The blockchain e-commerce firm Future Fintech Group Inc (FTFT) has been seeing its stock price surging in the premarket session today. As of 08:27 a.m. EST, the price of the company’s shares was up +8.96% to $5.84 following news of an update about its potential acquisitions.
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Incorporated in Florida, Future FinTech is an e-commerce company specializing in blockchain technology and a service provider for financial technology. This Company offers and operates an online shopping mall Chain Cloud Mall running on blockchain, an e-commerce platform known as NONOGIRL for cross-border services, as well as an incubator promoting blockchain-based application development. The Company is also developing e-Commerce technology as well as financial technology based on blockchain platform.
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After the closing bell on Friday, FTFT announced an update on three potential acquisitions. The updates were regarding the delays involved in owning 90% of Nice Talent Asset Management Limited, and the cancellation of the potential acquisitions of Asiasens Investment Holding Pte. Ltd., and Blocknance Financial International SRL.
- The Company previously announced on July 16, 2020 that it entered into an agreement to acquire 90% of the issued and outstanding shares of NTAM, a Hong Kong-based asset management company, through a share exchange agreement with Joy Rich Enterprises Limited.
- However, both the global pandemic Covid-19 and the slow regulatory process in Hong Kong influenced the closing process.
- Because of that, there had been significant delays towards the completion of the acquisition.
- Closing was stipulated to be by December 31, 2020, but since July 2020 there have been changes in NTAM’s business performance as well as FTFT’s share price.
- According to the current situation, the parties have agreed to re-negotiate NTAM’s purchase price in accordance with the Company’s recent stock price level.
- A total of 60% of the total issued and outstanding shares of Blocknance have been acquired under a previously announced term sheet signed by the Company with Blocknance, a company incorporated in the Dominican Republic, and its selling shareholders, in January of 2021.
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- The parties could not come to a decision on the details of the proposed acquisition, and they agreed to terminate the term sheet.
