MingZhu Logistics Holdings Limited (NasdaqCM:YGMZ) entered into a share purchase agreement to acquire Yinhua (BVI) Limited for $18.3025 million on March 14, 2022. Under terms of the share purchase agreement, MingZhu shall pay total consideration to be paid, $15.304 million shall be paid in form of 3.826 million newly issued ordinary shares of MingZhu, representing $4.00 per ordinary share of MingZhu, and $1 million cash upon closing. In addition, a cash earnout of $1.9985 million shall be paid if Yinhua achieves a net income target threshold of $1.3 million during the calendar year 2022. The transaction is subject to closing conditions that are customary for transactions of this type. MingZhu expects this acquisition to be immediately accretive to its revenue, gross margin and net income.

MingZhu Logistics Holdings Limited completed the acquisition of Yinhua (BVI) Limited for for $18.30 million on March 18, 2022.