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PARIS/NEW YORK/SINGAPORE - AMTD IDEA Group (NYSE:AMTD; SGX:HKB), currently trading at $1.08 with a market capitalization of $74.64 million, AMTD Digital Inc. (NYSE:HKD), and The Generation Essentials Group (NYSE:TGE) announced Tuesday plans to initiate a program allowing cryptocurrency holders to exchange digital assets for newly issued shares in the companies. According to InvestingPro data, AMTD IDEA Group trades at notably low multiples with a P/E ratio of 1.38 and a Price/Book ratio of 0.04.
The initiative, called the "AMTD cryptocurrency conversion program," will enable holders of Bitcoin, Ethereum, Tether, BNB, and USD Coin to convert their digital assets into ordinary shares or American depositary shares of the three NYSE-listed companies at mutually agreed pricing based on market valuations. AMTD IDEA Group enters this initiative with strong liquidity, maintaining a healthy current ratio of 10.44, as revealed by InvestingPro analysis.
According to the announcement, exchanges may be arranged across any combination of the three companies rather than requiring allocation to a single entity.
The companies positioned the program as offering cryptocurrency holders an opportunity for portfolio diversification, describing it as a "bridge connecting the world of crypto assets with one of the world’s leading stock exchanges." The announcement comes as AMTD IDEA Group shows positive momentum, with a significant 9.47% return over the past week.
AMTD IDEA Group is a subsidiary of AMTD Group, while AMTD Digital is a controlled subsidiary of AMTD IDEA Group. The Generation Essentials Group operates as a controlled subsidiary of AMTD Digital.
The companies stated the program is subject to applicable laws and regulations. Their announcement specified that it does not constitute an offer to sell or solicitation to buy securities in jurisdictions where such transactions would be unlawful without proper registration or qualification.
The information in this article is based on a press release statement from the companies. For comprehensive financial analysis and additional insights on AMTD IDEA Group, including more exclusive ProTips and detailed metrics, visit InvestingPro.
In other recent news, the Generation Essentials Group has announced several significant developments. The company is moving forward with its sponsored special purpose acquisition company, TGE Value Creative Solutions Corp, which has filed a registration statement with the U.S. Securities and Exchange Commission for a proposed initial public offering. The SPAC plans to list its units on the Nasdaq Stock Market, with each unit comprising one Class A ordinary share and one-half of one redeemable warrant. Additionally, TGE, in collaboration with Black Spade Acquisition II Co, has received shareholder approval for their business combination. This merger is set to be finalized on June 3, 2025, when TGE’s Class A ordinary shares and warrants are expected to begin trading on the New York Stock Exchange and NYSE American. These recent developments reflect TGE’s ongoing strategic initiatives in the financial markets.
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