Summary by Futu AI
Cheetah Net Supply Chain Service has entered into a definitive agreement to acquire TW & EW Services Inc., a California-based labor and logistics service provider, for a total consideration of $1 million. The deal structure comprises $200,000 in cash and $800,000 in Class A common stock at $1.704 per share. The cash payment is scheduled for December 4, 2024, while share issuance will be completed by December 20, 2024.The acquisition aims to strengthen Cheetah's position in the logistics sector by integrating TW & EW's expertise in general labor and logistics support services. Upon completion, TW & EW will become a wholly-owned subsidiary of Cheetah, enabling the company to expand its service offerings and enhance its comprehensive supply chain solutions.The transaction aligns with Cheetah's strategic transformation from a parallel-import vehicle dealer to a broader logistics service provider. The company, established in 2016, has been actively expanding its footprint in the logistics and warehousing industry since February 2024, adapting to evolving market conditions through strategic realignment and service expansion.
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