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SMC Entertainment Inc. reports fintech holding-company developments tied to its acquisition and support strategy for commercialized financial services and technology businesses. Company updates focus on the FYNN AI platform, Fyniti Global Equities EBT technologies for AI-driven quantitative investing and basket trading, and Bateau Asset Management.
Recurring news also covers corporate actions such as FINRA-approved name and trading-symbol changes, technology deployment agreements, Web3 and Solana-related platform work, blockchain applications for carbon-credit markets, audit completion, subsidiary integration, and governance or management updates.
SMC Entertainment has filed a corporate action with FINRA to change its name to Fyntechnical Innovations Inc. and its trading symbol to FYNN. The request is under review and approval by FINRA is not guaranteed. The company has reserved the new name with the Nevada Secretary of State and a new domain, www.fyntechnical.com, for its website. CEO Erik Blum stated that the rebranding aims to position the company as a leader in fintech and disruption technology, emphasizing a commitment to increasing shareholder value. More updates on the developments are expected soon.
SMC Entertainment announced the retirement of $442,875 in debt through the conversion of consulting fees and management earnings into equity. This includes $360,875 from two previous consultants and $82,000 held by current insiders, which was converted to 60,740,740 common shares at $0.00135 per share. The shares are restricted under SEC Rule 144 and will vest in two years. CEO Erik Blum emphasized the strategic move to enhance the company's balance sheet and increase equity commitment, highlighting recent asset acquisition announcements. The debt retirement will be reflected in the Q2 2024 financials.
SMC Entertainment (OTC:SMCE), a technology incubator company focusing on financial services and technology acquisitions, has announced the completion of its Form 10 review by the Securities and Exchange Commission (SEC). This milestone marks SMC as a fully reporting public company and aligns with its recent acquisition of ChainTrade The management team, led by CEO Erik Blum, collaborated closely with legal and accounting teams to address the SEC's comments, successfully completing the process. The next step for SMC involves filing for a company name and symbol change with FINRA.
SMC Entertainment announced the cancellation of 250 million shares of common stock, reducing its outstanding shares by 17%. This action rectifies a discrepancy found during an audit, where certificates totaling 250 million shares were reported lost. The cancellation has been confirmed by the company's Stock Transfer Agent. CEO Erik Blum emphasizes that this move aligns with their AI business strategy and aims to increase shareholder value.
SMC Entertainment (OTC PINK: SMCE) announced the acquisition of ChainTrade 's AI-powered trading platform. This acquisition aligns with SMC's strategy to enhance its fintech portfolio. The deal, pending due diligence within 30 days, will allow SMC to integrate ChainTrade's platform, which facilitates trading in equities, ETFs, commodities, and indices with a personalized AI assistant. The platform aims to improve investment research, risk management, and asset allocation. ChainTrade, a UK-registered fintech, has developed this platform over three years, focusing on AI's predictive capabilities. The launch of the AI research tool will enable investors to analyze live price data, performance, sentiment, and risk factors, optimizing portfolio performance. SMC plans to deploy a fully functioning AI-enhanced SaaS model by the end of the quarter, expecting positive revenue growth from this acquisition.
SMC Entertainment, Inc. (SMC) has signed an LOI to acquire Chaintrade , an AI Fintech company. Chaintrade has developed an AI Powered Asset Trading Platform that revolutionizes trading and investing by leveraging AI's predictive capabilities. The acquisition will advance SMC's infrastructure and technology, allowing them to shift from conception to full implementation of their SaaS vision. After closing, SMC plans to re-brand their AI component as FYNN AI, a next-generation learning and research AI designed to help users trade smarter.
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