The provider of shipping and freight logistics integrated solutions Sino-Global Shipping America Ltd. (NASDAQ: SINO) has been experiencing an 11.48% rise in its stock price, raising it to $6.02 in mid-session trades. The stock price came to be surging following news about a development of the company’s strategy of entering in digital space.
What actually is happening?
3 Tiny Stocks Primed to Explode
The world's greatest investor — Warren Buffett — has a simple formula for making big money in the markets. He buys up valuable assets when they are very cheap. For stock market investors that means buying up cheap small cap stocks like these with huge upside potential.
We've set up an alert service to help smart investors take full advantage of the small cap stocks primed for big returns.
Click here for full details and to join for free
Sponsored
As a United States-based company in the maritime industry, Sino-Global was founded in 2001. With offices in Australia, Canada, Hong Kong, Los Angeles and Mainland China, Sino-Global is headquartered in New York. The Company currently offers a full and comprehensive range of shipping agency, shipping and chartering, inland transportation management, and ship management services.
Read More
Today, Sino-Global announced it executed a purchase agreement for 2,783 digital currency servers (products) for a total price of RMB 30 million ($4.6 million).
- Products have been purchased from Hebei Yanghuai Technology Co., Ltd., which will significantly boost the Sino-Global’s computing power to 50,440t/s.
- SINO’s strategic expansion into the digital currency market extends with this latest purchase.
- Sino-Global anticipates owning 2,783 units, made up of 449 units of different makes/models, of Products, based on terms of the Agreement.
- The Products will be managed and operated by Yanghuai at its site for the next three years free of charge, once the transaction stands completed.
- Following the initial period of three years, Sino-Global may continue to engage Yanghuai to provide services for a fee.
- Upon the approval of the Agreement, the first payment of RMB 6 million will be made within 15 days.
- Within 15 days after the date of acceptance of the Products, the second cash payment of RMB 6 million will be paid.
- After the filing of Form 10-K or 10-Q, the remaining RMB 18 million will be paid on quarterly basis.
- Yanghuai may be subject to loss-sharing reductions if its monthly commitments to make a net profit are below RMB 2.37 million each month.