Greencity Acquisition Corporation announced that it has entered into an agreement to issue 260,000 units at a price of $10 per unit for gross proceeds of $2,600,000 on July 23, 2020. The transaction included participation from Cynthia Management Corporation. Each unit shall consist of one ordinary share of the company and one warrant to purchase one-half of one share, for a purchase price of $2,600,000, or $10.00 per Initial Unit, and up to 24,000 units at $10 per unit for proceeds for $240,000. Each additional units comprised of one share and one warrant. The investor shall have 45-day over-allotment option to be exercised in full or part. The securities issued shall have lock in period of 30 days after the completion of the company’s initial business combination. The company will not pay underwriting discounts or commissions with respect to the transaction. The issuance of the unit was made pursuant to the exemption in the Rule 501(a) of Regulation D under the Securities Act of 1933.