Armlogi Holding (BTOC) on Thursday said it signed a non-binding letter of intent to acquire Leopard Transnational, a California-based logistics provider.

The proposed acquisition includes Armlogi common stock and potential earn-out payments tied to performance targets.

Armlogi said both sides expect to finalize a definitive agreement within 60 to 90 days.

Shares of Armlogi were down nearly 1% in after-hours trading.