Future FinTech Group Inc. (NASDAQ: FTFT), a financial technology company and integrated producer of fruit-related products, today announced it has entered into a Securities Purchase Agreement (the “Purchase Agreement”) with Iliad Research and Trading, L.P., a Utah limited partnership (the “Purchaser”) on March 26, 2019.
Pursuant to the Purchase Agreement, the Company sold and issued to the Purchaser a Secured Convertible Promissory Note (the “Note”) in the principal amount of $1,070,000. The Purchaser purchased the Note with an original issue discount of $50,000, and the Company agreed to pay to the Purchaser $20,000 for fees and costs incurred by Purchaser in connection with the consummation of the Purchase Agreement. The Note was sold to the Purchaser pursuant to an exemption from registration under Regulation D, promulgated under the Securities Act of 1933, as amended. The purchase price for the Note will be paid by the Purchaser through an initial cash payment of $500,000and the issuance of an Investor note to the Company with a one-year term and an interest rate of 8% (the “Investor Note”), which the Purchaser agrees to prepay in full upon the satisfaction of certain conditions for pledged shares and transfer agent instruction letter pursuant to the Investor Note and Purchase Agreement.
“We welcome Iliad Research and Trading as a new investor as we approach key milestones of the Chain Cloud Mall business. This agreement increases our financial flexibility and will help accelerate the Company’s business development,” says Yongke Xue, Chief Executive Officer and Chairman of Future FinTech. “We continue to be grateful for the strong support of those who have invested in us in the past, and who continue to invest in our future.”
SOURCE Future FinTech Group Inc.