On September 28, 2021, Peak Fintech Group Inc. (CSE: PKK, NASDAQ: TNT) announced its voluntary withdrawal of Form 40-F filed with the SEC. This decision was made to comply with the SEC's recent guidance for companies operating in China. Consequently, without an effective Form 40-F, Peak's common shares will be delisted from NASDAQ on September 30, 2021. The company is cooperating with the SEC and plans to submit an amended Form 40-F to ensure compliance and restore its NASDAQ listing as soon as possible.
Peak Fintech Group Inc. (CSE: PKK, NASDAQ: TNT) announced that the Nasdaq Capital Market has informed the company that the SEC is reviewing its Form 40-F registration statement. Consequently, trading of Peak's shares on NASDAQ has been temporarily halted. The delay in the SEC review process is longer than expected, impacting trading activities. Peak Fintech operates in the commercial lending sector, providing a platform, the Cubeler Business Hub, which connects financial institutions and businesses through analytics and AI.
Peak Fintech Group has acquired Huayan Kun Tai Technology Company, which offers SaaS solutions to the Chinese insurance sector. The acquisition includes the Heartbeat insurance brokerage platform, which grew user numbers from 8 to 420 in 2021 amid regulatory changes. Peak will pay a total of $31 million, with $11 million in cash and $20 million in Peak shares. This strategic move positions Peak to leverage analytics and AI in a rapidly expanding insurance market, predicted to capture 20% of global premiums by 2029.
Peak Fintech Group has acquired the assets of Huayan Kun Tai Technology Company, gaining the Heartbeat insurance platform, enhancing its presence in China's insurance market. The acquisition, totaling $31 million, allows Peak to integrate Huayan's SaaS solutions within its Cubeler Business Hub. China's insurance premium income reached approximately CAD$885 billion in 2020, indicating significant market potential. Peak aims to leverage new regulations to increase platform users from 8 to 420, enhancing B2B transactions and expanding its analytics and AI capabilities.