On Wed. April 14, Future Fintech (Nasdaq: FTFT) announced that it has agreed to acquire equity interest in Mingtang Network Technology Co., Ltd. The fintech service provider signed an equity acquisition framework agreement to acquire a 51% interest in Mintang from its shareholders.
This framework agreement is non-binding except for the "Confidentiality and Exclusivity" and "Applicable Law and Dispute Resolution" sections of the agreement.
Frame Agreement Details
Per the Frame Agreement, Future Fintech will acquire 51% of the equity of Mingtang Network. The equity will be acquired at a purchase price of RMB 45.9 million, or about $7 million. This price is based on a valuation of 100% of the equity of Mingtang of RMB 90 million, or about $13.8 million. Both companies will determi...