| Ticker | Status | Jurisdiction | Filing Date | CP Start | CP End | CP Loss | Deadline |
|---|
| Ticker | Case Name | Status | CP Start | CP End | Deadline | Settlement Amt |
|---|
| Ticker | Name | Date | Analyst Firm | Up/Down | Target ($) | Rating Change | Rating Current |
|---|
Fitell Corp. (NASDAQ:FTEL) shares jumped 7.28% in after-hours trading on Thursday, reaching $1.62.
Check out the current price of FTEL stock here.
FTEL shares closed the regular session down 31.99% at $1.51, according to Benzinga Pro data.
On Thursday, the Australia-based fitness equipment retailer announced a $50 million securities purchase agreement with a U.S. institutional investor for convertible note financing.
Rodman & Renshaw is serving as the exclusive placement agent.
According to the company, the net proceeds of the $50 million financing will be converted into stablecoin assets that are kept with a U.S. custodian.
Stablecoin assets may be allocated toward 2F Robotics, the company’s corporate treasury, or fitness operations, subject to market conditions.
See Also: Backblaze Surges 2% After Hours — Here’s Why
Fitell’s corporate treasury will be diversified across cash, stablecoins, Solana (CRYPTO: SOL), and PUMP.
The financing will support 2F Robotics, a new joint venture focused on developing AI-driven robotic technologies for consumer and industrial applications. Fitell will retain majority ownership and full intellectual property rights while partnering with GZ Fukonn Vanguard Intelligent Technology, an Asia-based robotics company, to develop products for the home, kitchen, fitness, and industrial sectors.
“This financing enhances our capital flexibility and broadens our balance sheet through a diversified corporate treasury,” said CEO Sam Lu in the statement.
The convertible note issuance remains subject to closing conditions.
Fitell shares are down 99.02% year to date. The stock has traded between $1.45 and $792 over the past year and carries a market capitalization of $1.90 million.
Benzinga Edge Stock Rankings indicate that FTEL has a negative price trend across all time frames. Track the performance of other players in this segment.
Read Next:
Photo Courtesy: Xharites on Shutterstock.com
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
