Future FinTech Group (NASDAQ: FTFT) Completes Sale of FTFT SuperComputing Inc. to DDMM Capital LLC

On December 6, 2024, Future FinTech Group Inc., a technology company specializing in financial services, announced the completion of a significant transaction. The company, along with its subsidiary FTFT SuperComputing Inc., entered into a Stock Purchase Agreement with DDMM Capital LLC. As part of the agreement, Future FinTech Group agreed to sell all issued and outstanding shares of FTFT SuperComputing to the buyer for a total purchase price. This price consisted of $1,000,000 in cash and the assumption of obligations amounting to $973,072.24, collectively referred to as the “Closing Purchase Price.”

The transaction was completed on December 9, 2024. The Stock Purchase Agreement includes standard representations, warranties, pre- and post-closing covenants, and closing conditions for both parties involved. In case of any breaches of representations and warranties, customary indemnification provisions will be applicable.

The full details of the Stock Purchase Agreement can be found in the complete text attached in Exhibits 10.1 of the Form 8-K filing submitted by Future FinTech Group to the Securities and Exchange Commission.

Furthermore, on December 5, 2024, the company held its 2024 Annual Meeting of Shareholders. Various proposals were voted upon and approved by the shareholders during the meeting, including the election of several individuals to the Board of Directors, the ratification of the appointment of the independent registered public accounting firm, and the adoption of an equity plan. Shareholders also approved, in a non-binding, advisory vote, the compensation of the named executive officers.

These significant events mark pivotal moments for Future FinTech Group as it progresses with its strategic initiatives and corporate governance. The company continues to navigate various developments in the financial technology sector and strategic business landscape.

Investors and stakeholders interested in further details regarding these recent developments can access the full Form 8-K filing on the official SEC website.

Please note that this article provides a high-level summary and interested parties are encouraged to refer to the original filing for comprehensive information.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Future FinTech Group’s 8K filing here.

Future FinTech Group Company Profile

Future FinTech Group Inc, through its subsidiaries, operates online shopping platforms in People’s Republic of China. It operates in three segments: Supply Chain Financing Service and Trading Business, Asset Management Service, and Others. The company offers cross-border money transfer service, brokerage and investment banking, and cryptocurrency mining farm business.