Future FinTech Group Inc. (NASDAQ: FTFT; the “Company”), a company engages in blockchain-based e-commerce, today announced that the Company has completed the sale of HeDeTang Holdings (HK) Ltd. (“HeDeTang HK”) to New Continent International Co., Ltd., a company incorporated in the British Virgin Islands (the “Sale Transaction”) on February 27, 2020.
As previously disclosed, on December 17, 2019, the Company received a notification letter from the NASDAQ Listing Qualification Staff (“Staff”) stating that the Staff had determined to grant the Company an extension of time to regain compliance with the NASDAQ Listing Rule (the “Rule”), and the terms of the extension were that the Company must have obtained shareholder approval and completed the Sale Transaction on or before February 28, 2020.
On February 28, 2020, the Company notified the Staff that it had obtained shareholder approval and completed the Sale Transaction on or before February 28, 2020.