Greenland Technologies (GTEC) said Wednesday it priced an underwritten public offering of about 5.08 million units at $1.20 per unit, expected to raise roughly $6.1 million in gross proceeds.

Each unit includes one ordinary share and four-fifths of a warrant, with each whole warrant exercisable for one ordinary share at $1.20 or through a zero-cost exercise option.

The units will not be certificated or issued as stand-alone securities and the ordinary shares and warrants will be issued separately. The warrants are immediately exercisable and expire three years from the date of issuance.

The company said it intends to use net proceeds from the offering for working capital and general corporate purposes. The offering is expected to close on or about Thursday.

Shares of Greenland Technologies fell more than 16% in recent trading.

Price: 1.01, Change: -0.20, Percent Change: -16.25