MingZhu Logistics to Acquire Chinese Hailing and Driver Management Services Firm CheYi Network.
MANews-(C)2009-2022
China-based trucking service provider MingZhu Logistics Holdings Ltd. (NASDAQ: YGMZ) has entered into a share purchase agreement to acquire 100% of the equity interest of online car-hailing and driver management services company Cheyi Ltd. which operates its business through its subsidiary Zhejiang CheYi Network Technology Co., Ltd., the company said.
Under the deal, the total consideration for the acquisition of 100% equity ownership of Cheyi BVI is an aggregate of USD 29,466,032, consisting of the issuance by the company to the shareholders of Cheyi BVI an aggregate of 3,189,000 fully paid company's ordinary shares (being USD 12.756m of USD 4 per share) and payment of USD 2m at closing, and Year-2021 earnout payment of USD 8,826,019 and Year-2022 earnout payment of USD 5,884,013 if the Cheyi BVI's audited net income for its fiscal year 2021 and 2022 is no less than USD 3m respectively.
The two earnout payments are due 13 months upon the delivery of Cheyi BVI's audited financial statements. The parties plan to close the transaction by December 31, 2021.
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