Innovative Fintech provider to Chinese commercial lending sector, Peak Fintech Group (OTCMKTS:PKKFF) on July 22, 2021 released details on topline, EBITDA as well as earnings guidance for the three years.
Peak CEO Johnson Joseph said that the firm has done recent capital raise for meeting short-term objectives and expects the company to be profitable in 2021. Joseph said that it is better to expect doubling of revenue growth over the previous year and the trend will sustain for three years. The CEO added that EBITDA margins should increase from 12% to 25% in the next three years and revenue growth will be organic.
The firm confirmed that the partnership with China UnionPay subsidiary Rongbang Technologywill make its service offerings more attractive for SMEs.
The firm also confirmed that effective July 27, 2021, all of the issued and outstanding common shares will be consolidated on post-consolidation Common Share for each two and pre-consolidation Common Shares. The initiative is being taken to enable it to meet minimum share price criteria as per NASDAQ stock exchange. Peak will hence be announcing effective date on its common shares trading on NASDAQ in the coming weeks.
It is expected that 160,960,341 Common Shares that may been issued and outstanding but will reduce to 80,480,171 Common Shares after consolidation.
The firm plans to change its name officially to Tenet Fintech Group Inc later in 2021, and its shares will be tradedunder the symbol “TNT”.
On Thursday, PKKFF stock was up 11.67% at $2.23 with more than 604k shares, compared to its average volume of 273k shares. The stock has moved within a range of $1.9600 – 2.2800 after opening the trade at $1.96. Over the past 52-week, the stock has been trading within a range of $0.1250 – 2.5700.