Welcome to our dedicated page for Future Fintech G news (Ticker: FTFT), a resource for investors and traders seeking the latest updates and insights on Future Fintech G stock.
Future FinTech Group Inc. reports developments across financial technology, digital payment infrastructure, brokerage and asset-management activities, and related technology partnerships. Company updates have covered strategic cooperation agreements for digital wallets, QR-code payments, cross-border clearing and settlement, Web3 and real-world-asset tokenization, cryptocurrency asset management, and AI-based investment analytics through Hong Kong subsidiaries.
FTFT news also includes capital-structure actions, shareholder meetings, subsidiary activity, and material agreements affecting its Nasdaq-listed common stock and corporate organization.
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.
Future FinTech Group Inc. (NASDAQ: FTFT) announced a five-year cooperation agreement with the China Foundation of Consumer Protection to combat counterfeit products using blockchain technology.
The partnership involves establishing a 'Quality and Safety Office' to enhance product quality oversight and accountability. Mr. Zhi Yan, general manager of Future FinTech's subsidiary Chain Cloud Mall Network, will lead this initiative. The 'Responsible Brand Plan' is set to launch in March 2021, leveraging blockchain for anti-counterfeiting measures.
Future FinTech Group (NASDAQ: FTFT) announced the closing of a registered direct offering of 2,000,000 shares at $5.95 per share, raising $11.9 million in gross proceeds on February 11, 2021. The net proceeds are intended for growth capital and general working capital purposes. The offering was facilitated by A.G.P./Alliance Global Partners as the sole placement agent. A prospectus supplement was filed with the SEC on the same day and is available for review.
Future FinTech Group Inc. (NASDAQ: FTFT) announced a registered direct offering of 2,000,000 shares at $5.95 per share, aiming for gross proceeds of about $11.9 million. The offering's expected closing date is February 11, 2021. Funds will be allocated for growth capital and general working capital purposes. This transaction is under an effective shelf registration statement with the SEC. A.G.P./Alliance Global Partners serves as the placement agent for this offering.
Future FinTech Group Inc. (NASDAQ: FTFT) announced the closure of a registered direct offering, issuing 3,000,000 shares of Common Stock at $5.00 per share, generating gross proceeds of $15,000,000. The net proceeds will fund growth and general working capital. This offering was facilitated by A.G.P./Alliance Global Partners, with all offers made via a prospectus under an effective shelf registration statement. The securities cannot be sold in states where the offer is unlawful prior to necessary registration.
Future FinTech Group Inc. (NASDAQ: FTFT) announced a registered direct offering to institutional investors for 3 million shares at $5.00 per share, aiming to raise approximately $15 million. The closing is expected around January 13, 2021, contingent on customary closing conditions. Funds from this offering will be allocated for growth and general working capital purposes. This offering is made under an effective shelf registration statement filed with the SEC.