Why Integrated Media Technology Limited (IMTE) stock couldn’t hold on to its gains in the after-hours on Thursday?

Integrated Media Technology Limited (IMTE) shares declined 7.11% in after-hours on Thursday, December 30, 2021, and closed the daily trading at $4.70. However, in the regular trading session, IMTE’s stock gained 12.20%. IMTE shares have risen 21.93% over the last 12 months, and they have moved up 15.53% in the past week. Over the past three months, the stock has gained 7.66%, while over the past six months, it has surged 13.71%.

Let’s briefly discuss its recent news and developments.

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IMTE Launched its NFT trading platform

On December 30, 2021, Integrated Media Technology Limited (IMTE) signed an Assignment and Assumption Agreement to take over the rights and obligation on a Cooperation Agreement on developing a Blockchain business focusing on digital asset market platform mainly focusing on NFT (Non-Fungible Token) trading market. IMTE will pay a deferred payment based on future earnings of Ace Corporation Limited and a bonus payment if Ace is listed on a recognized exchange in the next 5 years.

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IMTE will invest up to US$1 million for 60% equity interests in Ace to develop, establish, and operate a trading platform called Ouction. The core technology will be developed by Mr. Eric Zhang and his team and the development, marketing, and operating team will receive the 40% of the equity interest in Ace.

IMTE launched Credit AI

On December 27, 2021, Greifenberg Digital, a member of the IMTE Group, launched Credit AI, a groundbreaking suite of risk analytics for corporate bonds with an initial coverage universe of nearly 30,000 Chinese local-currency corporate bonds. The analytics are delivered via the Internet on an interactive website.

The website is based on a new and innovative financial scoring model, a machine-learning algorithm that detects default risk in corporate financial reporting.

The Greifenberg website is now available to institutional investors. The website released a White Paper detailing the performance of the analytics suite during the Chinese property bond crisis of August-October 2021.

IMTE acquired Magnum

On October 12, 2021, Integrated Media Technology Limited (IMTE) signed a conditional sale and purchase agreement to acquire 100% equity interest in Magnum International Holdings Limited (Magnum), for $11 million which will be paid by the issuance of 3,630,360 ordinary shares in the Company at US$3.03 per share.

Magnum is a technology development company based in Dalian, China, and is currently developing a smart pharmacy system and health platform for hospitals and pharmacies. The company is also developing wearable medical devices for real-time monitoring, and the integration of medical resources to provide consumers with medical and healthcare information.

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The recent NFT platform launching was the reason behind its gains in the regular trading session but there was no such news available to justify its decline in the after-hours on Thursday. Let’s see how it performs o the last trading day of the year.

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