Future FinTech signs acquisition agreement with Alpha Financial

Future FinTech Group announced that on February 27 Future FinTech, a wholly owned subsidiary of the Company, signed a Share Transfer Agreement with Alpha Financial, a firm based in Hong Kong, to acquire its wholly owned subsidiaries Alpha International Securities, a company incorporated in Hong Kong and Alpha Information Service Shenzhen, a company incorporated in China. On September 8, 2022, the Company announced that FTFT HK signed a Memorandum of Understanding with Alpha Financial to acquire Alpha HK. Pursuant to the Agreement, FTFT HK agreed to acquire all of the issued and outstanding shares of Alpha HK and Alpha SZ from Alpha Financial in cash for a price of HK$15,659,949, or approximately $2.007M; 50% of the Total Purchase Price is to be paid to Alpha Financial within 5 working days after the signing of the Agreement with the remaining 50% to be paid within 5 working days after FTFT HK receives approval from the Hong Kong Securities and Futures Commission for the transfer of Alpha HK to FTFT HK prior to December 31. If the HKSFC fails to give such approval within 365 days of the Agreement, Alpha Financial will refund the amount paid by FTFT HK under the terms of the Agreement within 3 working days after the earlier of receiving the notice of failure or the expiration of 365 days unless FTFT HK and Alpha Financial mutually agree to extend such deadline.