Integrated Media Technology Stock (IMTE): Why The Price Jumped Today

By Amit Chowdhry ● Dec 30, 2021
  • The stock price of Integrated Media Technology Ltd (NASDAQ: IMTE) increased by over 30% during intraday trading today. This is why it happened.

The stock price of Integrated Media Technology Ltd (NASDAQ: IMTE) increased by over 30% during intraday trading today. Investors are responding positively to Integrated Media Technology announcing the signing of an Assignment and Assumption Agreement to take over the rights and obligation on a Cooperation Agreement on developing a Blockchain business focusing on digital asset market platform mainly focusing on NFT (Non-Fungible Token) trading market. 

IMTE is going to pay a deferred payment based on future earnings of Ace Corporation Limited and a bonus payment if Ace is listed on a recognized exchange in the next 5 years.

Under the Cooperation Agreement, IMTE could now invest up to US$1 million for 60% equity interests in Ace to develop, establish, and operate a trading platform called “Ouction.” The development, marketing, and operating team will receive the 40% of the equity interest in Ace. 

The core technology is going to be developed by Eric Zhang and his team. And the Ouction platform will be an interactive experiencing solution designed with dynamic image cryptographic verification technology which will serve as a bridge for O2O (Online to Offline) transactions. 

This will enable the “Ouction” platform to not only verify virtual asset transactions but also provide encryption and Blockchain notarized digital certificates of physical assets for a fairer and more credible platform trading experience to e-commerce companies and their users. And the Ouction platform will build its own side-chain on the existing mainstream large-scale Blockchains to save calculating cost and analysis on the computational load calculated by distributed ledgers, and reduce the barrier for users to becoming a node. 

The company intends to also develop mobile device applications to enable mobile device users to browse data for proof of traceability and to transact using Blockchain without computing load.

KEY QUOTES:

“NFT is the bridge to connect public auction market and e-commerce. The market size, measured by revenue, of the E-Commerce & Online Auctions industry is US$645.2 billion in 2021, and is expected to increase 8.1% in 2022.” Eric further added, “We are assembling a team of skilled and experienced software engineers who has experienced in multiple Blockchain projects, including the development of the first batch of Blockchain cultural platforms, crypto quantitative trading system, financial Blockchain platform for supply chain, etc. Ouction is expected to adopt decentralized technologies in the fields of games, fintech, film & TV, culture, and e-commerce, and to develop cross-industrial synergy, so to develop economic value from the new NFT marketplace they create.”

— Eric Zhang

“We are excited to work with Mr. Eric Zhang, who was the leader in developing Blockchain technology in supply-chain finance and the former CTO in an internet TV operator. Eric’s team will bring expertise in Blockchain, cyber security and other technologies to assist us in developing our NFT trading platform and business operations.”

— IMTE’s CEO Xiaodong Zhang

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.