Procore signs multi-year strategic collaboration agreement with AWS
Future FinTech Group Inc. (NASDAQ:FTFT), a company specializing in business services, announced a significant change in its stock structure with a 1-for-10 reverse stock split effective as of 1:00pm ET today. The announcement comes as the stock has declined over 83% in the past year, with particularly challenging performance in recent months according to InvestingPro data. This adjustment to the company’s common stock was filed with the Florida Secretary of State’s office on March 27, 2025, and took effect on April 1, 2025.
The reverse stock split reduces the number of authorized common shares from 60 million to 6 million, with a corresponding decrease in the issued and outstanding shares from approximately 30.08 million to around 3.01 million. The par value of the common stock remains unchanged at $0.001. With a current market capitalization of just $3.32 million and an InvestingPro Financial Health Score rated as ’WEAK’, the company faces significant operational challenges. InvestingPro analysis reveals 13 additional key insights about the company’s performance and outlook. The company has clarified that fractional shares resulting from the split will be rounded up and no fractional shares will be issued. Additionally, no cash or other consideration will be paid for fractional shares that would have otherwise been created by the split.
This corporate action was taken primarily to ensure compliance with the Nasdaq Marketplace Rule 5550(a)(2), which pertains to the minimum bid price requirement for listed securities. The Board of Directors of Future FinTech approved the reverse stock split without shareholder approval, in accordance with the Florida Business Corporation Act.
Shares of Future FinTech will begin trading on a post-split basis under the existing ticker symbol "FTFT" at the Nasdaq Stock Market on April 4, 2025. The new CUSIP number for the post-split shares is 36117V3033.
The preferred shares of Future FinTech remain unaffected by this change, with the authorized number of preferred shares staying at 10 million, none of which are currently issued.
Investors should note that the information provided here is based on the latest SEC filing by Future FinTech Group Inc. The company currently trades at a price-to-book ratio of 0.09, with a current ratio of 2.68, indicating sufficient liquid assets to meet short-term obligations. For deeper insights into FTFT’s valuation metrics and financial health indicators, consider accessing comprehensive analysis through InvestingPro.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.