Future FinTech Group Enters Material Agreement
Ticker: FTFT · Form: 8-K · Filed: Feb 14, 2024 · CIK: 1066923
Sentiment: neutral
Topics: material-agreement, corporate-event, 8-K-filing
TL;DR
**Future FinTech Group just signed a big deal, but the details are still under wraps.**
AI Summary
Future FinTech Group Inc. filed an 8-K on February 14, 2024, reporting an "Entry into a Material Definitive Agreement" that occurred on February 11, 2024. This filing indicates the company entered into a significant contract, but the specific parties involved, financial terms, or the nature of the agreement are not detailed in this document snippet. The filing also includes information about "Financial Statements and Exhibits."
Why It Matters
A material definitive agreement signifies a potentially significant change or development for Future FinTech Group Inc., which could impact its operations, financial position, or strategic direction. Investors will need to await further details to understand the full implications of this undisclosed agreement.
Risk Assessment
Risk Level: medium — The filing reports a "Material Definitive Agreement" which can significantly impact the company, but the complete lack of specific details about the agreement's nature, parties, or financial terms introduces uncertainty and risk for investors.
Key Players & Entities
- Future FinTech Group Inc. (company) — registrant
- 07 Trade & Services (company) — organization name
- SkyPeople Fruit Juice, Inc (company) — former company name
- ENTECH ENVIRONMENTAL TECHNOLOGIES INC (company) — former company name
- CYBER PUBLIC RELATIONS INC (company) — former company name
FAQ
What company filed this 8-K report?
Future FinTech Group Inc. filed this 8-K report.
What was the earliest event reported in this filing?
The earliest event reported was the "Entry into a Material Definitive Agreement" on February 11, 2024.
What specific items were reported in this 8-K?
The 8-K reported "Entry into a Material Definitive Agreement" and "Financial Statements and Exhibits."
What is the filing date of this 8-K?
The 8-K was filed as of February 14, 2024.
Does this filing provide details about the parties or financial terms of the material definitive agreement?
No, this filing snippet does not provide specific details about the parties involved or the financial terms of the material definitive agreement.
Filing Stats: 678 words · 3 min read · ~2 pages · Grade level 13.5 · Accepted 2024-02-14 16:30:34
Key Financial Figures
- $0.001 — h registered Common Stock, par value $0.001 per share FTFT Nasdaq Stock Market
- $0.2272 — as follows: (i) to add a floor price of $0.2272 per share for the redemption conversion
Filing Documents
- ea193640-8k_futurefin.htm (8-K) — 27KB
- ea193640ex10-1_futurefin.htm (EX-10.1) — 19KB
- 0001213900-24-014077.txt ( ) — 223KB
- ftft-20240211.xsd (EX-101.SCH) — 3KB
- ftft-20240211_lab.xml (EX-101.LAB) — 33KB
- ftft-20240211_pre.xml (EX-101.PRE) — 22KB
- ea193640-8k_futurefin_htm.xml (XML) — 4KB
01 Entry into a Material Definitive
Item 1.01 Entry into a Material Definitive Agreement On February 11, 2024, Future FinTech Group, Inc., a Florida corporation (the "Company") and Streeterville Capital, LLC, a Utah limited liability company (the "Lender") entered into an Amendment (the "Amendment") to Convertible Promissory Note (the "Note") which was originally issued by the Company to the Lender on December 27, 2023, as disclosed in the Form 8-K of the Company filed on December 29, 2023. Pursuant to the Amendment, the parties agree to amend the Note as follows: (i) to add a floor price of $0.2272 per share for the redemption conversion (the "Floor Price"); (ii) in the event the redemption conversion price with respect to any given redemption is below the Floor Price, then Company must pay the applicable redemption amount requested by the Lender in cash on or before the third trading day immediately following the applicable redemption date; (iii) delete the Lender's rights to increase, decrease or waive the Maximum Percentage (defined below) in connection with Lender's ownership limitation pursuant to which the Company will not effect any conversion of the Note to the extent that after giving effect to such conversion would cause the Lender to beneficially own a number of shares exceeding 9.99% of the number of shares of Common Stock of the Company outstanding on such date (including for such purpose the Common Stock issuable upon such issuance) (the "Maximum Percentage"). The description contained herein of the terms of the Amendment does not purport to be complete and is qualified in its entirety by reference to the Amendment, a copy of which is attached hereto as Exhibit 10.1 and incorporated by reference herein.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits (d) Exhibits Exhibit No. Exhibit Title or Description 10.1 Amendment to Convertible Promissory Note dated February 11, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). 1
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Future FinTech Group Inc. Date: February 14, 2024 By: /s/ Shanchun Huang Name: Shanchun Huang Title: Chief Executive Officer and President 2