CHEETAH NET SUPPLY CHAIN SERVICE INC. (CTNT): M&A transaction — Cheetah Net closes $1.5M acquisition of Edward Transit Express; pays $300K cash + 1.27M shares

CHEETAH NET SUPPLY CHAIN SERVICE INC.

Total consideration $1.5M: $300K cash + 1,272,329 unregistered Class A common shares valued at $1.2M.
Edward is a California-based NVOCC offering ocean/air transportation; will operate as wholly owned subsidiary.
Edward reported 2022 revenue of $0.48M; Cheetah estimates 2023 revenue between $0.5M and $0.53M.
Cheetah used Edward's services in 2023 contributing ~$0.25M; expects reduced operating costs and new revenue streams.
Franky Zhang, current Edward GM, will become CEO of the subsidiary.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

CHEETAH NET SUPPLY CHAIN SERVICE INC. completed an acquisition involving Edward Transit Express Group Inc. for $1.5 million (closed 2024-02-02).

Action: acquisition
Counterparty: Edward Transit Express Group Inc.
Consideration: $1.5 million
Closing: 2024-02-02

Exact text from the filing

transaction costs, creating new revenue streams, and becoming a one-stop-shop for traders within the global supply chain sector.” Total consideration for the Acquisition was $1.5 million. The Company paid Edward’s sole shareholder $300,000 in cash and issued 1,272,329 shares of the Company’s unregistered Class A common stock having a market value of $1.2 million.

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5 m&a transactions filed in the last 30 days. Browse all m&a transactions →

CHEETAH NET SUPPLY CHAIN SERVICE INC. filing history →

Source: SEC EDGAR

accession 0001104659-24-011410

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