AGM Group Holdings Inc. (AGMH) shares soared 15.20% in after-hours on Thursday, December 30, 2021, and closed the daily trading at $2.88. However, in the regular trading session, AGMH’s stock lost 9.42%. AGMH shares have fallen 83.63% over the last 12 months, and they have moved down 35.57% in the past week. Over the past three months, the stock has lost 71.85%, while over the past six months, it has shed 76.44%.
Let’s have a brief discussion about its recent news.
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AGMH delivered Bitcoin mining machines
On December 28, 2021, AGM Group Holdings Inc. (AGMH), delivered 1,335 units of Bitcoin mining machines to Meten Holding Group Ltd. (METX).
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Both companies have already strategic partnership to nurture a blockchain ecosystem by integrating technology, products, sales, and services.
Ortoli represented AGMH registered direct offering
On December 15, 2021, Ortoli Rosenstadt LLP, represented AGM Group Holdings Inc. in a registered direct offering of 2,898,552 Class A ordinary shares of AGM Group and a concurrent private offering of warrants to purchase up to 1,449,276 Class A ordinary shares of AGM Group. The gross proceeds of the offerings were approximately $20 million.
Earlier the company (AGMH) announced the closing of its previously announced registered direct offering and concurrent private placement with certain investors, raising approximately US$20 million in gross proceeds.
AGMH latest financial results
On December 3, 2021, AGM Group Holdings Inc. (AGMH) announced its unaudited financial results for the three months ended September 30, 2021.
Q3 2021 financial highlights
- AGMH reported total revenue of $5.34 million in Q3 2021 compared to $31,261 in the same period of 2020.
- The cost of revenues was $4.62 million in Q3 2021 compared to $10,123 in Q3 2020.
- In Q3 2021, the gross profit was $0.71 million compared to $21,138 in the same period of 2020.
- Total operating expenses were $0.34 million in Q3 2021 compared to approximately $0.29 million in Q3 2020.
- It earned a net income of $0.20 million in the third quarter of 2021, compared to a net loss of $0.32 million in the same period of 2020.
- Basic and diluted net income per common share were both $0.01, compared to a basic and diluted net loss of $0.01 in the same period of 2020.
- The company ended the third quarter with cash and cash equivalents of $1.40 million.
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Conclusion
AGM Group stock surged and recovered its early loss after the company announced that it has delivered bitcoin mining machines to Meten Holding. We hope that it will perform well on the last trading day of 2021.