Greenland Mines Announces Limited-Duration Stockholder Rights Plan Intended to Protect Shareholder Value

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CHARLOTTE, N.C., July 23, 2026 (GLOBE NEWSWIRE) — via IBN – Greenland Mines Ltd (Nasdaq: GRML) (“Greenland Mines” or the “Company”) announces that its Board of Directors has approved the adoption of a limited-duration stockholder rights plan, effective July 22, 2026, to protect the interests of the Company and its stockholders.

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The Board adopted the rights plan to ensure that all stockholders receive full and fair value in connection with any proposal to acquire the Company or any effort to obtain control of the Company. The rights plan is intended to protect stockholders from coercive or otherwise unfair takeover tactics, including the accumulation of a control or blocking position through open-market purchases or derivative positions without payment of an appropriate control premium, and to provide the board with time to make informed decisions in the best interests of the company and its stockholders. The rights plan is effective immediately and will expire in one year.

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The rights plan leaves open all paths to create stockholder value

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Dr. Joseph Sinkule, Chairman and Chief Executive Officer, commented: “The Board is committed to acting in the best interests of all Greenland Mines stockholders. The rights plan safeguards stockholders’ ability to receive appropriate value for their investment and ensures that the Board has adequate time to evaluate any proposal or accumulation of shares in a thoughtful and orderly manner. It does not prevent the Board from considering or accepting an offer that the board determines is fair and in the best interests of stockholders.”

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About the rights plan

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Pursuant to the rights plan, the company will issue, by means of a dividend, one right for each outstanding common share of the company to stockholders of record as of the close of business on August 7, 2026. Initially, the rights will not be exercisable and will trade with, and be represented by, the company’s common shares.

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The rights plan is effective immediately and has a one-year duration, expiring on July 22, 2027, unless earlier redeemed or exchanged by the board, or earlier terminated if stockholder approval of the rights plan has not been obtained at the company’s 2027 annual meeting of stockholders.

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Under the rights plan, the rights generally become exercisable only if a person or group (each, an “acquiring person”) acquires beneficial ownership of 15% or more of the outstanding common shares. In that situation, each holder of a right (other than the acquiring person and its affiliates, associates and certain transferees, whose rights will become null and void and will not be exercisable) will be entitled to purchase, at the then-current exercise price of $0.75 per right, additional common shares of the company having a market value of approximately two times the exercise price — effectively a 50% discount to the then-current market price. In addition, if the company is acquired in a merger or other business combination, or more than 50% of its consolidated assets or earning power is sold, after a person or group becomes an acquiring person, each holder of a right will be entitled to purchase, at the then-current exercise price, shares of the acquiring company’s common stock having a market value of approximately two times the exercise price.

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For purposes of calculating beneficial ownership under the rights plan, certain synthetic interests created by derivative positions are treated as beneficial ownership of the number of common shares equivalent to the economic exposure created by the derivative security, whether such shares would be deemed beneficially owned under federal securities laws.