As of last check, Future FinTech Group Inc. (NASDAQ: FTFT) was up 4.93% at $4.26 in premarket trade today. Future FinTech closed the day on Monday at $4.06, a rise of 19.76%. Over the course of the trading session, the FTFT stock fluctuated between $3.52 and $4.07.
In the past five trading sessions, FTFT stock gained a total of 17.34% whilst year-to-date it has gone up 115.96%. FTFT stock has been gaining without any related news, and this indicates recent developments could give better insight.
What has recently happened?
Founded in Florida, Future FinTech specializes in blockchain e-commerce and financial technology. Chain Cloud Mall (“CCM”), a blockchain-based online shopping mall platform is part of FTFT’s operations. NONOGIRL is an online e-commerce platform for cross-border shopping. Aside from blockchain-based e-Commerce, FTFT also develops financial technology.
A recent announcement from Future FinTech stated that on April 13, 2021, FTFT has agreed to acquire Khyber Money Exchange from its shareholder.
The Term Sheet contains proposals for a possible transaction and has no binding effect except for its ‘Exclusive Period’ and ‘Confidentiality’ sections and its ‘Governing Law’ section. For €685,000 (US$820,170), FTFT will purchase 100% of the equity of Khyber Exchange.
A due-diligent process will be followed by the Future FinTech (FTFT) for the acquisition. FTFT also has the exclusive right to negotiate for and purchase Khyber Exchange shares within a 30-day period of time stipulated in the Term Sheet.