologies Holding Corp. submitted its 10-K filing.

Year-Over-Year Comparison

This is the initial header information for the 2023 10-K filing; a comparison to the previous year's filing would require access to that document.

Key Financial Figures

• $11.50 — ordinary share at an exercise price of $11.50 per share. The units were sold in our i
• $10.00 — public offering at an offering price of $10.00 per unit, which generated $44,000,000 (
• $44,000,000 — ice of $10.00 per unit, which generated $44,000,000 (before underwriting discounts and offe
• $2,820,000 — rkets, LLC ("Chardan"), which generated $2,820,000 in gross proceeds. We also sold to Char
• $100 — old to Chardan (and its designees), for $100, an option to purchase up to 240,000 un
• $2,760,000 — unit (or an aggregate exercise price of $2,760,000) commencing on consummation of the Busi
• $8.16 — f the Company, for an offering price of $8.16 per share. The Company received $7.0 mi
• $7.0 million — f $8.16 per share. The Company received $7.0 million in gross proceeds from this offering, b
• $7.72 million — aggregate gross offering price of up to $7.72 million. As of the date of this Report, no ordi
• $4.17 — f the Company, for an offering price of $4.17 per share and $4.169 per RD pre-funded
• $4.169 — n offering price of $4.17 per share and $4.169 per RD pre-funded warrant. The Company
• $6.88 million — re-funded warrant. The Company received $6.88 million in gross proceeds from that registered
• $5.089 — ogether at a combined offering price of $5.089 per unit, with an exercise price per pr
• $0.001 — xercise price per pre-funded warrant of $0.001 per share. The Company received $3.14 m
• $3.14 million — $0.001 per share. The Company received $3.14 million in gross proceeds from that private pla

Filing Documents

• ea0203567-10k_greenlan.htm (10-K) — 1545KB
• ea020356701ex21-1_green.htm (EX-21.1) — 5KB
• ea020356701ex23-1_green.htm (EX-23.1) — 3KB
• ea020356701ex31-1_green.htm (EX-31.1) — 10KB
• ea020356701ex31-2_green.htm (EX-31.2) — 10KB
• ea020356701ex32-1_green.htm (EX-32.1) — 3KB
• ea020356701ex32-2_green.htm (EX-32.2) — 3KB
• ea020356701ex97-1_green.htm (EX-97.1) — 35KB
• image_001.jpg (GRAPHIC) — 27KB
• image_002.jpg (GRAPHIC) — 6KB
• image_003.jpg (GRAPHIC) — 7KB
• image_004.jpg (GRAPHIC) — 9KB
• image_005.jpg (GRAPHIC) — 8KB
• image_006.jpg (GRAPHIC) — 20KB
• image_007.jpg (GRAPHIC) — 10KB
• ex23-1_001.jpg (GRAPHIC) — 21KB
• ex23-1_002.jpg (GRAPHIC) — 11KB
• 0001213900-24-033426.txt (&nbsp;) — 9208KB
• gtec-20231231.xsd (EX-101.SCH) — 120KB
• gtec-20231231_cal.xml (EX-101.CAL) — 67KB
• gtec-20231231_def.xml (EX-101.DEF) — 464KB
• gtec-20231231_lab.xml (EX-101.LAB) — 738KB
• gtec-20231231_pre.xml (EX-101.PRE) — 462KB
• ea0203567-10k_greenlan_htm.xml (XML) — 981KB

BUSINESS

BUSINESS 1 ITEM 1A.

RISK FACTORS

RISK FACTORS 19 ITEM 1B. UNRESOLVED STAFF COMMENTS 35 ITEM 1C. CYBERSECURITY 35 ITEM 2.

PROPERTIES

PROPERTIES 36 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 36 ITEM 4. MINE SAFETY DISCLOSURES 36 PART II ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 37 ITEM 6. [RESERVED] 38 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 38 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 46 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA F-1 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 47 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 47 ITEM 9B. OTHER INFORMATION 48 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 48 PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 49 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 55 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED SHAREHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED SHAREHOLDER MATTERS 56 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 58 ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES 59 PART IV ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES 60 ITEM 16. FORM 10-K SUMMARY 61

SIGNATURES

SIGNATURES 62 i Cautionary Note Regarding Forward Looking Statements This Annual Report on Form 10-K, or this Report, contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These statements, which express management's current views concerning future business, events, trends, contingencies, financial performance, or financial condition, appear at various places in this report and use words like "aim," "anticipate," "assume," "believe," "continue," "could," "estimate," "expect," "forecast," "future," "goal," "intend," "likely," "may," "might," "plan," "potential," "predict," "project," "see," "seek," "should," "strategy," "strive," "target," "will," and "would" and similar expressions, and variations or negatives of these words. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control, are difficult to predict and could cause actual results to differ materially from those expressed or forecasted. These risks and uncertainties include the following: the availability and adequacy of our cash flow to meet our requirements; economic, competitive, demographic, business, and other conditions in our local and regional markets; changes or developments in laws, regulations, or taxes in our industry; actions taken or omitted to be taken by third parties including our suppliers and competitors, as well as legislative, regulatory, judicial, and other governmental authorities; competition in our industry; the loss of or failure to obtain any license or permit necessary or desirable in the operation of our business; changes in our business strategy, capital improvements, or development plans; the Company's ability to devise and implement effective internal controls and procedures; the a

BUSINESS

ITEM 1. BUSINESS General Greenland Technologies Holding Corporation (the "Company" or "Greenland") designs, develops, manufactures and sells components and products for the global material handling industries. Through its PRC subsidiaries, Greenland offers transmission products, which are key components for forklift trucks used in manufacturing and logistic applications, such as factories, workshops, warehouses, fulfilment centers, shipyards, and seaports. Forklifts play an important role in the logistic systems of many companies across different industries in China and globally. Generally, industries with the largest demand for forklifts include the transportation, warehousing logistics, electrical machinery, and automobile industries. Greenland's transmission products are used in 1-ton to 15-tons forklift trucks, some with mechanical shift and some with automatic shift. Greenland sells these transmission products directly to forklift-truck manufacturers. In the fiscal years ended December 31, 2023 and 2022, Greenland sold an aggregate of 149,543 and 129,686 sets of transmission products, respectively, to more than 100 forklift manufacturers in the PRC. In January 2020, Greenland launched HEVI Corp. ("HEVI"), formerly known as Greenland Technologies Corp. to focus on the production and sale of electric industrial vehicles to meet the increasing demand for electric industrial vehicles and machinery powered by sustainable energy in order to reduce air pollution and lower carbon emissions. HEVI is a wholly owned subsidiary of Greenland incorporated under the laws of the State of Delaware. HEVI's electric industrial vehicle products currently include GEF-series electric forklifts, a series of lithium powered forklifts with three models ranging in size from 1.8 tons to 3.5 tons, GEL-1800, a 1.8 ton rated load lithium powered electric wheeled front loader, GEX-8000, an all-electric 8.0 ton rated load lithium powered wheeled excavator, and GEL-5000, an all-electric

View Full Filing

View this 10-K filing on SEC EDGAR