Cheetah Net Supply Chain Service, Inc. Class A (CTNT) has released an update to notify the public and investors about an entry into a material definitive agreement.
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On January 24, 2024, Cheetah Net Supply Chain Service Inc. acquired Edward Transit Express Group Inc. through a stock purchase agreement, buying 100% equity from its sole stockholder for $300,000 cash and $1,200,000 in Class A common stock. The stock price was initially set at 80% of the average closing price over the last ten business days before the closing, later amended to reflect the average at the agreement’s execution date. Edward will become a wholly-owned subsidiary, and the transaction is privately made, exempt from the Securities Act of 1933 registration due to Regulation S.
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For a comprehensive understanding of the announcement, you can read the full document here.