|Bid||3.1600 x 3000|
|Ask||3.2400 x 1300|
|Day's Range||3.1000 - 3.2700|
|52 Week Range||0.9700 - 11.2900|
|Beta (5Y Monthly)||1.90|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
Future FinTech Group Inc (NASDAQ: FTFT) inked a preliminary term sheet to acquire money transfer company Khyber Money Exchange Ltd for $0.82 million (€0.69 million). Future FinTech held $0.96 million in cash and equivalents as of Sep. 30, 2020. "We believe that this is a high margin business that will enable us to capitalize upon an increasing level of international money flows and that it could ultimately be synergistic with the Chinese payment settlement services company, Hi-Card Business Service Co., Ltd., in which we are planning to acquire a 60% interest pending due diligence and final negotiation," said Fintech CEO, Shanchun Huang. Price action: FTFT shares traded lower by 0.31% at $3.25 in the premarket session on the last check Wednesday. See more from BenzingaClick here for options trades from BenzingaFuture Fintech To Acquire Majority Stake In Cryptocurrency Mining Farm Mingtang Network Technology For M© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
The equity stake won't cost Future FinTech much. But it's providing a lot of cash to fund growth.
Blockchain-based e-commerce business and fintech service provider, Future FinTech Group Inc (NASDAQ: FTFT), has inked an agreement to acquire a 51% stake in Mingtang Network Technology for $7 million (RMB 45.9 million) based on a valuation of $13.8 million (RMB 90 million). Mingtang Network operates a cryptocurrency mining farm that integrates big data collection, cloud storage, and advanced computer software and hardware operations into an industrial data analysis system and information storage system. Phase I of Mingtang Network's data center had a 50,000-capacity load for cryptocurrency mining machines, the ability to run big data mining applications, and was fully operational. It also had 300,000 sets of mechanical and electrical equipment on site. The sellers promised a minimum EBIT of $6.1 million (RMB 40 million) in 2021. Both the parties agreed to invest around $91.7 million (RMB 600 million) in the construction of a Phase II data center of a 500,000-capacity load for cryptocurrency mining machines under the ownership percentage ratio. Future FinTech had recently raised $35 million from a private institutional offering. Price action: FTFT shares traded lower by 5.24% at $4.70 in the premarket session on the last check Wednesday. See more from BenzingaClick here for options trades from BenzingaFuture Fintech Stock Trades Lower On Raising M From Private Institutional OfferingFuture Fintech Stock Is Trading Higher On Acquiring Hydroelectricity Powered Bitcoin Mining Farm For .1M© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.