Home Top Movers Why Sino-Global Shipping America, Ltd. (SINO) stock turnaround in the after-market on...

Why Sino-Global Shipping America, Ltd. (SINO) stock turnaround in the after-market on Monday?

Sino-Global Shipping America Ltd. (SINO) shares surged 6.87% to close at $3.58 per share in after-market on Monday, May 24, 2021. Earlier, SINO’s stock lost 7.97% to close Monday’s normal trading session at $3.35 per share. SINO shares have surged 76.32% over the last 12 months, and they have moved down 14.10% in the past week. Over the past three months, the stock has lost 58.64%, while over the past six months, it has risen 31.37%.

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Recent SINO news

Unveiling the NFT by Sino-Global and CyberMiles

On April 7, 2021, Sino-Global Shipping America, Ltd. unveiled the CyberWorld V0.1 NFT (non-fungible tokens) platform in collaboration with e-commerce public chain CyberMiles.

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The new CyberWorld V0.1 NFT platform will officially launch in July 2021, was developed, and will be operated by Sino-Global and CyberMiles.

Acquisition of Super Node LLC

On March 25, 2021, Sino-Global Shipping America, Ltd. announced to acquire 60% ownership of blockchain infrastructure developer Super Node LLC in an all-stock transaction valued at $5 million.

Super Node LLC is a privately held, blockchain infrastructure software developer and service provider, based in Wilmington, Delaware.

It operates multiple CyberMiles nodes and develops decentralized applications on the CyberMiles network, a powerful, high-performance CyberMiles public chain.

Expandingcryptocurrency market position

On March 03, 2021, Sino-Global Shipping America, Ltd announced the acquisition of 2,783 digital currency mining servers at a price of approximately $4.6 million from Hebei Yanghuai Technology Co., Ltd, to expand its cryptocurrency market position.

SINO start accepting Bitcoin as a form of payment

On March 2, 2021, Sino-Global Shipping America, Ltd start accepting Bitcoin as a form of payment for its global shipping, freight, and logistics services. Payments made in Bitcoin will be made at the rate applicable at the payment date.

Acquisition of Nine-Chain Intelligent

On February 16, 2021, Sino-Global Shipping America, Ltd signed a letter of intent to acquire 51% of Inner Mongolia Nine-Chain Intelligent Big Data Park Service Co., Ltd.

Nine-Chain Intelligent, which is located in Erenhot city of Inner Mongolia autonomous region has about 150,000 KW*hour capacity for Bitcoin mining. The total Bitcoin computing power reaches 4500P. The company also has a 50,000 KWhour capacity for Ethereum mining with a total Ethereum computing power of 28T.

Closing registered direct offering

On February 11, 2021, Sino-Global Shipping America, Ltd closed its previously announced registered direct offering and concurrent private placement with certain accredited investors to purchase a total of $28,509,000 of its common stock and warrants.

The gross proceeds of $26.2 million from the offer will be used for working capital and other general corporate purposes.

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Conclusion

Well, as of this writing, there is no recent news that could be linked to its turnaround on Monday. Cryptocurrency and related business felt some pressure in the past week which could be the reason behind its early loss on Monday. But it seems that Cryptocurrency has started recovering its loss with the start of the new week.

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