Well known blockchain powered e-commerce company and financial technology services provider Future FinTech Group Inc (NASDAQ:FTFT) came into sharp focus among investors last week. The Future FinTech stock jumped by 10% on Friday and took its gains for the previous week to as much as 15%.
In this context, it is important for investors to take a look at an announcement from the company back on Friday. The company revealed that back on August 30, 2021 it signed a term sheer pertaining to equity acquisition by way of which it was going to acquire as much as 51% of the equity in the company Dianfa Internet Technology Co Ltd.
It should be noted that the term sheet is actually non-binding and the proposed transaction could only be completed following appropriate documentation.
As per the term sheet, Future FinTech is looking to acquire the 51% of the equity in the Shanghai based company for a consideration of around $2,762,730. Out of that sum, around $928,650 is going to be in the form of cash investment in Dianfa and the rest is going to be paid out in the form of shares in Future FinTech. Investors could consider keeping an eye on the Future FinTech stock today.
