Future Fintech G Stock Price, News & Analysis

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.

Future FinTech Group Inc. (FTFT) signed a framework agreement with Nanjing Shunru to acquire approximately 20,000 Antminer bitcoin mining machines, targeting a hash rate of 200 Petahash per second. The mining capacity accounts for about 0.12% of Bitcoin's total hash rate, enhancing transaction security. The agreement includes a non-binding framework, with key sections on confidentiality and dispute resolution. The total purchase price is RMB 50 million ($7.6 million), with RMB 10 million ($1.5 million) in cash and the rest in FTFT stock. CEO Shanchun Huang emphasized the opportunity to enter the bitcoin mining sector.

Future FinTech Group (NASDAQ: FTFT) announced an equity acquisition frame agreement to acquire 60% of Guang Dong Hi-Card Business Service Co., Ltd. on March 22, 2021. The acquisition costs approximately RMB 60 million ($9.2 million), with half in cash and half in FTFT stock. Hi-Card specializes in payment settlement services for SMEs and was recognized as a national high-tech enterprise in China. With over 400,000 merchants and substantial annual transaction volumes, Hi-Card's integration aims to enhance FTFT's presence in the financial technology sector.

Future FinTech Group (NASDAQ: FTFT) announced a Strategic Cooperation Agreement with Shenzhen SOSOB Technology on March 17, 2021. The deal involves a joint venture, FTFT Capital Dubai, where FTFT will invest $5.5 million for 55% ownership, while Shenzhen SOSOB contributes assets valued at $4.5 million for 45% ownership. FTFT Capital Dubai aims to offer digital currency services and establish an investment fund for high net worth investors. The collaboration is expected to enhance both companies' capabilities in the digital currency market, leveraging SOSOB's extensive data services.

Future FinTech Group (NASDAQ: FTFT) announced it received registration certificates for ten software copyrights from the China National Copyright Administration on February 26, 2021. These copyrights relate to blockchain technology applications crucial for enhancing their e-commerce platform, Chain Cloud Mall (CCM). CEO Shanchun Huang emphasized that these copyrights will bolster anti-counterfeiting measures and improve operational efficiencies. The software enhances various systems, including credit point management and transaction processes, thereby promising cost reductions and a modernized payment framework.

Future FinTech Group Inc. (NASDAQ: FTFT) announced a definitive share exchange agreement on February 26, 2021, to acquire a 60% equity interest in Sichuan Ticode Supply Chain Management Co., Ltd. from Sichuan Longma Electronic Technology Co., Ltd. for approximately $66.45 million, to be paid with 7,789,882 shares at $8.53 each. Ticode, which generated revenue of approx. $518.61 million in 2019, provides financial services in the supply chain sector. The acquisition aims to enhance FTFT's operations and financial performance, with future growth potential expected from this strategic move.

Future FinTech Group (NASDAQ: FTFT) has announced updates regarding potential acquisitions. The company faced delays in acquiring 90% of Nice Talent Asset Management Limited due to the COVID-19 pandemic and regulatory holdups, leading to a need for renegotiation of the purchase price. Additionally, planned acquisitions of Blocknance Financial International and Asiasens Investment Holding have been terminated due to failed negotiations and unmet closing conditions. Despite these setbacks, the company remains focused on expanding its financial technology business and blockchain integration.

Future FinTech Group (NASDAQ: FTFT), a blockchain-based e-commerce and financial technology service provider, has partnered with Xi'an Jiaotong University's School of Economics and Finance to establish a Blockchain Finance Research Institute. This initiative aims to explore blockchain technology's applications across various financial sectors, including banking and digital payments. FTFT will fund scientific research while the university contributes research personnel. This collaboration is expected to enhance the company's R&D capabilities in blockchain technology and improve customer fund security in the financial field.