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Tag: METX

  • Meten Holdings Group Ltd. (METX) Ascends Further After Hours on Its Blockchain & Digital Currency Industry Strategic Alliance

    On March 16, Meten Holdings Group Ltd. (METX) stock remained bullish throughout the day with a further gain of 7.56% in the after-hours. This bullish momentum is a result of the company’s latest announcement. On Wednesday morning, the company announced to have entered into a strategic cooperation agreement with Global Blockchain Inc. on March 08, 2022.

    Thus, during the regular trading session, the stock surged up by 9.14% at a volume of 29.12 million shares. The volume remained above the average at 178%. METX closed the session at a price of $0.1720 per share. The stock continued to rise in the after-hours and maintain its bullish momentum. After increasing by a further 7.56%, the stock reached a value of $0.1850 per share in the after hours. The after-hours session also witnessed an active volume of 2.68 million shares.

    The English Language Training and related services provider, Meten Holdings Group Ltd. has a market capitalization of $53.76 million.

    METX’s Latest Strategic Alliance

    As per Wednesday’s announcement, the company entered the agreement with Global Blockchain in order to share resources and explore market opportunities in the blockchain and digital currency industry. Bloackchain Global Inc. is a digital currency company focused on mining, investment, construction, and operation of digital currency mining farms and other businesses.

    Source: Business Standard

    According to the terms of the agreement:

    • Both companies will develop a long-term information communication mechanism for industry research.
    • Global Blockchain will supply digital currency mining rig storage units to METX.
    • METX will take part in the construction and operations of digital currency mining farms with Global Blockchain.

    Hence, both the companies plan on investing in a 5-10 MW capacity digital currency mining farm construction in the U.S.

    METX’s Financials

    On November 22, 2021, the company declared its financial results for the third quarter of 2021.

    Due to the upsurge of COVID-19 and a decrease in offline learning centers, METX’s Q3 2021’s revenue went down by 36.9% YOY to RMB187.9 million (US$29.2 million).

    Moreover, gross profit also suffered a decline of 49.1% YOY to RMB64.0 million (US$9.9 million) in Q3 2021.

    Additionally, the company had an adjusted net loss of RMB170.8 million (US$26.5 million) in Q3 2021. This marks an increase of 364.8% YOY.

    Conclusion

    METX stock has been on a bullish roll for the past few days as the company continues to explore opportunities in the metaverse and crypto markets. It was just two days ago that the company announced its alliance for developing its metaverse business.

  • Here’s the Reason of Meten Holding Group, Inc. (METX) Stock Climbing in Pre Market

    Meten Holding Group, Inc. (METX) is one of the leading English language training service providers in China. The company provides training and skills in the English language to students and professionals. The company is also involved in the businesses outside China related to blockchain and cryptocurrency mining, mining farm construction, and also mining pool and data center operational services.

    The price of METX sock during the regular trading of December 22, 2021, with a 0.15% increase was $0.26. At last check in the pre-market, the stock was further significantly up by 5.78%.

    Events and Happenings

    On December 22, 2021, METX announced the finalization of an agreement with the top professionals for the company’s joint venture in the research, development, production, and sale of mining tools related to cryptocurrency. The event took place on December 20, 2021.

    CEO Comments

    Speaking on the occasion of the finalization of the agreement, Chief Executive Officer of METX, Alan Peng said that the company management was pleased with the collaboration that fits the strategy of the company’s business line. He further added that by the next year, the company’s management expected to see preliminary results of METX’ new business collaboration and the company will start to generate the revenue.

    Key Financials

    On November 22, 2021, METX reported financial results for the third quarter ended September 30, 2021. Some of the key highlights are as follows

    Revenue

    Q3 2021 revenue dropped 36.9% year-on-year to RMB187.9 million (US$29.2 million), as compared to the same period prior year when it was RMB297.7 million.

    Net Loss

    Net loss reported for the third quarter of 2021 was RMB175.3 million (US$27.2 million), as compared to a net loss of RMB39.7 million for the same period of 2020.

    On November 12, 2021, METX reported about the closure of the registered direct offering. The buying price of the shares was $0.60 per share. The gross proceeds price of the offering was $20 million. On October 28, 2021, METX reported about the strategic collaboration with AGM Group Holdings to fast-track the development of the company’s blockchain and cryptocurrency-related mining venture.

    On September 7, 2021, METX reported the closure of an already announced public offering of $60 million. The Offering comprised 22,500,000 of the METX’ ordinary shares at the public offering price of $0.30 per share and 177,500,000 warrants offered at the public offering price of $0.2999 per share. On September 1, 2021, METX reported about its new step in an advanced blockchain and cryptocurrency business with the aim of changing the perspective of the METX among novel enterprises.

    Conclusion

    The company’s pre-market stock price showed a significant surge possibly due to the partnership with the top professionals of the industry in the cryptocurrency business. Although the stock price dropped 27% from the last month yet the new venture is proving beneficial for the company to attract potential investors.