Greencity Acquisition Corporation Shareholders Approve Extension of Deadline to Consummate Business Combination

Rhea-AI Summary

Greencity Acquisition Corporation (NASDAQ:GRCY) announced on April 19, 2022, that its shareholders voted overwhelmingly to extend the deadline for completing a business combination from April 28, 2022, to October 28, 2022. At the Extraordinary General Meeting held on April 18, 2022, 99.98% of voting shareholders, representing 3,575,801 ordinary shares, approved the extension. The company intends to focus on acquisition opportunities linked to the Asian market and will amend its Memorandum and Articles of Association accordingly.

Positive

• 99.98% shareholder approval for extension shows strong support.
• Extended timeline allows for better acquisition opportunities.
• Focus on the Asian market may lead to strategic growth.

Negative

• None.

NEW YORK, April 19, 2022 /PRNewswire/ -- Greencity Acquisition Corporation (the "Company" or "Greencity") (NASDAQ:GRCY) today announced that on April 18, 2022 the Company held an Extraordinary General Meeting of its shareholders (the "Meeting") at which time the shareholders voted overwhelmingly to extend the date (the "Extension") by which Greencity has to consummate a business combination from April 28, 2022 to October 28, 2022. The holders of 3,575,801 of the Company's ordinary shares present and entitled to vote at the Meeting, constituting 99.98% of ordinary shares present, voted in favor of the Extension. The Company will be promptly filing an appropriate amendment to its Memorandum and Articles of Association with the Registrar of Companies in the Cayman Islands.

About Greencity Acquisition Corporation

The Company is a blank check company incorporated as a Cayman Islands exempted company and formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an acquisition opportunity in any industry or sector, the Company intends to focus on businesses that have a connection to the Asian market.

Forward-Looking Statements

This press release contains statements that constitute "forward-looking statements". Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and prospectus for the offering filed with the U.S. Securities and exchange Commission ("SEC"). Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this press release, except as required by law.

Contact:

Panyan Yu
Chief Financial Officer
Greencity Acquisition Corporation
Tel: (+86) 1568936452
Email: yupanyan@grcyu.com

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SOURCE Greencity Acquisition Corporation

FAQ

What was the outcome of Greencity Acquisition Corporation's shareholder meeting on April 18, 2022?

Shareholders voted overwhelmingly to extend the deadline for a business combination from April 28, 2022, to October 28, 2022.

What percentage of shareholders approved the deadline extension for GRCY?

99.98% of the shareholders present at the meeting approved the extension.

Why did Greencity Acquisition Corporation extend its business combination deadline?

The extension allows more time to identify and finalize a suitable acquisition opportunity.

What market does Greencity Acquisition Corporation intend to focus on for acquisitions?

The company plans to focus on businesses that have a connection to the Asian market.