Future FinTech Stock Surges On Forging Into Supply Chain Software Business

September 3, 2021 10:28 AM | 1 min read | Make a Comment

Future FinTech Group Inc FTFT inked a term sheet to acquire 51% of the equity of Shanghai Dianfa Internet Technology Co., Ltd for $2.8 million.
Future FinTech will pay $0.93 in cash and the remaining $1.8 million in shares.
It represents Future FinTech's aim to enter SMEs' critical supply chain finance business and the microfinance sector.
Future FinTech held $72 million in cash and equivalents as of June 30.
Recently, Alibaba Group Holding Ltd BABA backed Ant Group, and TikTok parent ByteDance Ltd reduced their stakes in their fintech businesses following China's fintech crackdown.
Price Action: FTFT shares traded higher by 12.43% at $2.90 on the last check Friday.