EXHIBIT 4(vi)


 


Description of Securities


GREENCITY ACQUISITION CORPORATION


 


The following summary of the securities of Greencity Acquisition Corporation
is qualified and based on the company’s Amended and Restated Memorandum and Articles of Association and the Warrant Agreement dated
as of July 23, 2020 with continental Stock Transfer & Trust Company, both of which have been filed as exhibits to the is Form 10-k
or have been incorporated by reference.


 


Pursuant to our amended and restated memorandum and articles of association
which will be adopted upon the consummation of this offering, we will be authorized to issue 100,000,000 ordinary shares, $0.0001 par
value each, and 1,000,000 undesignated preference shares, $0.0001 par value each.


 


The registration statement for our initial public offering was declared
effective by the Securities and Exchange Commission on July 23, 2020. We completed our initial public offering on July 28, 2020. In our
initial public offering, we sold units at an offering price of $10.00 and consisting of one ordinary share and one redeemable warrant.
Each warrant entitles the holder thereof to purchase one-half of one ordinary share. We will not issue fractional shares in connection
with the exercise of the warrants. As a result, a warrant holder must exercise warrants in multiples of two warrants, at a price of $11.50
per full share, subject to adjustment as described in our prospectus dated as of July 23, 2020 as filed with the Securities and Exchange
Commission on July 24, 2020. Each warrant will become exercisable on the later of the completion of an initial business combination and
12 months from July 23, 2020, and will expire five years after the completion of an initial business combination, or earlier upon redemption.


 


Market Information


 


Our units, ordinary shares and warrants are listed for trading on the
NASDAQ Capital Market, or NASDAQ, under the symbol “GRCYU”, “GRCY” and “GRCYW”, respectively.


 


Units


 


We have issued and outstanding an aggregate of 4,260,000 units. The
trading symbol for the units is GRCYU. Units at an offering price of $10.00 and consisting of one ordinary share and one redeemable warrant
to purchase one-half of one ordinary share. The holders of units have no voting rights.


 






     


     


    

 


Ordinary Shares


 


As of March 30, 2021, there are 5,260,000 ordinary shares issued and
outstanding. Ordinary shareholders of record are entitled to one vote for each share held on all matters to be voted on by shareholders
and vote together as a single class, except as required by law. Unless specified in the Companies Law, our amended and restated memorandum
and articles of association or applicable stock exchange rules, the affirmative vote of a majority of our ordinary shares that are voted
is required to approve any such matter voted on by our shareholders. Approval of certain actions will require a special resolution under
Cayman Islands law and pursuant to our amended and restated memorandum and articles of association; such actions include amending our
amended and restated memorandum and articles of association and approving a statutory merger or consolidation with another company. Directors
are elected for a term of two years. There is no cumulative voting with respect to the election of directors, with the result that the
holders of more than 50% of the founder shares voted for the election of directors can elect all of the directors. Our shareholders are
entitled to receive ratable dividends when, as and if declared by the Board of Directors out of funds legally available therefor.


 


We will provide our public shareholders with the opportunity to redeem
all or a portion of their public shares upon the completion of our initial business combination at a per-share price, payable in cash,
equal to the aggregate amount then on deposit in the trust account as of two business days prior to the consummation of our initial business
combination, including interest (which interest shall be net of taxes payable) divided by the number of then issued and outstanding public
shares, subject to the limitations described herein. The amount in the trust account is initially anticipated to be approximately $10.15
per public share (subject to increase of up to an additional $0.30 per public share in the event that our sponsor elects to extend the
period of time to consummate a business combination.


 


Pursuant to our amended and restated memorandum and articles of association,
if we are unable to complete our initial business combination within 12 months from the closing of this offering (or up to 21 months
from the closing of this offering if we extend the period of time to consummate a business combination, as described in more detail in
this prospectus), we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible
but no more than ten business days thereafter, subject to lawfully available funds therefor, redeem the public shares, at a per-share
price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest (which interest shall be
net of taxes payable and less up to $50,000 of interest to pay dissolution expenses) divided by the number of then issued and outstanding
public shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive
further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption,
subject to the approval of our remaining shareholders and our Board of Directors, liquidate and dissolve, subject in each case to our
obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law.


 






     


     


    

 


Warrants


 


Each warrant entitles the registered holder to purchase one-half of
one ordinary share at a price of $11.50 per share, subject to adjustment as discussed below, at any time commencing on the later of 12
months from the date of this prospectus or the completion of our initial business combination. Because the warrants may only be exercised
for whole numbers of shares, only an even number of warrants may be exercised at any given time. Pursuant to the warrant agreement, a
warrantholder may exercise its warrants only for a whole number of shares. This means that only an even number of warrants may be exercised
at any given time by a warrantholder. The warrants will expire five years after the completion of our initial business combination, at
5:00 p.m., New York City time, or earlier upon redemption or liquidation.


 


We will not be obligated to deliver any ordinary shares pursuant to
the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities
Act with respect to the ordinary shares underlying the warrants is then effective and a prospectus relating thereto is current, subject
to our satisfying our obligations described below with respect to registration. No warrant will be exercisable for cash or on a cashless
basis, and we will not be obligated to issue any shares to holders seeking to exercise their warrants, unless the issuance of the shares
upon such exercise is registered or qualified under the securities laws of the state of the exercising holder, or an exemption is available.
In the event that the conditions in the two immediately preceding sentences are not satisfied with respect to a warrant, the holder of
such warrant will not be entitled to exercise such warrant and such warrant may have no value and expire worthless.


 


Once the warrants become exercisable, we may call the warrants for
redemption (excluding the private placement warrants but including any outstanding warrants issued upon exercise of the unit purchase
option issued to the underwriters or their designees):


 


		•	in whole and not in part;



		•	at a price of $0.01 per warrant;



		•	upon not less than 30 days’ prior written notice of redemption
(the “30-day redemption period”) to each warrant holder; and



		•	if, and only if, the reported last sale price of the ordinary
shares equal or exceed $16.50 per share (as adjusted for share splits, share capitalizations, rights issuances, subdivisions, reorganizations,
recapitalizations and the like) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date
we send to the notice of redemption to the warrant holders.



 


If we call the warrants for redemption as described above, our management
will have the option to require any holder that wishes to exercise his, her or its warrant to do so on a “cashless basis.”
In determining whether to require all holders to exercise their warrants on a “cashless basis,” our management will consider,
among other factors, our cash position, the number of warrants that are outstanding and the dilutive effect on our shareholders of issuing
the maximum number of ordinary shares issuable upon the exercise of our warrants. If our management takes advantage of this option, all
holders of warrants would pay the exercise price by surrendering their warrants for that number of ordinary shares equal to the quotient
obtained by dividing (x) the product of the number of ordinary shares underlying the warrants, multiplied by the excess of the “fair
market value” (defined below) over the exercise price of the warrants by (y) the fair market value. The “fair market value”
shall mean the average reported last sale price of the ordinary shares for the 10 trading days ending on the third trading day prior
to the date on which the notice of redemption is sent to the holders of warrants.