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Future FinTech Completes Sale Transaction of HeDeTang HK

Future FinTech Group Inc., a company engages in blockchain based e-commerce, announced that the Company has completed the sale of HeDeTang Holdings (HK) Ltd. to New Continent International Co., Ltd., a company incorporated in the British Virgin Islands on February 27, 2020.

As previously disclosed, on December 17, 2019, the Company received a notification letter from the NASDAQ Listing Qualification Staff (“Staff”) stating that the Staff had determined to grant the Company an extension of time to regain compliance with the NASDAQ Listing Rule (the “Rule”), and the terms of the extension were that the Company must have obtained shareholder approval and completed the Sale Transaction on or before February 28, 2020.

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On February 28, 2020, the Company notified the Staff that it had obtained shareholder approval and completed the Sale Transaction on or before February 28, 2020.

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Future FinTech Group Inc. is incorporated in Florida and engages in blockchain based e-commerce business. The Company engages in the operation of a blockchain based online shared shopping mall platform and also operates an incubator for application projects using blockchain technology. FTFT and its subsidiaries are developing blockchain technology for a variety of B2B and B2C real-life applications including the distribution, marketing and sale of consumer products. The Company is also developing financial technology business to stay ahead of the changing industry.

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