FingerMotion, Inc., a company specializing in prepackaged software services with a market capitalization of approximately $118 million, has terminated its At-the-Market Issuance Sales Agreement with Univest Securities, LLC, effective today. The agreement, initially established on September 11, 2023, was mutually dissolved by both parties. According to InvestingPro data, the company's stock has shown resilience with a notable 11% return over the past week.
The termination of the material definitive agreement was disclosed in a Form 8-K filed with the Securities and Exchange Commission on Monday. FingerMotion, based in Singapore and incorporated in Delaware, is listed on the Nasdaq Stock Market under the ticker symbol NASDAQ:FNGR. While currently operating with moderate debt levels, InvestingPro analysis indicates the company maintains healthy liquidity with current assets exceeding short-term obligations.
The details of the now-terminated agreement and the reasons for its dissolution were not provided in the filing. The company has not released any statements regarding the financial impact of this termination or its future plans in relation to the event.
Investors and stakeholders of FingerMotion, Inc. may be attentive to any further communications from the company that may shed light on strategic moves following this termination. The information regarding this event is based on the latest SEC filing by the company.
In other recent news, FingerMotion, a prepackaged software services company, saw a reshuffling in its board and appointed a new audit chair. Michael Chan stepped down as a director and chair of the audit committee, with Hsien Loong Wong filling the vacancy. Yew Poh Leong has assumed the role of the new audit chair, while Eng Ho Ng joined the compensation committee.
In terms of financial developments, FingerMotion secured two separate short-term loans, one for approximately USD $183,000 and another for SGD$250,000, to bolster its working capital. The loans were agreed with Rita Chou Phooi Har and carry a monthly interest rate of 1.67%.
The company also made changes in its independent registered public accounting firm, replacing Centurion ZD CPA & Co. with CT International LLP. This decision was not related to any disagreements on accounting principles or practices.
In product development, FingerMotion launched a new crisis and emergency response technology in China. The Advanced Mobile Integrated Command and Communication Platform (C2 Platform) is expected to enhance the coordination and communication of emergency response teams.
These are recent developments, demonstrating FingerMotion's ongoing commitment to expanding its technology products and services within and outside China.
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