Why MingZhu Logistics Shares Are Nosediving

MingZhu Logistics Holdings Ltd YGMZ shares are trading lower by 41.71% to $1.02 Tuesday afternoon as the stock pulls back after surging last week following a $34 million transportation agreement.

What Happened?

MingZhu Logistics last week announced a major next gen fuel transport cooperation, under which it will deploy 700 new generation hydrogen fuel cell vehicles.

On December 21, Mingzhu entered into a Letter of Intent with Shenzhen Kameng Automobile Sales and Services Co., Ltd., an authorized dealer of Dongfeng Liuzhou Automobile Company.

Based on the LOI, Mingzhu shall purchase 700 hydrogen fuel cell vehicles from Kameng and the vehicles shall be delivered from May 5, 2023 to October 5, 2023.

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According to data from Benzinga Pro, YGMZ has a 52-week high of $6.50 and a 52-week low of $33.17.