MingZhu Logistics Holdings Limited (NasdaqCM:YGMZ) entered into a Share Purchase Agreement to acquire Feipeng Global Limited for $14.540436 million on December 21, 2022. Under terms of the SPA, MingZhu acquired 100% of Feipeng for $14.5 million, of which $9.55 million will be paid in cash upon closing in form of cash. Feipeng shall receive a certain number of shares valued at $4.990436 million if it achieves a targeted net income of $2.4 million during the calendar year 2023.

The transaction is subject to the conditions that are customary for transactions of this type. The deal value is expected to be immediately accretive to MingZhu's revenue, gross margin and net income.