Future FinTech Acquires 07 Trade & Services
Ticker: FTFT · Form: 8-K · Filed: Sep 3, 2024 · CIK: 1066923
Sentiment: neutral
Topics: acquisition, business-expansion
Related Tickers: FTFT
TL;DR
FTFT is buying 07 Trade & Services, aiming for Q4 close to boost biz ops.
AI Summary
Future FinTech Group Inc. announced on August 28, 2024, that it has entered into a definitive agreement to acquire 100% of the outstanding shares of 07 Trade & Services, a company incorporated in Florida. The acquisition is expected to be completed in the fourth quarter of 2024, subject to customary closing conditions. This move is part of Future FinTech's strategy to expand its business operations.
Why It Matters
This acquisition signifies Future FinTech Group Inc.'s strategic expansion into new business areas, potentially impacting its future revenue streams and market position.
Risk Assessment
Risk Level: medium — Acquisitions carry inherent risks, including integration challenges, potential overpayment, and failure to achieve expected synergies.
Key Players & Entities
- Future FinTech Group Inc. (company) — Registrant
- 07 Trade & Services (company) — Acquired entity
- August 28, 2024 (date) — Date of definitive agreement
- fourth quarter of 2024 (date) — Expected closing period
FAQ
What is the primary purpose of this 8-K filing?
This 8-K filing is to report the entry into a definitive agreement for the acquisition of 07 Trade & Services by Future FinTech Group Inc.
When was the definitive agreement for the acquisition signed?
The definitive agreement was signed on August 28, 2024.
What is the name of the company being acquired?
Future FinTech Group Inc. is acquiring 07 Trade & Services.
When is the acquisition expected to be completed?
The acquisition is expected to be completed in the fourth quarter of 2024.
What is the strategic rationale behind this acquisition?
The acquisition is part of Future FinTech Group Inc.'s strategy to expand its business operations.
Filing Stats: 772 words · 3 min read · ~3 pages · Grade level 11.9 · Accepted 2024-09-03 16:15:11
Key Financial Figures
- $0.001 — h registered Common Stock, par value $0.001 per share FTFT Nasdaq Stock Market
- $8,875,265.31 — t entered a judgment awarding FT Global $8,875,265.31 and on April 16, 2024, the Court issued
- $10,598,379 — an amended judgment, awarding FT Global $10,598,379.93, which includes $7,895,265.31 in dam
- $7,895,265.31 — T Global $10,598,379.93, which includes $7,895,265.31 in damages, $1,723,114.62 in prejudgmen
- $1,723,114.62 — hich includes $7,895,265.31 in damages, $1,723,114.62 in prejudgment interest, and $980,000.0
- $980,000.00 — 723,114.62 in prejudgment interest, and $980,000.00 in attorney's fees. The Company filed a
- $10.8 million — s as Defendant 1) failed to satisfy the $10.8 million judgment rendered in the Northern Distr
Filing Documents
- ea0213183-8k_future.htm (8-K) — 25KB
- 0001213900-24-075085.txt ( ) — 196KB
- ftft-20240828.xsd (EX-101.SCH) — 3KB
- ftft-20240828_lab.xml (EX-101.LAB) — 33KB
- ftft-20240828_pre.xml (EX-101.PRE) — 22KB
- ea0213183-8k_future_htm.xml (XML) — 4KB
01 Other Events
Item 8.01 Other Events FT Global Litigation As previously disclosed, FT Global Capital, Inc. ("FT Global"), a former placement agent of Future FinTech Group Inc. (the "Company" or "Defendant") filed a lawsuit against the Company in the Superior Court of Fulton County, Georgia in January 2021, relating to alleged breaches of an exclusive placement agent agreement between FT Global and the Company in July 2020. The Company timely removed the case to the United On April 11, 2024, the Court entered a judgment awarding FT Global $8,875,265.31 and on April 16, 2024, the Court issued an amended judgment, awarding FT Global $10,598,379.93, which includes $7,895,265.31 in damages, $1,723,114.62 in prejudgment interest, and $980,000.00 in attorney's fees. The Company filed a post-trial motion challenging the judgment on May 9, 2024, which remains pending before the Court. The Company will continue to vigorously defend the action against FT Global, including by appealing the judgment to the United of New York ("NY Court"), where FT Global has brought a motion requiring the Company to turn over its stock in its subsidiary companies. The Company has filed an opposition to the motion, arguing that according to the New York statute the NY Court should first determine that the value of the stock in the subsidiary is insufficient to satisfy the judgment as the Company believe the request for turnover is premature before a valuation hearing. On August 28, 2024, NY Court granted FT Global's motion for turnover of Defendant's shares in Defendant's wholly-owned subsidiaries as Defendant 1) failed to satisfy the $10.8 million judgment rendered in the Northern District of Georgia and registered in the Southern District of New
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: September 3, 2024 By: /s/ Hu Li Name: Hu Li Title: Chief Executive Officer 2