CN Energy Group. Inc. entered into an agreement to acquire MZ Mining International Co., Ltd from Shenzhen Xiangfeng Trading Co., LTD for approximately $37 million.

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.

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