Item 3.02 Unregistered Sales of Equity Securities.
As previously disclosed, on November 27, 2024, Cheetah Net Supply Chain Service Inc., a North Carolina corporation (the "Corporation"), entered into a stock purchase agreement (the "Agreement") with (i) TW & EW Services Inc, a California corporation (the "Target"), (ii) Jiancheng Li, a Chinese individual, (iii) Weishu Guo, a Chinese individual, and (iv) Jianhui Li, a Chinese individual (collectively, the "Sellers").
On December 19, 2024, the Corporation closed the acquisition for a total purchase price that included (i) a cash payment of $200,000, paid to the Sellers on December 3, 2024, (ii) 140,845 shares of the Corporation's unregistered Class A common stock, issued to Weishu Guo on December 19, 2024, (iii) 187,794 shares of the Corporation's unregistered Class A common stock, issued to Jiancheng Li on December 19, 2024, and (iv) 140,845 shares of the Corporation's unregistered Class A common stock, issued to Jianhui Li on December 19, 2024. The shares of Class A common stock were issued in reliance of the exemption provided by Regulation S under the Securities Act of 1933, as amended, which pertains to offerings made outside the United States.
The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Agreement, which was filed as Exhibit 10.1 to the Corporation's Current Report on Form 8-K dated December 3, 2024 and is incorporated by reference herein.