Greenland Technologies Receives Nasdaq Compliance Letter Following 2022 Annual General Meeting

EAST WINDSOR,N.J.,Feb. 3,2023 -- Greenland Technologies Holding Corporation (NASDAQ: GTEC) ("Greenland" or the "Company") previously announced that it had received a letter on January 4,2023 from the Staff of The Nasdaq Stock Market LLC ("Nasdaq"),notifying the Company that it was not in compliance with the annual meeting requirement set forth in Nasdaq Listing Rule 5620(a) for continued listing on Nasdaq. The Company today announced that on February 1,2023,Nasdaq informed the Company that it is now back in compliance with Nasdaq Listing Rule 5620(a) following its Annual General Meeting held on January 31,2023 and this matter is now closed.

Greenland Technologies (NASDAQ: GTEC)

About Greenland Technologies Holding Corporation

Greenland Technologies Holding Corporation (NASDAQ: GTEC) is a developer and a manufacturer of drivetrain systems for material handling machineries and electric vehicles,as well as electric industrial vehicles. Information on the Company's clean industrial heavy equipment division can be found at HEVI Corp.

Safe Harbor Statement

This press release contains statements that may constitute "forward-looking statements." Such statements reflect Greenland's current views with respect to future events and are subject to such risks and uncertainties,many of which are beyond the control of Greenland,including those set forth in the Risk Factors section of Greenland's Annual Report on Form 10-K and Definitive Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission ("SEC"). Copies are available on the SEC's website,www.sec.gov. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include,without limitation,Greenland's expectations with respect to future performance. In addition,there is uncertainty about the further spread of the COVID-19 virus or the occurrence of another wave of cases and the impact it may have on the Company's operations,the demand for the Company's products,global supply chains and economic activity in general. Should one or more of these risks or uncertainties materialize,or should assumptions underlying the forward-looking statements prove incorrect,actual results may vary materially from those described herein as intended,planned,anticipated or expected. Statements contained in this news release regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Greenland does not intend and does not assume any obligation to update these forward-looking statements,other than as required by law.

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