Welcome to our dedicated page for Tenet Fintech Group news (Ticker: PKKFF), a resource for investors and traders seeking the latest updates and insights on Tenet Fintech Group stock.
Tenet Fintech Group Inc., through its subsidiaries, operates as an IT portfolio management company in China. The company operates through two segments, Fintech Platform and Financial Services. The Fintech Platform segment provides logistic, procurement, and distribution of products within supply chains or facilitating transactions in the commercial lending industry through technology platforms. The Financial Services segment offers commercial loans to entrepreneurs and small and medium-sized businesses, as well as turn-key credit outsourcing services to banks and other lending institutions. Formerly known as Peak Positioning Technologies Inc., the company changed its name to Tenet Fintech Group Inc. in November 2020. Conveniently based in Montréal, Canada, the company is at the forefront of leveraging technology in the financial sector to drive efficiency and growth.
Peak Fintech Group announced the acquisition of analytics and AI company Cubeler for $1 million in cash and 11.1 million shares. This acquisition grants Peak worldwide commercial rights to the Cubeler Business Hub, which will expand operations to Canada later this year. The transaction is classified as a "related party transaction" under Multilateral Instrument 61-101, exempting it from certain valuation and approval requirements. CEO Johnson Joseph expressed enthusiasm for launching operations in Canada and acknowledged the support from Canadian financial partners and SMEs.
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.
On September 17, 2021, Peak Fintech Group Inc. (CSE: PKK) (OTCQX: PKKFF) announced that its Business Hub member, Xiamen Guangzhui Ltd. (XGL), has secured exclusive distribution rights for Red Bull energy drinks at Petro China and Sinopec convenience stores across three additional provinces in China. This brings XGL's total to eight provinces, aligning with its goal of nationwide coverage within eight months of joining the Business Hub. XGL clients are required to purchase Red Bull exclusively through the Gold River platform, enhancing the Business Hub's client base.
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.
Peak Fintech Group Inc. (CSE: PKK, OTCQX: PKKFF) announced its common shares will begin trading on the Nasdaq Capital Market under the ticker symbol 'TNT' starting September 9, 2021. This approval from Nasdaq is seen as a significant milestone for the company, as it aims to expand operations beyond China and attract a broader investor base. Until September 8, 2021, shares will continue to trade on the OTCQX under 'PKKFF'. Peak operates in the Fintech sector, focusing on commercial lending through its Cubeler Business Hub, leveraging analytics and AI for transaction facilitation.
Peak Fintech Group Inc. (CSE: PKK) (OTCQX: PKKFF) announced a surge in warrant exercise requests in August 2021, resulting in the exercise of 719,820 warrants, generating approximately $1M in cash. Currently, 21,282,797 warrants are outstanding, all in the money, which could yield an additional $60.3M for the Company. Peak expects the trend of elevated exercise requests to persist. However, processing delays may occur due to increased demand for warrant exercises.
Peak Fintech Group Inc. (CSE: PKK) (OTCQX: PKKFF) has announced the acquisition of 100% of Cubeler Inc., an analytics and AI firm, for $1 million in cash and over 11 million shares. This strategic move grants Peak full control over technology that contributes 90% of its revenue, facilitating the launch of their North American Business Hub. The transaction is expected to close by September 30, 2021, subject to independent review. The acquisition will increase Peak's operational capabilities and provide new revenue streams while complying with related party transaction regulations.
Peak Fintech Group Inc. (CSE: PKK) (OTCQX: PKKFF) announced that its Business Hub member, Xiamen Guangzhui Ltd. (XGL), has secured exclusive rights to distribute Red Bull energy drinks at Petro China and Sinopec convenience stores across five provinces in China. XGL attributes its success in obtaining these rights to the operational enhancements provided by the Business Hub, which eliminates logistics issues and payment delays. XGL aims to quintuple sales, aspiring for nationwide exclusivity by the next year.
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