Welcome to our dedicated page for Future FinTech Group news (Ticker: FTFT), a resource for investors and traders seeking the latest updates and insights on Future FinTech Group stock.
Future FinTech Group Inc. (NASDAQ: FTFT) is a comprehensive provider of financial and digital technology services, operating across multiple sectors and geographical regions. The company engages in supply chain financing services and trading in China, asset management and investment banking services in Hong Kong, and cross-border payment services in the United Kingdom. Additionally, Future FinTech runs cryptocurrency trading data information services in the United Arab Emirates and has established a digital asset mining farm in the United States.
One of its notable subsidiaries, FTFTX, is a professional global crypto data aggregation platform. It provides institutional and individual investors with real-time, high-quality, reliable digital currency market data for cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and others. FTFTX aggregates currency and transaction data from global digital currency platforms, conducting thorough analysis to deliver the most valuable information to its users.
Future FinTech continues to expand its operations and recently participated in significant events, emphasizing its commitment to international collaboration. On August 15, 2023, CEO Mr. Huang Shanchun attended the inauguration ceremony of the President of Paraguay, Santiago Pena. Future FinTech intends to engage in deeper cooperation with the new government of Paraguay in financial technology and cryptocurrency mining, leveraging Paraguay's abundant hydropower resources to attract global bitcoin mining operations.
Despite facing legal challenges, such as the recent allegations by the SEC against its CEO Mr. Shanchun Huang for manipulative trading prior to his tenure as CEO, the company remains steadfast in its operational integrity. The Board has established an independent committee to review these allegations and imposed trading restrictions on the CEO during the ongoing litigation. The Board assures that the litigation will not impact the company's operations.
In recent months, Future FinTech has made strides in its cryptocurrency mining initiatives. On March 15, 2024, its subsidiary FTFT SuperComputing Inc. signed a data mining hosting agreement with Teracrypto Technology LLC to provide hosting services for bitcoin miners at its cryptocurrency farm in Norwalk, Ohio. Another agreement was signed on April 15, 2024, with Tech Solution Inc., further cementing FTFT SuperComputing's role in the burgeoning cryptocurrency mining industry.
Future FinTech adheres to the concept of improving financial services through digital and internet technologies, providing stable, safe, and efficient digital financial services to its business and individual customers.
Future FinTech Group Inc. (NASDAQ: FTFT) has finalized its acquisition of a 60% equity interest in Sichuan Ticode Supply Chain Management Co., Ltd. for approximately $66.45 million, paid in 7,789,882 shares of common stock priced at $8.53 per share. This acquisition, part of FTFT's strategy to enhance competitiveness in fintech, provides potential for revenue growth and expands its service offerings. An additional 5% equity could be transferred at no cost if Ticode fails to meet specified EBIT targets for 2021 and 2022.
Future FinTech Group (NASDAQ: FTFT) announced a non-binding equity acquisition framework agreement to acquire a 51% stake in Mingtang Network Technology for RMB 45.9 million (approximately US$ 7.0 million). Mingtang operates a cryptocurrency mining farm in China's Xinjiang region, with a fully operational data center capable of supporting 50,000 mining machines. The deal includes a commitment from sellers to cover any shortfall in Mingtang's 2021 EBIT, projected at RMB 40 million (approximately US$ 6.1 million). Future investments in a second data center are also planned.
Future FinTech Group Inc. (NASDAQ: FTFT) announced an amendment to its Share Exchange Agreement to acquire 90% of Nice Talent Asset Management Limited (NTAM) for HK$144 million (approximately US$18.7 million). The purchase price includes 60% in common stock based on a share price of US$5.00, and the remaining 40% depends on NTAM achieving specific EBIT goals for 2021 and 2022. NTAM, licensed under Hong Kong's Securities and Futures Commission, holds partnerships with major banks, aiming to enhance FTFT's global financial services.
Future FinTech Group Inc. (NASDAQ: FTFT) announced the closing of a registered direct offering of 5,737,706 shares at $6.10 per share on April 6, 2021. The offering generated gross proceeds of approximately $35 million. Funds will be allocated for growth capital and general working capital purposes. A.G.P./Alliance Global Partners served as the sole placement agent. The offering was conducted under an effective shelf registration statement with the SEC, ensuring compliance with securities laws.
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.
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