MingZhu Logistics Holdings, which provides trucking and logistics services in China, reported financial results for the fiscal year 2019 in an amendment filed with the SEC on Thursday. It originally filed for an IPO in September 2019 with a proposed deal size of $13 million.
For the year ended December 31, 2019, revenue increased 7% to $29 million mainly due to customer acquisitions and new air freight business started in the 2H19. Adjusted EBITDA declined 22% to $4.2 million and adj. EBITDA margin fell 6 points to 14%. Operating cash flow plummeted 71% to $1.1 million.
In its most recent filing, the company also noted that the COVID-19 outbreak has had and will continue to have a serious impact on its business. In July 2019, Mingzhu expanded into the air freight business which has been suspended indefinitely.
MingZhu Logistics Holdings was founded in 2002 and booked $29 million in revenue for the 12 months ended December 31, 2019. The Guangdong, China-based company plans to list on the Nasdaq under the symbol YGMZ. ViewTrade is the sole bookrunner on the deal.
