Benzinga | Nov 26, 2021 09:41AM EST

Tantech Subsidiary Forges ~$7.8M Factoring Agreement

* Tantech Holdings Ltd (NASDAQ:TANH) announced that its subsidiary, First International Commercial Factoring (Shenzhen) Co LTD, won a factoring agreement valued a RMB 50 million (about $7.8 million).

* The deal represents the company's first since announcing its intention to develop factoring opportunities.

* Under the agreement, First International will buy $7.8 million) of outstanding receivables and outstanding invoices at a discounted rate from the customer, helping improve the customer's cash flow and revenue stability.

* Price Action: TANH shares are trading lower by 6.93% at $0.8572 on the last check Friday.