MingZhu Logistics Holdings Limited Announces Pricing of US$12.0 Million Firm Commitment Initial Public Offering

Rhea-AI Summary

MingZhu Logistics Holdings Limited (NASDAQ: YGMZ) has priced its initial public offering (IPO) of 3,000,000 ordinary shares at $4.00 per share, aiming for total gross proceeds of $12 million before deductions. Investors have a 45-day option to purchase an additional 450,000 shares. Proceeds will be allocated for acquiring new revenue equipment, operational improvements, strategic acquisitions, and general corporate purposes. The offering will commence trading on NASDAQ on October 21, 2020, with expected closure around October 23, 2020.

Positive

• Total gross proceeds of $12 million from the IPO.
• Funding allocated for acquiring new revenue equipment and operational improvements.

Negative

• Potential dilution of shares if underwriters exercise the option for additional shares.

SHENZHEN, China, Oct. 21, 2020 /PRNewswire/ -- MingZhu Logistics Holdings Limited ("MingZhu" or the "Company") (NASDAQ: YGMZ), a China-based trucking services provider, today announced the pricing of its firm commitment initial public offering of 3,000,000 ordinary shares at a public offering price of $4.00 per share, for total gross proceeds of US$12 million, before deducting underwriting discounts, commissions and other related expenses. In addition, MingZhu has granted the underwriters a 45-day option to purchase up to an additional 450,000 ordinary shares at the public offering price, less underwriting discount and commissions. The shares are scheduled to begin trading on the NASDAQ Capital Market on October 21, 2020 under the ticker symbol "YGMZ". The offering is expected to close on or about October 23, 2020, subject to customary closing conditions.

Half of the proceeds from this offering will be used for acquiring new revenue equipment through capital leases, including tractors and trailers.  The remainder of the proceeds will be used for: (i) operational improvement, including a new information system for fleet management and additional management personnel for expanded operation; (ii) strategic acquisitions and alliances; and (iii) working capital and general corporate purposes.

ViewTrade Securities, Inc., a global provider of brokerage, investment banking, corporate /advisory and trading platform services, acted as sole book-running manager for the offering.

A registration statement relating to the securities being sold in this offering was declared effective by the Securities and Exchange Commission (SEC) on September 30, 2020. The offering of these securities will be made only by means of a prospectus, forming a part of the registration statement. A copy of the final prospectus related to the offering may be obtained, when available, from ViewTrade Securities, via email: IB@Viewtrade.com or standard mail at ViewTrade Securities, 7280 W Palmetto Park Rd, #310, Boca Raton, FL 33433, Attn: Prospectus Department. In addition, a copy of the final prospectus relating to the offering may be obtained via the SEC's website at www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the Company's securities, nor shall such securities be offered or sold in the United States absent registration or an applicable exemption from registration, nor shall there be any offer, solicitation or sale of any of the Company's securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

About MingZhu Logistics Holdings Limited

Founded in 2002 and Headquartered in Shenzhen, China, MingZhu is 3A-grade trucking services provider, offering both network density and broad geographic coverage to meet customers' diverse transportation needs. The Company operates two regional terminals in Guangdong Province and Xinjiang Autonomous Region, respectively, with a mix of self-own fleets of tractors and trailers and subcontractors' fleets. More information about MingZhu can be found at: www.szygmz.com/en/

Safe Harbor Statement

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may, "will, "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Specifically, the Company's statements regarding trading on the NASDAQ Capital Market are forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following:  the Company's goals and strategies; the Company's future business development; product and service demand and acceptance; changes in technology; economic conditions; the growth of the trucking services market in China and the other international markets the Company plans to serve; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and the international markets the Company plans to serve and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the SEC.  For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward–looking statements to reflect events or circumstances that arise after the date hereof.

For more information, please contact:

At the Company:
Dennis Tan
Email: company@szygmz.com
Phone: (+86) 150-1854-1833

Investor Relations:
Tony Tian, CFA 
Weitian Group LLC
Email: ttian@weitianco.com
Phone: (+1) 732-910-9692

 

View original content:http://www.prnewswire.com/news-releases/mingzhu-logistics-holdings-limited-announces-pricing-of-us12-0-million-firm-commitment-initial-public-offering-301157011.html

SOURCE MingZhu Logistics Holdings Limited

FAQ

What is the purpose of MingZhu's IPO?

MingZhu's IPO aims to raise funds for acquiring new revenue equipment, operational improvements, strategic acquisitions, and general corporate purposes.

How much is MingZhu raising in its IPO?

MingZhu is raising a total of $12 million in its initial public offering.

When will MingZhu's shares begin trading on NASDAQ?

MingZhu's shares are scheduled to begin trading on NASDAQ on October 21, 2020.

What is the stock symbol for MingZhu?

MingZhu's stock symbol is YGMZ.

How many shares has MingZhu offered in its IPO?

MingZhu has offered 3,000,000 ordinary shares in its IPO.