Greencity Acquisition Corporation Signed LOI with a Chinese 3D printing Company

Rhea-AI Summary

Greencity Acquisition Corporation (NASDAQ:GRCY) announced the signing of a non-binding letter of intent (LOI) with Bopai Construction Technology (Shanghai) Co., Ltd. on April 21, 2023. The LOI outlines plans for a potential business combination, subject to satisfactory due diligence and the delivery of audited financial statements by Bopai. Bopai is recognized for its innovation in the 'Construction Industry 4.0', specializing in 3D printing technologies, and holds 43 patents. Greencity aims to focus on Asian market opportunities and is positioned to engage in mergers, share exchanges, or similar business combinations. The transaction's specifics and strategic value will be evaluated as the process progresses.

Positive

• Engagement with Bopai, a leading 3D printing technology company with 43 patents.
• Potential for market expansion in the innovative construction sector.
• Focus on Asian market aligns with growth opportunities.

Negative

• The transaction is subject to satisfactory due diligence, introducing uncertainty.
• Non-binding nature of the LOI may impact investor confidence.

SHANGHAI, April 21, 2023 /PRNewswire/ -- Greencity Acquisition Corporation (the "Company" or "Greencity") (NASDAQ:GRCY) today announced that on April 21, 2023 the Company signed a non-binding letter of intent ("LOI") with Bopai Construction Technology (Shanghai) Co., Ltd. (the "Bopai"), a company headquartered in China. Bopai has retained its own US legal counsel and PCAOB qualified independent public accounting firm to conduct the preparation for the potential business combination transaction with the Company. The Company plans to enter into the definitive business combination agreement (the "DA") with Bopai upon the completion of due diligence on Bopai to Company's satisfactory and Bopai's delivery of its audited financial statements as required for the potential initial proxy statement/registration statement filing.

About Bopai Construction Technology (Shanghai) Co., Ltd

Bopai is a scientific and technological innovation-oriented enterprise dedicated to "Construction Industry 4.0". Under the wave of industrialization and informatization in the construction industry, the Bopai is committed to the building automation industry. Through the world's leading 3D architectural printing as the entry point and guarantee, the industrial production method employed by Bopai is used to carry out intelligent and green production of buildings. Popai owns 43 patents and its research and development programs are backed by first-class universities to ensure continuous technology innovation.

Bopai has the most complete 3D printing technology in the industry, including 3D concrete printing and 3D rammed earth printing, and provides supporting solutions for housing construction, including structural columns, ring beams, floor slabs, cloth reinforcement, water and electricity and others.

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.

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SOURCE GREENCITY ACQUISITION CORPORATION

FAQ

What is the significance of the LOI signed by Greencity Acquisition Corporation and Bopai?

The LOI signifies the potential for a future business combination, allowing Greencity to explore strategic partnership opportunities in the innovative construction sector.

What technologies does Bopai Construction Technology specialize in?

Bopai specializes in 3D printing technologies for construction, including concrete and rammed earth printing, and has developed supporting solutions for various structural components.

When was the LOI signed between Greencity Acquisition Corporation and Bopai?

The LOI was signed on April 21, 2023.

How does this potential business combination impact Greencity's strategy?

This combination may enhance Greencity's presence in the Asian market and diversify its portfolio by integrating advanced construction technologies.

What steps must Bopai complete before the business combination can proceed?

Bopai must complete satisfactory due diligence and provide the necessary audited financial statements.