MingZhu Logistics, Oxylus Global Terminate Deal; MingZhu to Buy HOLDCO 36

MT Newswires Live09-12

MingZhu Logistics (YGMZ) and Oxylus Global said Thursday they have mutually agreed to terminate the previously disclosed agreement under which MingZhu was to acquire Oxylus, citing uncertainties around getting regulatory clearance on time.

No party will have any "continuing liabilities, damages, or obligations to the other party," the companies said.

Separately, MingZhu said Thursday it plans to acquire HOLDCO 36 via an all-stock deal.

The closing of the agreement is subject to customary closing conditions, including regulatory approvals, MingZhu said.

Financial details weren't provided.

MingZhu shares were falling more than 12% in recent trading.

Price: 1.01, Change: -0.15, Percent Change: -12.61

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