FingerMotion to Acquire Newbit Technology, Gaining 9.9 MW Powered Data Center Site
FNGR is trading near its 52-week low of $0.131 (6.7% above the low) on light trading volume (0.2× avg).
Summary
FingerMotion has entered a definitive share purchase agreement to acquire 100% of Newbit Technology Inc. for $2.3 million in cash on a cash-free, debt-free basis, securing a 9.9 MW powered site in the County of Newell. The agreement implements the previously announced binding commitment for the Brooks Campus, with target close by October 29. This marks a concrete step in the company's pivot toward AI data centers, following the $50M universal shelf filed on September 28. The acquisition provides physical infrastructure capacity, which could support future revenue generation beyond the collapsed telecom business. The company remains a going concern with a $43.2M accumulated deficit, so execution risk is high.
At the time of this announcement, FNGR was trading at $0.14 on NASDAQ in the Technology sector, with a market capitalization of approximately $10.5M. The 52-week trading range was $0.13 to $2.20. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.