Greenland Technologies board approves spin-off of drivetrain systems into separate publicly-traded company

Greenland Technologies Holding Corp.

Spin-off of drivetrain systems segment to create two independent companies: pure-play HEVI industrial EV business and drivetrain systems on OTC market.
Current GTEC shareholders will receive a tax-free distribution of shares in the new drivetrain systems company; allocation to be determined.
Board concluded separation is best strategic option to enhance shareholder value; no guarantees spin-off will occur or timeline.
HEVI brand will remain with Greenland; CEO cites critical mass in industrial EV business as catalyst for restructuring.

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