MingZhu Logistics Holdings Limited (NasdaqCM:YGMZ) entered into a memorandum of understanding to acquire Guizhou Alliance Liquor Management Co., Ltd. on February 21, 2023. As of May 26, 2023, MingZhu Logistics Holdings Limited (NasdaqCM:YGMZ) entered into a share purchase agreement to acquire Guizhou Alliance Liquor Management Co., Ltd. for $22.7 million. Under the terms of the SPA, MingZhu shall acquire 100% of Alliance Liquor in exchange for the issuance of 4.56 million ordinary shares of Mingzhu upon closing.

The shareholder of Alliance Liquor shall receive additional First Earnout Payment of $8.04 million and Second Earnout Payment of $8.04 million respectively if the net income of Alliance Liquor is no lower than $2 million for the fiscal year 2023 and 2024 respectively. The transaction is subject to the conditions that are customary for transactions of this type. Completion is subject to approval by Alliance Liquor Board, requisite regulatory approvals being obtained, Non-Competition and Non-Solicitation Agreements being entered and third party approvals.

Bill Huo of Becker & Poliakoff LLP acted as legal advisor to MingZhu Logistics.