IMTE action: NFT trading platform plans to send booming integrated multimedia technology today
Limited integrated multimedia technology (NASDAQ:IMTE) Shares surge after the company announced a deal to take over a blockchain project. By late morning, IMTE stock jumped 30% to $ 5.88.
Specifically, integrated media agreed to “take back” an agreement previously manufactured by a Hong Kong based company Limited joint investment. Under the deal, Joint Investments and its previous partners would create a non-fungible token (NFT) trading platform using blockchain technology.
With the latest agreement, Integrated Media will assume the rights and obligations of Joint Investments under the latter company’s previous agreement, according to a US Securities and Exchange Commission (SEC) file released today.
Integrated Media will “invest up to $ 1 million” for a 60% stake in one of Joint Investment’s former partners, Ace Corporation Limited. In addition, Integrated Media will, within a maximum period of 27 months, offer Joint Investment “a deferred performance fee” worth five times the “average annualized consolidated earnings” of Ace in the first two years of operation of the NFT trading platform. However, Integrated Media’s first million dollars in Ace will be subtracted from this payment.
Finally, if Ace sees a listing on a major stock exchange by March 2027, Integrated Media will pay Ace an additional amount equal to 3% of Ace’s market value when the latter company’s shares were initially listed.
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According to Yahoo Finance, Integrated Media “focuses on the marketing and sale of autostereoscopic display (ASD) products” in East Asia and Australia.
One of the company’s products is a video wall that shows 3d advertising displays without the need for 3D glasses. Another of its offerings, Marvel Digital 4K3DPro Super Workstation, can convert 3D content from 2D.
The company claims that its CEO, Xiaodong Zhang, “has extensive experience in financial management in the capital market in China ”and“ held senior positions in the management of capital operations and risk control in China ”.
In 2020, integrated media total revenue was $ 1.75 million, while its operating income was -6.15 million dollars, according to Yahoo Finance. So far, the company’s market capitalization has been just over $ 55 million. In 2021, the actions having climbed 50%.
At the date of publication, Larry Ramer had (directly or indirectly) no position on the titles mentioned in this article.
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