Sino-Global Shipping America Ltd. (SINO) stock plunged by 11.9% at last close whereas the SINO stock-price gains by 7.34% in the after-market. Sino-Global is founded in the United States in 2001, has been expanding into the cryptocurrency and NFT sectors while maintaining and growing its core shipping, contracting, logistics, and associated services business.
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What’s up with SINO stock?
Sino-Global Shipping America has initiated a non-binding letter of intent to purchase Clamour which is Southeast Asia’s inaugural online high-end artworks and collections trading service. Sino-Global plans to purchase 100 percent of Clamour’s equity holding for roughly $3 million in cash and shares once a final acquisition agreement is signed.
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Compared to typical auction houses, Clamour provides significant benefits to buyers and sellers. Clamour’s reduced commission, customizable pricing, safe payment by a smart contract with blockchain technology, and protected intellectual property are all examples of this. Clamour also organizes the art collections of its consumers. Each action, payment, and order is tracked by blockchain servers. Each listing is encrypted and serves as a blockchain node, storing all artwork listing information and history. Clamour is based in Singapore and has offices in Hong Kong, Indonesia, and China.
Mr. Lei Cao, CEO of SINO Stock, stated,
The opportunity with Clamour excites them tremendously. They’re particularly delighted to have organized this acquisition as a cash-and-stock transaction. This will assist the Clamour team stay on track with its intensely competitive environment. As Clamour expands its market share in Southeast Asia, the Clamour group has developed a premier blockchain platform with the ability to significantly grow its market share. The art trade industry is notorious for being very fragmented, with quality, security, and product integrity concerns reoccurring. Clamour’s digital platform, which is simple to use but attractive, tackles these essential concerns. They’re also looking forward to collaborating on bringing NFT technology to Clamour’s platform.
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As they grow their skills and influence, Sino-Global has so far made a series of partnerships in blockchain infrastructure and NFT firms. They’re excited to add Clamour to their network alongside its other assets and partners, such as their CyberWorld V0.1 NFT platform, which already serves as a vital link between the virtual and real worlds.