IRVINE, Calif., April 24, 2026, 10:06 PDT
Cheetah Net Supply Chain Service Inc. shares surged on Friday, with volume spiking above 2.09 billion. The Nasdaq-listed logistics and warehousing firm was back on traders’ radar, just days after announcing its acquisition agreement with a Hong Kong industrial-equipment trader. Shares were changing hands at $0.0547, up 2.16 cents from Thursday’s close, after ranging from $0.0339 to $0.064 earlier in the session.
This shift is significant for Cheetah, which remains a small player working to reshape its business. For 2025, the company brought in just $1.29 million from logistics and warehousing, and ran a net loss from continuing operations of $3.65 million. By comparison, the company it’s buying comes with a contractual minimum of $10 million in annual revenue after the deal closes.
Traders have another item on their radar. Earlier this month, Cheetah launched an at-the-market stock sale program, allowing the company to gradually sell up to $70 million of shares via AC Sunshine Securities LLC. The filing notes Cheetah isn’t obligated to sell any shares under the terms.
On April 16, Cheetah struck a deal to buy all of Super International Trading Limited, a Hong Kong-based trader of large industrial equipment, for roughly $4.98 million in cash. The transaction, pending board green lights, regulatory go-aheads, due diligence, and no major negative surprises at Super International, is slated to close within three months.
The deal features a $1.5 million refundable deposit, plus two revenue-linked terms: Super International has to keep annual revenue at or above $10 million for three years, and there’s a five-year upside if they go higher. If revenue drops below that mark, the seller must pay out. If Super tops the agreed level, Cheetah could owe more—either in cash or stock.
Cheetah says snapping up this trading business could boost its cross-border trade game and bulk up its supply-chain offerings. That’s the basic pitch here: acquire a trading shop, bolt it onto existing logistics operations, and see if a slim revenue stream can be built out into something more substantial.
Last month, Chief Executive Tony Liu pointed to “ongoing tariff tensions and uncertainty in global trade” weighing on the business. Liu made it clear Cheetah would keep looking at “potential partnerships, investments, or acquisitions”—a phrase that’s sounding more like a checklist than standard PR. GlobeNewswire
Cheetah’s overhaul stretches back over a year. The company’s prospectus notes its roots in the parallel-import vehicle market—handling cars sourced abroad and brought in outside official dealership channels—but that operation wrapped up in March 2025. Since then, following the acquisitions of Edward Transit Express Group and TW & EW Services, Cheetah has pivoted toward logistics and warehousing.
Competition isn’t exactly level here. Cheetah lacks the heft of GXO Logistics—billed as the world’s biggest pure-play contract logistics firm—or XPO, a major player in less-than-truckload freight, where carriers pull together shipments from multiple shippers. Cheetah’s still pushing to expand its reach, rather than protect turf.
The company’s 2025 numbers lay it out: revenue jumped 182.7% over 2024, boosted by a full year’s input from TW & EW. Still, gross profit slipped 6.6%, and the operating loss swelled to $4.58 million. A chunk of that stemmed from a $731,307 impairment related to intangible assets and goodwill.
Still, the deal isn’t without pitfalls. The acquisition remains pending, and the at-the-market offering might dilute existing shareholders. The prospectus flagged that if the full $70 million is raised at the assumed price, that would amount to roughly 130% of the outstanding Class A shares as of March 31. Cheetah further acknowledged ineffective disclosure controls and internal financial reporting as of Dec. 31, 2025.
CTNT isn’t trading like your typical logistics stock right now—it’s acting more like a volatile restructuring play. The immediate question: can Cheetah get the Super International deal across the finish line, and will the acquisition hit that $10 million annual revenue minimum spelled out in the contract?
