Future Fintech G Stock Price, News & Analysis

Future FinTech Group Inc. (NASDAQ: FTFT) announced the appointment of Dr. Finn E. Kydland as Honorary Chief Economist effective June 17, 2021. Renowned for his contributions to macroeconomics and a Nobel Prize winner in 2004, Dr. Kydland brings significant expertise to the company. His role will focus on providing insights into monetary policy, business cycles, and corporate strategy, particularly as FTFT transitions to a challenger bank. CEO Shanchun Huang expresses confidence in Dr. Kydland's ability to aid the company's growth in a changing financial landscape.

Future FinTech Group Inc. (NASDAQ: FTFT) announced the establishment of two subsidiaries in Chengdu, China, aimed at advancing blockchain big data and supply chain financial technology. This commitment was made by General Manager Lei Peng at the 2021 Chengdu Blockchain Conference. The event led to the formation of the Chengdu Urban Blockchain Industry Alliance, focusing on initiatives like blockchain talent and R&D centers. CEO Shanchun Huang emphasized the potential of blockchain technology across various sectors, asserting the company's commitment to investing in this area for societal impact and shareholder returns.

Future FinTech Group (NASDAQ: FTFT) announced a preliminary term sheet on April 13, 2021, to acquire 100% of Khyber Money Exchange Ltd. for €685,000 (approx. US$820,170). Khyber Exchange specializes in global money transfers, operating in over 130 countries with a focus on safe and reliable transactions. The acquisition aims to strengthen FTFT's presence in the fintech sector and enhance business synergies with their planned acquisition of Hi-Card Business Service Co., Ltd. The deal is subject to due diligence within a 30-day exclusive negotiation period.

Future FinTech Group Inc. (NASDAQ: FTFT) has finalized its acquisition of a 60% equity interest in Sichuan Ticode Supply Chain Management Co., Ltd. for approximately $66.45 million, paid in 7,789,882 shares of common stock priced at $8.53 per share. This acquisition, part of FTFT's strategy to enhance competitiveness in fintech, provides potential for revenue growth and expands its service offerings. An additional 5% equity could be transferred at no cost if Ticode fails to meet specified EBIT targets for 2021 and 2022.

Future FinTech Group (NASDAQ: FTFT) announced a non-binding equity acquisition framework agreement to acquire a 51% stake in Mingtang Network Technology for RMB 45.9 million (approximately US$ 7.0 million). Mingtang operates a cryptocurrency mining farm in China's Xinjiang region, with a fully operational data center capable of supporting 50,000 mining machines. The deal includes a commitment from sellers to cover any shortfall in Mingtang's 2021 EBIT, projected at RMB 40 million (approximately US$ 6.1 million). Future investments in a second data center are also planned.

Future FinTech Group Inc. (NASDAQ: FTFT) announced an amendment to its Share Exchange Agreement to acquire 90% of Nice Talent Asset Management Limited (NTAM) for HK$144 million (approximately US$18.7 million). The purchase price includes 60% in common stock based on a share price of US$5.00, and the remaining 40% depends on NTAM achieving specific EBIT goals for 2021 and 2022. NTAM, licensed under Hong Kong's Securities and Futures Commission, holds partnerships with major banks, aiming to enhance FTFT's global financial services.

Future FinTech Group Inc. (NASDAQ: FTFT) announced the closing of a registered direct offering of 5,737,706 shares at $6.10 per share on April 6, 2021. The offering generated gross proceeds of approximately $35 million. Funds will be allocated for growth capital and general working capital purposes. A.G.P./Alliance Global Partners served as the sole placement agent. The offering was conducted under an effective shelf registration statement with the SEC, ensuring compliance with securities laws.

Future FinTech (NASDAQ: FTFT) has announced a definitive agreement to sell 5,737,706 shares of common stock at $6.10 per share, raising approximately $35 million through a registered direct offering. The closing is anticipated around April 6, 2021, pending usual conditions. The proceeds will be allocated towards growth and general working capital. This offering is part of an effective shelf registration statement filed with the SEC. A prospectus supplement will be made available on the SEC's website.

Future FinTech Group (NASDAQ: FTFT) has signed a framework agreement to acquire Nanjing Ribensi Electronic Technology, a bitcoin mining farm in Sichuan, China, for approximately $9.1 million. The farm can operate 30,000 mining machines and has obtained all necessary approvals. The sellers guarantee net profits of RMB 15 million for 2021, RMB 20 million for 2022, and RMB 25 million for 2023, with a commitment to cover any shortfalls. The mining farm will leverage low hydroelectric energy costs for operations.