NEW YORK, Dec. 30, 2020 /PRNewswire/ — Future FinTech Group Inc. (NASDAQ: FTFT) (“Future FinTech”, “FTFT” or “the Company”), a leading blockchain based e-commerce company and a service provider for financial technology, today announced that it closed the registered direct offering of 4,210,530 units, each consisting of one share of its common stock and a warrant to purchase one share of its Common Stock, at a purchase price of $1.90 per unit on December 29, 2020. The gross proceeds of this offering are $8,000,007. The Company issued a total of 4,210,530 shares of its Common Stock and warrants to purchase up to an aggregate of 4,210,530 shares of its Common Stock (the “Investors Warrants”) to the investors in the offering. The Investors Warrants have an exercise price of $2.15 per share and a term of five years and are exercisable by the holder at any time after the date of issuance. The net proceeds from this offering will be used for growth capital and general working capital purposes.
A.G.P./Alliance Global Partners acted as the sole placement agent for the offering.
All offers were made only by means of a prospectus, including a prospectus supplement pursuant to the Company’s effective shelf registration statement and base prospectus contained therein. The shelf registration statement on Form S-3 (File No. 333-224686) relating to the offering was previously filed with the U.S. Securities and Exchange Commission (the “SEC”) and declared effective on December 11, 2020. A prospectus supplement related to the offering was filed with the SEC on December 28, 2020 and is available at www.sec.gov.
This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities, and these securities cannot be sold in any state in which this offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
For further details of this transaction, please see the Current Report on Form 8-K filed with the SEC on December 28, 2020 which may be viewed at www.sec.gov.