Greenland Technologies Holding Corporation filed SEC Form 8-K: Entry into a Material Definitive Agreement, Financial Statements and Exhibits
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Item 1.01 Entry into a Material Definitive Agreement
On April 15, 2025, Zhongchai Holding (Hong Kong) Limited (“Zhongchai Hong Kong” or the “Lender”), an indirect wholly owned subsidiary of Greenland Technologies Holding Corporation, a business company formed in the British Virgin Islands (the “Company”), entered into a loan agreement (the “Loan Agreement”) with Cenntro Inc., a Nevada corporation (“Cenntro” or the “Borrower”), a related party of the Company, which provides for the Borrower’s capacity to borrow up to $1.0 million as evidenced by a promissory note issued by the Borrower to the Lender dated as of April 15, 2025 (the “Promissory Note”). The Borrower intends to use the proceeds received from the Promissory Note for working capital purposes.
The Promissory Note has a maturity date of April 14, 2026, and accrues interest at a rate of 7.50% per annum. Upon the occurrence of any Default (as defined in the Loan Agreement), the Lender is entitled to declare the debt, all interest and other amounts payable (the “Default Sum”) under the Loan Agreement to be forthwith due and payable, or alternatively, demand the Default Sum be converted into shares of common stock of the Borrower at the Conversion Price (as defined in the Loan Agreement). The Loan Agreement contains customary representations and warranties of the Borrower, and affirmative and negative covenants for a transaction of this type.
As of the date of this current report on Form 8-K, Mr. Peter Zuguang Wang, the Company’s director and chairman of the board of directors, beneficially owns 45.69% of the Company’s outstanding ordinary shares through Cenntro Holding Limited, a Hong Kong company. Mr. Peter Zuguang Wang is also the chief executive officer and chairman of the board of directors of the Borrower. Accordingly, as the Lender and the Borrower are related parties, the Loan Agreement, the Promissory Note and the transactions contemplated thereby constitute a related party transaction for the Company within the meaning of Item 404 of Regulation S-K, and each of the Loan Agreement and Promissory Note were reviewed and approved by the audit committee of the Company’s board of directors, which consist solely of independent directors of the Company with no interest in the transactions contemplated by the Loan Agreement or the Promissory Note. The negotiation and adoption of the Loan Agreement, Promissory Note excluded Mr. Peter Zuguang Wang’s son, Mr. Raymond Z. Wang, who is the Company’s chief executive officer and president.
The foregoing descriptions of the Loan Agreement and Promissory Note do not purport to be complete and are subject to, and qualified in their entirety by, reference to the full text of the Loan Agreement and Promissory Note, respectively, which are attached as Exhibits 10.1 and 10.2 to this Current Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | |
| 10.1 | Loan Agreement, dated as of April 15, 2025, entered into by and between Zhongchai Holding (Hong Kong) Limited and Cenntro Inc. | |
| 10.2 | Promissory Note, dated as of April 15, 2025, issued by Cenntro Inc. to Zhongchai Holding (Hong Kong) Limited | |
| 104 | Cover Page Interactive Data File (embedded within Inline XBRL document). |
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SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Greenland Technologies Holding Corporation |
| Dated: April 18, 2025 | By: | /s/ Raymond Z. Wang |
| Name: | Raymond Z. Wang | |
| Title: | Chief Executive Officer |
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