Future FinTech Group Inc. (NASDAQ: FTFT), a blockchain-based e-commerce company and a service provider for financial technology. announced on Tuesday it closed the registered direct offering of 5,737,706 shares of its common stock at a purchase price of $6.10 per share on April 6, 2021. The gross proceeds of this offering are approximately $35 million.
According to Future FinTech, all offers were made only by means of a prospectus, including a prospectus supplement pursuant to the company’s 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 (SEC) and declared effective on December 11, 2020. A.G.P./Alliance Global Partners acted as the sole placement agent for the offering.
The closing comes less than two months after Future FinTech announced it formed a partnership with the School of Economics Finance of Xi’an Jiaotong University to establish a blockchain finance research institute. According to Future Fintech, the Blockchain Finance Institute will carry out research and cooperation on blockchain technology in the financial industry. Future Fintech revealed at the time that it and the university will focus on the research of blockchain technology in banking, insurance, securities, futures, supply chain finance, and digital payment. The company will provide funds for scientific research, while Xi’an Jiaotong University will provide scientific and engineering research personnel. Relevant research results will be shared by both parties.