FDCTech Inc. (OTC:FDCT) Stock In Focus After Acquisition News

FDCTech Inc. (OTC:FDCT) is one of the more innovative companies in the fintech sector. It is primarily involved in the acquisition and integration of small to medium-sized legacy financial services firms.

On Thursday, the company was in the news after it announced that its directors had provided their approval for a series of actions proposed by the shareholders. FDCTech provided key updates with regards to the definitive agreement regarding the acquisition of Alchemy Group companies. One of the actions was the amendment of the acquisition date to November 30, 2023.

The company would also acquire a 100% stake in Alchemy Prime Limited. In order to complete the transaction, it would issue as many as 966,379 Series B preferred shares for a price of $1.41 each. The price of the shares had been based on the net financial assets of FDCTech as of June 30, 2022. It was also revealed that it would pick up the rest of the 49.90% stake in Alchemy Market Limited through the issuance of 833,621 Series B preferred shares for the price of $1.41 each on the basis of the net financial assets as of November 30, 2022.

However, that was not all. There were key announcements with regards to direct investment in FDCTech. The shareholders of Alchemy Prime Holdings would provide the company with a direct investment of $2,500,000 in exchange for 2,500,000 Series A preferred shares at a price of $1 per share.

Additionally, the company would also secure direct investment to the tune of $5,500,000 in the form of direct investment from shareholders of Alchemy Prime Holdings in exchange for 50 million shares of the FDCTech common stock priced at $0.11 each. FDCTech also revealed that it had decided against the acquisition of Alchemy Markets DMCC in order to make its margin brokerage operations more efficient.