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?
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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.
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.