Future FinTech Group Inc. Announces Board and Officer Changes

Ticker: FTFT · Form: 8-K · Filed: Aug 9, 2024 · CIK: 1066923

Sentiment: neutral

Topics: management-change, board-of-directors, officer-appointment

TL;DR

Future FinTech Group Inc. just swapped out some execs and board members. Big changes coming?

AI Summary

Future FinTech Group Inc. announced on August 5, 2024, a change in its board of directors and executive officers, including the appointment of new officers and the election of new directors. The company also reported on other events and filed financial statements and exhibits as part of this 8-K filing.

Why It Matters

Changes in leadership and board composition can signal strategic shifts or governance adjustments within a company, potentially impacting its future direction and investor confidence.

Risk Assessment

Risk Level: medium — Changes in executive and board leadership can introduce uncertainty and signal potential strategic shifts, which may carry inherent risks.

Key Players & Entities

FAQ

What specific roles have been affected by the changes in directors and officers?

The filing indicates changes related to the 'Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers' and 'Compensatory Arrangements of Certain Officers', suggesting multiple roles have been impacted.

Are the financial statements and exhibits filed with this 8-K detailed or summary?

The filing lists 'Financial Statements and Exhibits' as an item, but the specific nature or detail level of these documents is not provided in the summary information.

What was Future FinTech Group Inc.'s former name?

Future FinTech Group Inc. was formerly known as SkyPeople Fruit Juice, Inc., ENTECH ENVIRONMENTAL TECHNOLOGIES INC, and CYBER PUBLIC RELATIONS INC, with name changes occurring on June 10, 2008, March 23, 2004, and January 11, 2001, respectively.

What is the primary business of Future FinTech Group Inc. according to its SIC code?

Future FinTech Group Inc. is classified under SIC code 7389, which pertains to SERVICES-BUSINESS SERVICES, NEC (Not Elsewhere Classified).

Where is Future FinTech Group Inc. headquartered?

The company's business and mailing address is located at AMERICAS TOWER, 1177 AVENUE OF THE AMERICAS, SUITE 5100, NEW YORK, NY 10036.

Filing Stats: 944 words · 4 min read · ~3 pages · Grade level 9.6 · Accepted 2024-08-09 09:00:10

Key Financial Figures

Filing Documents

02 Departure

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On August 5, 2024, the Board of Directors (the "Board") of Future FinTech Group, Inc. (the "Company") received a resignation letter from Mr. Shanchun Huang to resign from his positions as a director of the Board and the Chief Executive Officer ("CEO") and President of the Company, effective on August 5, 2024. Mr. Huang indicated that his resignation is not because of any disagreement with the Company, its management or its directors. On August 5, 2024, the Board appointed Mr. Hu Li as a director of the Board and the CEO and President of the Company. Mr. Hu Li, age 50, has served as the Corporate Secretary of the Company since June 2019. Mr. Li has served as a director and Chief Executive Officer of FTFT International Securities and Futures Limited, a wholly owned subsidiary of the Company since January 2024. Mr. Li has served as a director of the Board of Directors of Shineco, Inc. (Nasdaq: SISI) since September 2021. Mr. Li served as the chief supervisor of Anhui Yihai Mining Equipment Co., Ltd., a public company in China NEEQ Market (Stock Symbol: 831451) from February 2018 to July 2021. From September 2015 to February 2018, Mr. Li served as the Vice General Manager of Shaanxi Huipu Financial Leasing Co., Ltd. Mr. Li obtained his master's degree in Business Administration (MBA) from Xi'an Technology University in 2008 and bachelor's degree from Xi'an Fanyi University in 1996. In connection with his appointment, the Company entered into an employment agreement (the "Agreement") with Mr. Hu Li on August 5, 2024. The Agreement provides that Mr. Li will receive compensation in the amount of $7,000 per month before tax and the term of the Agreement is for three years. Mr. Hu Li was not selected pursuant to any arrangement or understanding between him and any other person. There are no family relationships bet

01 Other Events

Item 8.01 Other Events On August 9, 2024, the Company issued a press release announcing the appointment of new CEO of the Company as described in Item 5.02 above, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference. Exhibit 99.1 to this Report on Form 8-K shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the " Exchange Act ") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits (d) Exhibits Exhibit No. Exhibit Title or Description 10.1 Employment Agreement by and between Future FinTech Group, Inc. and Mr. Hu Li, dated August 5, 2024. 99.1 Press Release 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: August 9, 2024 By: /s/ Hu Li Name: Hu Li Title: Chief Executive Officer 2

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