Cheetah Net Supply Chain Service Inc. (NasdaqCM:CTNT) executed a Letter of Intent to acquire Edward Transit Express Group Inc. from Juguang Zhang for $1.5 million on November 15, 2023. Cheetah Net Supply Chain Service Inc. (NasdaqCM:CTNT) executed a definitive agreement to acquire Edward Transit Express Group Inc. from Juguang Zhang on January 24, 2024. Consideration for the acquisition shall include a cash consideration of $0.3 million and a share consideration involving the issuance of the Purchaser?s unregistered Class A common with the per share price being determined at 80% of the average closing price over the last 10 business days prior to the Closing Date.

The Share Consideration shall bear a market value of $1.2 million. Following the closing of the Acquisition, the Purchaser shall assume all liabilities of the Target and shall effectuate payment in accordance with the original terms thereof. Consummation of the Acquisition as contemplated hereby will be subject to customary conditions, including but not limited to: (i) Approval by board of directors of the Purchaser; (ii) The Purchaser?s shareholders?

approval, if necessary, under applicable laws and regulations; (iii) Approval by the Target?s board of directors; (iv)Approval by the Sellers;(v) Receipt of all governmental, regulatory, and third-party requisite approvals and consents; with each party to use its reasonable best efforts to obtain such approvals and consents; and (vi) The results of the due diligence to be conducted by the legal, financial, and accounting advisors of the Purchaser being satisfactory to the Purchaser?s board of directors in their sole discretion. The anticipated completion timeframe is early 2024. As of January 30, 2024, the transaction is expected to close within 20 calendar days from the signing of the agreement.

Eric Huang of Cozen O'Connor is the legal advisor to Cheetah Net Supply Chain Service.