Greencity Acquisition said it signed a non-binding letter of intent with Bopai Construction Technology (Shanghai) Co., Ltd. headquartered in China.
Bopai has retained its own US legal counsel and PCAOB qualified independent public accounting firm to conduct the preparation for the potential business combination.
The SPAC plans to enter into a definitive merger agreement with Bopai upon completion of due diligence and Bopai's delivery of its audited financial statements.
Bopai owns 43 patents. The company said it has the most complete 3d printing technology in the industry, including 3D concrete printing and 3D rammed earth printing, and provides supporting solutions for housing construction, including structural columns, ring beams, floor slabs, cloth reinforcement, water and electricity and others.
Asia-focused Greencity last month disclosed it was notified by the nasdaq of non-compliance with the minimum $35 million standard for a continued listing. The SPAC has until Sept. 20 to regain compliance.
Also in March, Greencity filed a proxy and called an April 25 meeting for shareholders to vote on another deadline extension. This would be the 10th, if approved. The SPAC's ipo will mark its third anniversary in July. Read more.
Source: Greencity Acquisition Signs LOI with China-Based 3D Printing Company