MingZhu Logistics (NASDAQ: YGMZ) stock plummeted during early trading Tuesday after the company announced its acquisition of Oxylus Global.
MingZhu Logistics recently announced its agreement to acquire Oxylus Global Inc., marking a significant step in its aggressive business diversification and growth acceleration strategy. The all-stock acquisition, subject to customary closing conditions and regulatory approvals, is anticipated to be finalized by the end of calendar year 2024.
Underlining its commitment to embracing transformational technologies, MingZhu Logistics aims to modernize the traditional logistics industry into a high-performance satellite and AI-based services platform. This ambitious vision encompasses intelligent logistics networks, precious metal exchanges, and securitization to facilitate fintech services.
Oxylus has earmarked capital expenditures and investments for acquiring and collaborating with various entities, including technology and intellectual properties. These include satellite-based communication and IoT infrastructure, big data and artificial intelligence-powered laser communications platforms, physical internet platforms, industrial financial platforms, and technology and energy metal exchanges.
Management Commentary
Mr. Jinlong Yang, Chairman and Chief Executive Officer of MingZhu, commented,
“Oxylus is fast becoming an industry leader with a proven track record, which is a testament to its strong vision, leadership, culture, and execution. We are confident the addition of Oxylus’s robust and successful platform will accelerate our growth, while significantly expanding our future opportunities. We expect the acquisition will create significant value over the long-term for all shareholders.”
He further underscored the unprecedented pace at which AI and new technologies are reshaping industries globally, stating,
“The speed at which AI and new technologies are transforming industries globally is unprecedented. This is impacting virtually all facets of the global economy, from mining and procuring raw materials to manufacturing, distribution, sales, and consumption. Companies that adopt and integrate these powerful new platforms and technologies can gain a critical competitive advantage through increased operating efficiencies, higher return on invested capital, and increased success. Our management team realized the significance to both our long-term business and the evolving support our customers would need in this new world. We are fully committed to aggressive business diversification and growth acceleration. We believe this path best positions the Company for long-term success.”
MingZhu Logistics (NASDAQ: YGMZ) Stock Movement
As of 09:55 a.m. (Eastern Time) Tuesday, YGMZ stock traded at $0.38, marking a 17.45% decrease compared to the previous trading session.
MingZhu Logistics NASDAQ: YGMZ YGMZ YGMZ shares YGMZ stock YGMZ stock news
