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Tag: IMTE Stock

  • Integrated Media Technology Ltd. (IMTE) Falls Under Corrections After Hours

    Integrated Media Technology Ltd. (IMTE) Falls Under Corrections After Hours

    Integrated Media Technology Ltd. (IMTE) stock fell under corrections after gaining big on its NFT Trading Platform launch. On December 30, the company announced the launching of its NFT Trading Platform. Consequently, the stock gained 12.20% at $5.06 in Thursday’s regular session.

    Following the big gain, the stock took a hit from corrections and fell down to $4.70 in the after hours.

    IMTE and its Movements

    With NFTs being the new big this year, investors flocked towards the stock on the news of the NFT Trading platform launch. Hence, the stock traded at 40.12 million shares which were 5,818% of its average volume. Following the news, the stock reached a high of $7.58 on December 30. Moreover, IMTE stock was able to reach such a high after over nine months. Given the huge gain, the stock was bound to fall under corrections sooner or later. Consequently, the stock saw a decline in the after-hours session on Thursday.

    In the past five days, the stock has increased by 17.95% and 3.27% last month. Moreover, IMTE stock has added a value of 29.74% year to date.

    NFT Trading Platform

    As per the announcement, IMTE signed an Assignment and Assumption Agreement for taking over the rights and obligation on a Cooperation Agreement on developing a Blockchain business. Moreover, the focus of this will be on NFT (Non-Fungible Token) trading market. Furthermore, the company will be paying a deferred payment based on the future earning of Ace Corporation Limited. In addition, if within the next five years, Ace is listed on a recognized exchange, IMTE will also pay a bonus payment.

    Furthermore, the trading platform will be called “Ouction”. As per the agreement, for the development and operation of the trading platform, IMTE might invest up to $1 million for 60% equity interests in Ace. Moreover, 40% of the equity interest in Ace will go to the development, marketing, and operating team.

    More about Ouction Platform

    Designed with dynamic image cryptographic verification technology, the Ouction platform would be an interactive experiencing solution. Further, the technology will serve as a bridge for Online to Offline (O2O) transactions. Hence, the platform will provide encryption and blockchain notarized digital certificates along with verification of virtual asset transactions. The certificates of physical assets would come at a fairer and reliable platform trading experience.

    In addition, Mr. Eric Zhang and his team will be responsible for the development of the core technology of the platform.

  • Why Is IMTE Stock Falling Today?

    Stocks of Integrated Media Technology Limited (IMTE) fell 6.55% in premarket trading this morning to trade at $4.71. The Integrated Media stock closed at $5.04 on Monday, up 24.75%. IMTE stock traded 16.67 million shares on Monday, below the 0.95 million share averages published daily for the last 50 days.

    In the last five days, IMTE shares have advanced 23.83%; however, they have gained 4.13% in the last month. IMTE stock has gained 29.23 percent so far this year, adding 4.56% over the previous three months. A recent development might give more insight into the IMTE stock since its stock is on a downbeat in the absence of recent news.

    Are there any recent developments at IMTE?

    Glasses-free 3D is also known as autostereoscopic 3D and is a solution available from Australian company IMTE. Aside from manufacturing and selling nanocoated glass and filters, IMTE is also engaged in financial research businesses.

    Integrated Media has entered into three (3) Securities Purchase Agreements with accredited investors in recent weeks.

    • IMTE agreed to sell 888,888 ordinary shares of the company’s ordinary shares with no par value, at a price of close to US$3.15 per share.
    • A total of US$2,800,000.00 was raised through Cash Offerings by IMTE.
    • The net cash proceeds of the Cash Offerings were to be used for working capital and equipment purchases for IMTE’s electronic glass business.
    • According to Mr. Con Unerkov, Chairman of IMTE, the offering will strengthen IMTE’s capital base and assist in furthering IMTE’s electronic glass sales.
    • The Offering will be made in compliance with IMTE’s shelf registration statement on Form F-3, which was filed with the Securities and Exchange Commission (“SEC”) on October 9, 2018 and became effective on October 19, 2018.
    • IMTE is offering Ordinary Shares by means of a prospectus supplement only in the United States.
    • As part of the registered direct offering, a prospectus supplement and accompanying prospectus were filed with the SEC on July 7, 2021.
    • On the website of the SEC, the prospectus and prospectus supplement relating to the registered direct offering were made available by IMTE.

    IMTE’s recent offering:

    Integrated Media (IMTE) has recently completed its previously announced direct offering of 708,000 ordinary shares of the Company in March this year. The offering price was USD6.50 per IMTE share with a total offering amount of USD4,602,000.

    In the event of the Cash Offering, IMTE received approximately US$4,577,000 in net cash proceeds after deducting estimated expenses incurred during the offering. As part of its plans to establish a strong balance sheet, IMTE wanted to use the net cash proceeds to expand its switchable glass, nano-coated filter, and financial research businesses.