Future Fintech Group Inc. (NASDAQ: FTFT) stock soared by 19.76% at the last close while FTFT stock price continues to project a gain of 5.17% at the last check in the pre-market trading. As of now, there is no news available regarding this surge in FTFT stock price. Future FinTech Group, based in Florida, is a major blockchain e-commerce firm and financial technology services company.
Recent Past Development
On April 21, 2021, FTFT revealed that on April 13, 2021, Future Fintech signed a tentative term sheet with Khyber Money Exchange Ltd.’s shareholders to buy 100 percent of the company’s equity. Except for the ‘Exclusive Period’ and ‘Confidentiality’ sections, and the ‘Governing Law’ section, the Term Sheet represents terminology for a potential contract subject to conclusive agreement and is non-binding.
According to the Term Sheet, FTFT will pay €685,000 (approximately US$ 820,170) to buy 100 percent of Khyber Exchange’s equity. The deal will be open to FTFT’s due diligence, and the Term Sheet states that FTFT will have the sole right to bargain with and buy Khyber Exchange’s equity for a 30-day duration.
About Khyber Exchange,
Khyber Exchange is a money transfer business that offers a forum for sending money around the world from one of its agent sites, online, on a smartphone, or over the phone. Khyber Exchange is based in the United Kingdom, with offices in Germany and Italy.
Shanchun Huang, Chief Executive of Future FinTech, commented:
This proposed purchase excites FTFT because it expands their presence in the fintech market. Team FTFT claims that this is a high-margin business that will enable them to profit from the international money flows and that it will eventually be synergistic with Hi-Card Business Service Co., Ltd., a Chinese payment settlement services company in which FTFT plans to acquire a 60% stake following due diligence and final negotiations between the parties.