GTEC - The continuing saga from an 8-K issued Friday afternoon:
Item 4.01 Changes in Registrant’s Certifying Accountant.
On May 2, 2024, the audit committee of the board of directors of Greenland Technologies Holding Corporation (the “Company”) approved the dismissal of WWC P.C., an independent registered public accounting firm (“WWC”) and approved and ratified the engagement of Enrome LLP (“Enrome”) to serve as the independent registered public accounting firm of the Company for the fiscal year ending December 31, 2024.
WWC’s report on the Company’s financial statements for the fiscal years ended December 31, 2023 and 2022 did not contain an adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles. Furthermore, during the Company’s two most recent fiscal years and through April 29, 2024, there were no disagreements with WWC on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to WWC’s satisfaction, would have caused WWC to make reference to the subject matter of the disagreement in connection with its report on the Company’s financial statements for such periods. During the Company’s two most recent fiscal years and through April 29, 2024, there were no “reportable events” as that term is described in Item 304(a)(1)(v) of Regulation S-K, other than the material weaknesses reported by management under Item 9.A of the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2023, as filed with the .S. Securities and Exchange Commission (the “Commission”) on April 16, 2024.
The Company has provided WWC with a copy of the above disclosure and requested that WWC furnish a letter addressed to the Commission stating whether or not it agrees with the above statements. A copy of WWC’s letter is filed hereto as Exhibit 16.1.
During the Company’s two most recent fiscal years and through April 29, 2024, neither the Company nor anyone on its behalf consulted Enrome with respect to any matters or reportable events set forth in Item 304(a)(2)(i) and (ii) of Regulation S-K.
Item 8.01 Other Events.
On April 26, 2024, all of the Company’s current directors, the Company’s chief executive officer, and the Company’s controlling shareholder, Cenntro Holding Limited, were named as defendants (collectively, the “Defendants”), and the Company was named as a nominal defendant in a shareholder derivate action filed in the United States District Court for the District of New Jersey. The compliant assets, inter alia, that Defendants breached their fiduciary duties owed to the Company, committed waste and violated Section 16(a) of the Securities and Exchange Act of 1934, as amended. The complainant seeks: (i) on behalf of the Company, monetary damages of no less than $38,060,365; (ii) to restrict Mr. Peter Wang, the chairman of the Company’s board of directors from selling ordinary shares of the Company until Cenntro Holding Limited has paid off its amount due to the Company and setting up a trust over any future funds from sales of the Company’s ordinary shares by Mr. Peter Wang or Cenntro Holding Limited; (iii) that the Defendants disgorge profits obtained as a result of their wrongful conduct; (iv) to enjoin of the Company’s proposed spin-off transaction; (v) attorney fees and costs; and (vi) any other relief the court may deem just and proper.
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