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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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Conclusion

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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