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NEW YORK, April 26, 2021 /PRNewswire/ -- Code Chain New Continent Limited (the "Company," or "Code Chain" or "We") (NASDAQ: CCNC), a leading eco-technology company, today announced the execution of a Letter of Intent ("LOI") to acquire 100% of Doo Limited ("Doo"), a Filecoin ("FIL") mining service provider.
Headquartered in Hong Kong, Doo engages in the FIL mining business. With mining centers located in Shanghai, Doo owns 10PiB of FIL computing power and 100,000 units of the digital currency, accounting for 0.221% of FIL digital currency globally.
Under the terms of LOI, the preliminary purchase price for Doo is $79.8 million, adjustable based on asset appraisal, which shall be paid by issuance of the Company's common stock. The parties plan to enter into a definitive equity transfer agreement after asset appraisal and due diligence are completed. The price of the common stock will be determined based on the market price as of the date of the definitive equity transfer agreement, and the amount of issuance shall not be more than 19.99% of the Company's outstanding shares.
David (Weidong) Feng, Co-CEO of the Company, commented, "We are thrilled to expand our footprint in Filecoin mining by signing the LOI to acquire Doo, one of the earliest and most successful Filecoin miners in China."
He continued, "Being one of the most prominent coins in the cryptocurrency storage sector, Filecoin is garnering much institutional interest. Its price and market capitalization have rocketed to new heights, recently breaking into the top 10 cryptocurrencies by market capitalization. The management team sees tremendous potential to invest in Filecoin, in addition to our current Bitcoin mining efforts, to fulfill its growth strategy in the cryptocurrency mining business."
About Code Chain New Continent Limited
Code Chain New Continent Limited engages in the research, design and development of electronic tokens that combine the five-W elements (when, where, who, why, what), geographic location via the Beidou satellite system and identity information using Code Chain technology. The electronic tokens are unique, tradable, and inheritable digital assets and cannot be tampered. The electronic tokens are based on and stored in the Code Chain system and can be used to monitor and document all kinds of consumer behaviors that involve code-scanning. Recently, the company has also diversified its business into Bitcoin mining.
Safe Harbor Statements
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SOURCE Code Chain New Continent Limited