Future Fintech G Stock Price, News & Analysis

Future FinTech Group (NASDAQ: FTFT) announced a definitive agreement for the purchase and sale of 4,210,530 shares of its common stock and warrants for a total price of $8,000,007 in a registered direct offering. The stock warrants have an exercise price of $2.15 per share and will expire in five years. The offering is expected to close around December 29, 2020, subject to customary conditions. Proceeds will be used for general corporate purposes. The deal is made under an effective shelf registration statement filed with the SEC.

Future FinTech Group Inc. (NASDAQ: FTFT) has signed a Share Exchange Agreement to acquire 70.59% of Asiasens Investment Holding Pte. Ltd. Asiasens owns 85% of PT. Sens Tekonlogi Indonesia, which holds a Financial Service Authority license in Indonesia. The acquisition involves issuing 2,160,000 shares of FTFT common stock based on Asiasens achieving specific EBIT goals in 2021 and 2022. This strategic move is aimed at expanding FTFT's presence in the consumer financial and e-commerce sectors within Indonesia and Southeast Asia, capitalizing on Asiasens' local market expertise.

The Future FinTech Group has appointed Mr. Ming Yi as Chief Financial Officer, effective November 30, 2020. Mr. Yi succeeds Ms. Jing Chen, who will now serve as vice president responsible for international M&A and internal control. Mr. Yi brings extensive financial management experience, having previously held CFO roles at SSLJ.com Limited and Wave Sync Corp. He aims to enhance cash flow and streamline financial processes as FTFT continues its venture into the challenger bank sector.

Future FinTech Group Inc. (NASDAQ: FTFT) has appointed Yang Liu as Chief Operation Officer. Liu brings 15 years of experience in technology, finance, and investment banking. His prior roles include CEO at Color Star Technology and Murex Regional Manager at UBS. Liu aims to enhance FTFT’s operations in M&A, investment activities, and overall strategic transformation, leveraging technology to build a financial technology ecosystem. CEO Shanchun Huang expressed confidence in Liu's capabilities for driving sustainable development and innovation within the company.

Future FinTech Group Inc. (NASDAQ: FTFT) announced the termination of negotiations for the potential acquisition of Spondula initially revealed on September 22, 2020. The parties could not reach an agreement on final business terms, leading to the mutual decision to end discussions as per the non-binding letter of intent dated September 19, 2020. The company's focus remains on developing global challenger banking and payment systems through acquisitions.

Future FinTech Group (NASDAQ: FTFT) announced a term sheet on September 19, 2020, to acquire 51% of Spondula, a UK-based banking and money transfer platform, for $3.06 million in FTFT common stock. The acquisition is aimed at enhancing FTFT's strategy in global challenger banking. Spondula operates under various licenses, providing multi-currency services and a user-friendly banking experience. The deal is conditional on Spondula's 2021 earnings before taxes and amortization, with potential price adjustments based on performance metrics.

On Sept. 15, 2020, Future FinTech Group Inc. (NASDAQ: FTFT) announced a non-binding equity acquisition frame agreement with Benma Industrial Co., Ltd. to acquire over 60% of Sichuan Tema Supply Chain Management Co., Ltd. Tema generated RMB 3.36 billion (approx. $480 million) in revenue and RMB 76 million (approx. $10.86 million) in net profit in 2019. The acquisition price will hinge on Tema's audited net profit and will be settled in FTFT common stock, calculated based on the average closing price prior to the final agreement.

Future FinTech Group (NASDAQ: FTFT) announced a Letter of Intent (LOI) to acquire a 60% stake in Asen Maneuvre Group (BVI) for approximately US$5.4 million. This acquisition aims to enable FTFT to obtain key financial licenses in Indonesia, allowing entry into the local fintech sector. Asen has over 3 million members and collaborates with major e-commerce platforms like Shopee and Tokopedia. The acquisition includes an earn-out based on Asen's profitability, requiring pre-tax profits of $1 million in 2020 and $1.4 million in 2021. The LOI is non-binding except for confidentiality clauses.

Future FinTech Group Inc. (NASDAQ: FTFT) announced plans to enter the challenger bank and digital payment sector, targeting markets in the ASEAN region, where many consumers are underserved. The company aims to establish cross-border payment channels between China and ASEAN countries through mergers and acquisitions. The annual digital payment market in ASEAN is estimated at $714 billion, significantly smaller than China's $42.85 trillion. FTFT seeks to leverage its technological capabilities to enhance customer banking experiences and provide returns to shareholders.