GreenVision Acquisition (OTCMKTS:GRNVU) Announces Changes in Leadership and Debt Transfer

Posted by James Nelson on Dec 15th, 2024

GreenVision Acquisition (OTCMKTS:GRNVU) recently disclosed in an 8-K filing with the Securities and Exchange Commission that key changes have taken place within the company. On December 9, 2024, the company entered into an Assignment and Release Agreement with YA II PN, Ltd. and Palella Holdings, LLC. This agreement facilitated the transfer of the debt owed by GreenVision Acquisition to YA II PN, Ltd. to Palella Holdings, LLC. The debt involved approximately $3,447,000 from a convertible promissory note and around $5,750,000 owed under a Loan and Security Agreement.

As part of these changes, Salvatore Palella, who previously served as the Chief Executive Officer and a director of GreenVision Acquisition, resigned from his positions on the same day. This departure was noted to be without any disagreement with the company, its management, directors, legal team, or independent auditors.

Following Palella’s resignation, Gian Luca Spriano was appointed as the new Chief Executive Officer and director of the board at GreenVision Acquisition. Spriano has a history with the company, having served as the Chief Financial Officer since December 2023. Prior to this, he was involved in building brand awareness for the company in various regions and spearheading city application initiatives.

Apart from his roles at GreenVision Acquisition, Mr. Spriano has also been affiliated with other companies where Salvatore Palella holds a significant equity interest, such as Palella Holdings LLC and Everli S.p.A. His professional background includes working in the Executive Office of the Secretary General at the UN, focusing on climate change initiatives and sustainable development.

With these recent changes, GreenVision Acquisition aims to navigate its future under new leadership while reinforcing its commitment to its strategic vision.

The 8-K filing also included the submission of pertinent agreements, including the Assignment and Release Agreement dated December 9, 2024. Additionally, the cover page of the Current Report on Form 8-K was formatted in Inline XBRL as required by regulations.

These transitions come in the wake of GreenVision Acquisition’s designation as an emerging growth company under Rule 405 of the Securities Act of 1933 and Rule 12b-2 of the Securities Exchange Act of 1934.

Investors and market enthusiasts are likely to keep a close watch on how these leadership changes influence the future trajectory of GreenVision Acquisition in the micro-mobility industry.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read GreenVision Acquisition’s 8K filing here.