MingZhu Logistics Enters Share Purchase Agreement to Acquire Alliance Liquor
Under terms of the SPA, MingZhu shall acquire 100% of Alliance Liquor in exchange for the issuance of 4,569,095 ordinary shares of Mingzhu upon closing. The shareholder of Alliance Liquor shall receive additional First Earnout Payment of
The acquisition is part of Mingzhu's previously announced strategic plan, under which the Company announced its intention to expand into the commercial liquor distribution market given the synergies and adjacency to its existing business. This initially included cooperating with a
Alliance Liquor is a liquor distributor that focuses on distributing liquor brewed in Maotai town,
Mr. Jinlong Yang, Chairman and Chief Executive Officer of MingZhu, commented, "We have spent the past few months working side by side in detailed due diligence, which gave us even higher confidence in the long-term potential for the business, synergies with our existing operations, strategic fit and confidence in the operations team. The combination gives us an even stronger market position and broader platform to drive growth. From a timing standpoint, this transaction makes perfect sense given the reopening of the economy, expected growth of the Chinese spirits market and desire to buy premium quality liquor as a center piece for celebrations."
About MingZhu Logistics Holdings Limited (NASDAQ: YGMZ)
Established in 2002 and headquartered in
Forward-Looking Statements
The statements in this press release regarding the Company's future expectations, plans and prospects constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding plans, goals, objectives, strategies, future events, expected performance, assumptions and any other statements of fact that have not occurred. Any statements that contain the words "may", "will", "want", "should", "believe", "expect", "anticipate", "estimate", "calculate" or similar statements that are not factual in nature are to be considered forward-looking statements. Actual results may differ materially from historical results or from those expressed in these forward-looking statements as a result of a variety of factors. These factors include, but are not limited to, the Company's strategic objectives, the Company's future plans, market demand and user acceptance of the Company's products or services, technological advances, economic trends, the growth of the trucking services market in
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