Cheetah Net to acquire Edward Transit Express for $1.5M (cash + stock)

CHEETAH NET SUPPLY CHAIN SERVICE INC.

Acquisition of 100% of Edward Transit Express Group Inc. for $300K cash plus $1.2M in unregistered Class A common stock valued at 80% of 10-day avg closing price.
Edward is a California-based NVOCC specializing in ocean and air freight; deal marks Cheetah's first investment in logistics.
Expected to close within 20 calendar days from January 24, 2024; amendment changed stock pricing date to execution date.
CEO Tony Liu expects Edward's services to reduce operating overhead and enable third-party logistics offerings to parallel-import dealers.
Total consideration ~$1.5M; shares issued in reliance on Regulation S exemption from registration.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

CHEETAH NET SUPPLY CHAIN SERVICE INC. entered into Agreement with Edward Transit Express Group Inc. and Juguang Zhang valued at cash payment of $300,000 and the issuance of Corporation's Class A common stock, valued at $1,200,00 (effective 2024-01-24).

Action: entry
Agreement: asset purchase
Counterparty: Edward Transit Express Group Inc. and Juguang Zhang
Value: cash payment of $300,000 and the issuance of Corporation's Class A common stock, valued at $1,200,00
Effective: 2024-01-24

Exact text from the filing

On January 24, 2024, Cheetah Net Supply Chain Service Inc., a North Carolina corporation (the “Corporation”), entered into a stock purchase agreement (the “Agreement”) with Edward Transit Express Group Inc., a California corporation (“Edward”), and Juguang Zhang, Edward’s sole stockholder (the “Seller”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

CHEETAH NET SUPPLY CHAIN SERVICE INC. amended Amendment with Edward Transit Express Group Inc. and Juguang Zhang (effective 2024-01-29).

Action: amendment
Agreement: asset purchase
Counterparty: Edward Transit Express Group Inc. and Juguang Zhang
Effective: 2024-01-29

Exact text from the filing

On January 29, 2024, the Corporation entered into an amendment (the “Amendment”) of the Agreement with Edward and the Seller, modifying the per share price of the Share Consideration from the average closing price over the last ten business days prior to the Closing Date to the average closing price over the last ten business days prior to the execution date of the Agreement.

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38 material agreements filed in the last 30 days. Browse all material agreements →

CHEETAH NET SUPPLY CHAIN SERVICE INC. filing history →

Source: SEC EDGAR

accession 0001104659-24-007990

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