TKAT Provides Update of the NFT Trading Platform
Takung Art Co. (NYSE: TKAT) announced updates on its NFT trading platform, launched as part of its strategy to expand into blockchain technology. Since its launch, over 60 products have been listed, with more than 107 registered users and approximately 40 completed transactions. Co-CEO Kuangtao Wang highlighted the platform's potential for sustainable growth. However, the company’s recent audit revealed concerns about its ability to continue as a going concern, prompting CFO Jianguang Qian to indicate efforts to reduce liabilities and boost revenue.
- Launch of NFT platform with over 60 products listed.
- 107 new registered users and approximately 40 transactions completed.
- Management's commitment to promoting platform growth.
- Audit opinion raises concerns about TKAT's ability to continue as a going concern.
- The NFT marketplace and related services are still under development, presenting execution risks.
- Potential loss of key customers in the blockchain and NFT business.
New York, May 05, 2022 (GLOBE NEWSWIRE) -- Takung Art Co., Ltd. (NYSE American: TKAT) ("Company" or "TKAT"), as an emerging online trading platform operator of international art and collectibles, provided an update of its newly launched NFT trading platform at www.nftoeo.com.
Since its launch, there have been more than 60 products listed on the platform and more than 107 new registered users, having generated approximately 40 transactions.
Co-CEO Kuangtao Wang commented, “we have been working hard to implement the blockchain NFT business since July 2021. The launch of our own NFT platform and completion of transactions on the platform solidified our business strategy. We will further promote our platform in order to further stimulate the sustainable growth of our business.”
Pursuant to the disclosure requirements of the NYSE American Company Guidelines Sections 401(h) and 610(b), TKAT is reporting that its audited financial statements for the fiscal year ended December 31, 2021, included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on April 15, 2022, contains an audit opinion from its independent registered public accounting firm that includes an explanatory paragraph related to TKAT’s ability to continue as a going concern. This announcement does not represent any change or amendment to the Company’s financial statements or to its Annual Report on Form 10-K for the fiscal year ended December 31, 2021.
Mr. Jianguang Qian, CFO of the Company commented, “we will make every endeavor to use the proceeds received in our recent financing and future financing activities to reduce our liabilities and increase revenue to cure the going concern.”
About TKAT
Takung Art Co Ltd. operates an online electronic platform (www.nftoeo.com) for offering and trading of digital artwork. Through its platform, the Company allows artists/art dealers/owners to access a much bigger art trading market where they can engage with a wide range of investors. It generates revenue in the form of services in connection with the offering and trading of artwork on its platform, primarily consisting of listing fees, trading commissions, and management fees. Please visit: www.nftoeo.com.
Forward-Looking Statements
Certain statements in this press release may constitute "forward-looking statements" within the meaning of the Federal Securities Act, including but not limited to our expectations of future financial performance, business strategy or business. These statements constitute forecasts, prospects and forward-looking statements and are not performance guarantees. TKAT warns that forward-looking statements are subject to many assumptions, risks and uncertainties that will change over time. Forward looking statements may be identified by words such as "may", "can", "should", "will", "estimate", "plan", "project", "forecast", "intend", "expect", "predict", "believe", "seek", "target", "Outlook" or similar words.
These forward-looking statements are based on information available as of the date of this press release and our management's current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements.
These risks and uncertainties include, but not are limited to, the risk factors described by TKAT in its filings with the Securities and Exchange Commission ("SEC"). These risk factors and those identified elsewhere in this press release, among others, could cause actual results to differ materially from historical performance and include, but are not limited to:
- Changes in the local governments’ policies and regulatory oversight of blockchain and NFT marketplace operations;
- TKAT's consultancy service, NFT marketplace and blockchain-based online games businesses are still under development, with many uncertainties in the future direction and integration of these various business segments;
- Failure to manage the newly launched NFT marketplace business effectively;
- The rapid development of the new technologies supporting blockchain and NFT and TKAT’s ability to explore these new technologies and apply them innovatively to keep its products and services competitive;
- Loss of key customers in the blockchain and NFT related business; and
- other risks and uncertainties indicated in TKAT's SEC reports or documents filed or to be filed with the SEC by TKAT.
Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and you should not place undue reliance on these forward-looking statements in deciding whether to invest in our securities. We do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
SOURCE TKAT
FAQ
What recent updates did Takung Art Co. provide regarding its NFT platform?
What concerns did the recent audit raise for TKAT?
How does TKAT plan to promote its NFT platform?
What risks are associated with TKAT's NFT marketplace development?
