NEW
YORK and SHENZHEN,
China, Sept. 12, 2024 /PRNewswire/ -- MingZhu
Logistics Holdings Limited ("MingZhu" or the "Company") (Nasdaq:
YGMZ) and Oxylus Global Inc ("Oxylus") today announced they have
mutually agreed to terminate the acquisition proposed on
May 31, 2024 due to uncertainties
around securing required regulatory approvals in a timely manner.
The agreement shall be terminated and be of no further force or
effect, and no party thereto shall have any continuing liabilities,
damages, or obligations to the other party.
MingZhu Logistics Holdings noted it expects to now move forward
with alternative options as part of its continued aggressive
business diversification and growth acceleration strategy.
About MingZhu Logistics Holdings Limited (Nasdaq:
YGMZ)
Established in 2002 and headquartered in Shenzhen, China, MingZhu Logistics Holdings
Limited is a 4A-rated professional trucking service provider. Based
on the Company's regional logistics terminals in Guangdong Province, MingZhu Logistics Holdings
offers tailored solutions to our clients to deliver their goods
through our network density and broad geographic coverage across
the country by a combination of self-owned fleets tractors and
trailers and subcontractors' fleets. For more information, please
visit ir.szygmz.com.
Forward-Looking Statements
The statements in this
press release regarding the Company's future expectations, plans
and prospects constitute forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements regarding plans,
goals, objectives, strategies, future events, expected performance,
assumptions and any other statements of fact that have not
occurred. Any statements that contain the words "may", "will",
"want", "should", "believe", "expect", "anticipate", "estimate",
"calculate" or similar statements that are not factual in nature
are to be considered forward-looking statements. Actual results may
differ materially from historical results or from those expressed
in these forward-looking statements as a result of a variety of
factors. These factors include, but are not limited to, the
Company's strategic objectives, the Company's future plans, market
demand and user acceptance of the Company's products or services,
technological advances, economic trends, the growth of the trucking
services market in China, the
Company's reputation and brand, the impact of industry competition
and bidding, relevant policies and regulations, fluctuations in
China's macroeconomic conditions,
and the risks and assumptions disclosed in the Company's reports
provided to the CSRC (China Security Regulatory Commission). The
potential acquisition involves substantial risks and uncertainties
that could cause actual results to differ materially from those
expressed or implied by such statements including but not limited
to statements about the potential benefits of the potential
acquisition; the anticipated timing of closing of the potential
acquisition (including failure to obtain necessary regulatory
approvals) and the possibility that the potential acquisition does
not close; risks related to the ability to realize the anticipated
benefits of the potential acquisition, including the possibility
that the expected benefits from the proposed transaction will not
be realized or will not be realized within the expected time
period; the risk that the businesses will not be integrated
successfully; disruption from the potential acquisition making it
more difficult to maintain business and operational relationships;
negative effects of announcing the potential acquisition or the
consummation of the potential acquisition on the market price of
our common stock or operating results; costs associated with the
potential acquisition; unknown liabilities; and the risk of
litigation and/or regulatory actions related to the potential
acquisition. For these and other related reasons, we advise
investors not to place any reliance on these forward-looking
statements, and we urge investors to review the Company's relevant
SEC filings for additional factors that may affect the Company's
future results of operations. The Company undertakes no obligation
to publicly revise these forward-looking statements subsequent to
the filing of these documents as a result of changes in particular
events or circumstances.
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SOURCE MingZhu Logistics Holdings Limited