MingZhu Logistics announces share purchase agreement to acquire Mingzhuchun

MingZhu Logistics (YGMZ) announced it has entered into a share purchase agreement to acquire 100% equity of Shenzhen Mingzhuchun Wine Co., which operates its liquor distribution business through its two subsidiaries Xiamen Bainian Qianzhuang Wine Group Co., Ltd. and Ningde Mingfu Wine Co., Ltd. in China. Under the SPA, MingZhu shall acquire 100% of Mingzhuchun in exchange for the issuance of 2M ordinary shares of Mingzhu upon closing. The shareholder of Mingzhuchun shall receive additional First Earnout Payment of 2M ordinary shares and Second Earnout Payment of 2M ordinary shares respectively if the net income of Mingzhuchun is no lower than $1M for the fiscal year 2025 and 2026 respectively. The closing of the transaction contemplated by the SPA is subject to the satisfaction of closing conditions.