Business
Future FinTech Enters into Securities Purchase Agreement
XI'AN, China, April 1, 2019 /PRNewswire/ -- Future FinTech Group Inc. (NASDAQ: FTFT), a financial technology company and integrated producer of fruit-related
About this update from Future Fintech Group Inc.
[{"type":"text","content":" XI'AN, China, April 1, 2019 /PRNewswire/ -- Future FinTech Group Inc. (NASDAQ: FTFT), a financial technology company and integrated producer of fruit-related products, today announced it has entered into a Securities Purchase Agreement (the \"Purchase Agreement\") with Iliad Research and Trading, L.P., a Utah limited partnership (the \"Purchaser\") on March 26, 2019. \nPursuant to the Purchase Agreement, the Company sold and issued to the Purchaser a Secured Convertible Promissory Note (the \"Note\") in the principal amount of $1,070,000. The Purchaser purchased the Note with an original issue discount of $50,000, and the Company agreed to pay to the Purchaser $20,000 for fees and costs incurred by Purchaser in connection with the consummation of the Purchase Agreement. The Note was sold to the Purchaser pursuant to an exemption from registration under Regulation D, promulgated under the Securities Act of 1933, as amended. The purchase price for the Note will be paid by the Purchaser through an initial cash payment of $500,000 and the issuance of an Investor note to the Company with a one-year term and an interest rate of 8% (the \"Investor Note\"), which the Purchaser agrees to prepay in full upon the satisfaction of certain conditions for pledged shares and transfer agent instruction letter pursuant to the Investor Note and Purchase Agreement. \n\"We welcome Iliad Research and Trading as a new investor as we approach key milestones of the Chain Cloud Mall business. This agreement increases our financial flexibility and will help accelerate the Company's business development,\" says Yongke Xue, Chief Executive Officer and Chairman of Future FinTech. \"We continue to be grateful for the strong support of those who have invested in us in the past, and who continue to invest in our future.\"\nAbout Future FinTech Group Inc.\nFuture FinTech Group Inc. (\"Future FinTech\", \"FTFT\" or the \"Company\") is incorporated in Florida and engages in fruit juice and financial technology businesses. The Company engages in the research and development of digital asset systems based on blockchain technology and also operates an incubator for application projects using blockchain technology. The Company and its subsidiaries are developing blockchain technology and cryptocurrencies for a variety of B2B and B2C real-life applications including a...