MingZhu Logistics Holdings Limited ("MingZhu" or the "Company") (NASDAQ:YGMZ) and Oxylus Global Inc ("Oxylus") today announced they have mutually agreed to terminate the acquisition proposed on May 31, 2024 due to uncertainties around securing required regulatory approvals in a timely manner. The agreement shall be terminated and be of no further force or effect, and no party thereto shall have any continuing liabilities, damages, or obligations to the other party.

MingZhu Logistics Holdings noted it expects to now move forward with alternative options as part of its continued aggressive business diversification and growth acceleration strategy.