By Chris Wack
Cheetah Net Supply Chain Service shares in premarket trading after the company agreed to buy TW & EW Services, a California-based labor and logistics service provider.
Shares of Cheetah almost tripled to $5.33 in premarket trading Tuesday. Shares of the logistics and warehousing services provider had hit their 52-week low of $1.70 on Nov. 20.
The acquisition is expected to close by Wednesday.
The Irvine, Calif., Cheetah said it expects TW & EW to provide additional service opportunities, and strengthen its position as a comprehensive supply chain technology provider.
The total cost of the acquisition includes a cash payment of $200,000 and a share consideration involving Cheetah's unregistered Class A shares, valued at $800,000.
Following the closing, TW & EW will become a wholly owned subsidiary of Cheetah.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
December 03, 2024 06:49 ET (11:49 GMT)
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