Stock News Alert: Greenland Technologies Holding Corporation (NASDAQ:GTEC)

Greenland Technologies Holding Corporation (NASDAQ:GTEC) moved 13.00% to recent value of $4.9. The stock transacted 2498 shares during most recent day however it has an average volume of 31.40K shares. It spotted trading -53.64% off 52-week high price. On the other end, the stock has been noted 14.55% away from the low price over the last 52-weeks.

On Jan. 13, 2020, Greenland Technologies Holding Corporation (NASDAQ:GTEC) and Goog Intelligent Machinery Changxing Co., Ltd. (Goog), a technology service and product provider in China, entered into a non-binding Memorandum of Understanding (MOU). Under the terms of the MOU, Greenland or its affiliates will acquire up to 75% ownership of Goog. Greenland will pay Goog’s shareholders their original paid-in capital with cash and a 20% premium with newly issued shares of Greenland. Greenland will conduct due diligence on Goog regarding its financials, operating results, technology, and intellectual property. The transaction is subject to the approval by the Boards of Directors of Greenland and Goog.

Goog has been developing the AMT (Automated Manual Transmission) technology, created a few working prototypes with the AMT technology, and tested them on buses and heavy-duty trucks. AMT is an automated gearbox system, which enables the decision to perform a gearshift and the actuation of clutch/gears to be done by computer. Compared to the manual transmission system, vehicles equipped with the AMT technology provide superior user experience, as AMT improves the safety and stability of the vehicle, enables the vehicle to be more fuel-efficient, and minimizes negative effects of driver fatigue.

Mr. Peter Zuguang Wang, the Chairman of Greenland, remarked, Through this acquisition, Greenland will be able to add the automated manual transmission technology and know-hows to its existing transmission lines, providing quality products with the updated technology to its customers at competitive prices.

while earning per share for the next 5-years is expected to reach at 14.00%.

The company has 12.52M of outstanding shares and 4.42M shares were floated in the market. According to the most recent quarter its current ratio was 0.8 that represents company’s ability to meet its current financial obligations. The price moved ahead of -1.65% from the mean of 20 days, -19.69% from mean of 50 days SMA and performed -45.37% from mean of 200 days price. Company’s performance for the week was 2.17%, -16.94% for month and YTD performance remained -1.91%.

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