MingZhu Logistics (YGMZ) Announces $20 Million Registered Direct Offering of Ordinary Shares, Warrants

March 10, 2021 9:17 AM EST

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MingZhu Logistics Holdings Limited (Nasdaq: YGMZ) (the "Company"), a China-based trucking services provider, today announced that it entered into securities purchase agreements with certain institutional investors in connection with a registered direct offering of an aggregate of 3,333,335 units of its securities (each, a "Unit"), with each Unit consisting of (i) one ordinary share of the Company, par value $0.001 per share, and (ii) one warrant to purchase 0.75 ordinary share (together, the "Warrants"), for aggregate gross proceeds of $20 million, before deducting the placement agent's fees and other estimated offering expenses. The Warrants will be exercisable six months after the date of issuance (the "Initial Exercise Date") at an exercise price of $6.60 per share, subject to adjustments, and will expire three years after the Initial Exercise Date. The offering is expected to close on or about March 12, 2021, subject to the satisfaction of customary closing conditions.

FT Global Capital, Inc. is acting as the exclusive placement agent in connection with the offering.

The Company currently intends to use the net proceeds of the offering for working capital and general corporate purposes.

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