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) announced the closing of a registered direct offering on December 29, 2020, comprising 4,210,530 units at $1.90 each, raising gross proceeds of $8,000,007. Each unit consists of one share of common stock and one warrant to purchase an additional share at an exercise price of $2.15 for five years. The net proceeds will support growth capital and general working capital needs. A.G.P./Alliance Global Partners served as the placement agent for this offering.
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.
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