CN Energy Group. Inc. (NasdaqCM:CNEY) entered into an agreement to acquire MZ Mining International Co., Ltd from Shenzhen Xiangfeng Trading Co., LTD for $36.4 million on September 27, 2022. Approximately $17.7 million prepaid by the Company as an equity transfer disposition; and (iii) the Company will pay the remaining consideration of approximately $18.8 million by issuing additional Class A ordinary shares of the Company, with a restriction period of six months, to Shenzhen Xiangfeng or a designee of Shenzhen Xiangfeng.The Equity Transfer Agreement and the transactions contemplated thereby were approved and authorized by the board of directors of CN Energy Group. Inc.

CN Energy Group. Inc. (NasdaqCM:CNEY) completed the acquisition on MZ Mining International Co., Ltd from Shenzhen Xiangfeng Trading Co., LTD on November 11, 2022.