MingZhu Logistics Holdings Limited (NasdaqCM:YGMZ) entered into a non-binding memorandum of understanding to acquire a controlling interest in Zhejiang CheYi Network Technology Co., Ltd. on July 6, 2021. Completion of the proposed acquisition transaction is subject to further due diligence by the parties and negotiation and execution of definitive documents, including a share exchange or similar agreements and the determination of a definitive price and other related documentation to complete the transaction. As of December 29, 2021 MingZhu Logistics Holdings Ltd. (NASDAQ: YGMZ) entered into a Share Purchase Agreement to acquire 100% of the equity interest in Zhejiang CheYi Network Technology Co., Ltd. Pursuant to the agreement, the total consideration for the acquisition of 100% equity ownership of Cheyi BVI is an aggregate of $29.466 million consisting of the issuance by the Company to the shareholders of Cheyi BVI an aggregate of 3,189,000 fully paid Company's ordinary shares (being U.S. $12,756,000 of $4 per share) and payment of $2 million at closing, and Year-2021 earnout payment of $8.826 million and Year-2022 earnout payment of $5.884 million if the Cheyi BVI's audited net income for its fiscal year 2021 and 2022 is no less than $3 million respectively. The two earnout payments are due 13 months upon the delivery of Cheyi BVI's audited financial statements. The parties plan to close the transaction by December 31, 2021.

MingZhu Logistics Holdings Limited (NasdaqCM:YGMZ) completed the acquisition of Zhejiang CheYi Network Technology Co., Ltd. on December 31, 2021.