Benzinga | Apr 1, 2021 01:41PM EDT

Future Fintech Stock Trades Lower On Raising $35M From Private Institutional Offering

* Blockchain-based e-commerce company and financial technology service provider Future FinTech Group Inc (NASDAQ: FTFT) inked an agreement to raise $35 million from a private institutional offering of 5.7 million shares priced at $6.1 per share.

* The offer price signifies a 1.6% discount to the Wednesday closing price of $6.2.

* The offering proceeds will be utilized for growth capital and general working capital purposes.

* A.G.P./Alliance Global Partners is the sole placement agent for the offering.

* Earlier today, Future FinTech agreed to acquire a Bitcoin mining farm for $9.1 million (RMB 60 million).

* The company held $0.958 million in cash and cash equivalent as of September 30, 2020.

* Price action: FTFT shares traded lower by 3.58% at $5.98 on the last check Thursday.