Future FinTech Group Inc receives warning letter from Nasdaq for untimely submission of annual report
On April 20, 2023, Future FinTech Group Inc. (NASDAQ: FTFT) received a Notice Letter from the Listing Qualifications Department of the Nasdaq Stock Market. The letter stated that the company was not in compliance with Nasdaq Listing Rule 5250(c)(1) due to the untimely filing of its annual report on Form 10-K for the fiscal year ended December 31, 2022, with the Securities and Exchange Commission (SEC).
Pursuant to Nasdaq Listing Rule 5250(c)(1), listed companies must file their annual reports with the SEC within 90 days of the end of their fiscal year. Failure to comply with this rule may result in a company’s securities being delisted from the Nasdaq stock market.
The warning letter gave Future FinTech Group Inc. a 60-day window, until June 20, 2023, to submit a plan to Nasdaq to regain compliance with the exchange’s listing requirements. If the plan is accepted, Nasdaq could give the company up to 180 days, or until October 16, 2023, to restore compliance.
Future FinTech Group Inc. is a prominent blockchain application technology developer and fintech service provider.
FTFT stock analysis: strong earnings growth and undervalued price-to-book ratio
On April 20, 2023, FTFT stock opened at $1.38, with a one-day range of $1.33 to $1.38, and a volume of 22,191, significantly lower than its average volume over the past three months. The market cap of FTFT was $20.6 million and the company has shown a remarkable earnings growth of 78.59% over the previous year. The projected earnings growth for the next five years is 10.00%, which is a positive sign for investors. The price-to-book ratio is 0.24, which is lower than the industry average, indicating that the stock may be undervalued. FTFT stock experienced a slight decrease of 1.25% on April 20, 2023 with a change of -0.02. FTFT operates in the financial industry, particularly in finance/rental/leasing, and is based in New York, New York.
The FTFT share price is rising with a positive 12-month forecast and strong growth in the fruit-based product market
On April 20, 2023, Future Fintech Group Inc (FTFT) saw a significant increase in its share price following the release of a 12-month price forecast from an analyst. The analyst median target for FTFT was 71.50, with both high and low estimates also at 71.50. This represented a staggering increase of 5,043.88% from the last price of 1.39. The consensus among polled investment analysts was to outperform the stock in FTFT, with this rating remaining stable since August when it was upgraded from a hold rating.
FTFT is a company specializing in the production of fruit-related products, including concentrated fruit juice and fruit-based beverages. The positive outlook for FTFT is based on several factors. First, the company has a strong track record of growth, with revenue increasing by over 50% in the past year alone. Second, the company has a strong balance sheet, with a healthy cash position and minimal debt. Finally, the company is well positioned to take advantage of the growing trend towards healthy food and natural products.
