MingZhu Logistics Holdings Limited (YGMZ) has entered into a Share Purchase Agreement to acquire 100% equity of Alliance Liquor Investment Limited. Under terms of the SPA, MingZhu shall acquire 100% of Alliance Liquor in exchange for the issuance of 4,569,095 ordinary shares of Mingzhu upon closing.
The shareholder of Alliance Liquor shall receive additional first earnout payment of $8,042,090 and second earnout payment of $8,042,090 respectively if the net income of Alliance Liquor is no lower than $2 million for fiscal 2023 and 2024 respectively.
Alliance Liquor is a liquor distributor that focuses on distributing liquor brewed in Maotai town, Guizhou. MingZhu and Alliance Liquor had previously announced that they entered into a non-binding memorandum of understanding on February 21, 2023.
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