Code Chain New Continent Limited (the “Company,” or “Code Chain” or “We”) (NASDAQ: CCNC), a leading eco-technology company, is pleased to announce that it has completed the previously announced acquisition (the “Acquisition”) of all asset of Doo Limited (“Doo”), a Filecoin (“FIL”) mining service provider, pursuant to an asset purchase agreement dated July 28, 2021 by and between the Company and Doo, for an aggregate purchase price of RMB 106,388,672.43 (approximately USD$16,442,109.95), payable in the form of 7,647,493 shares of the Company’s common stock, valued at USD$2.15 per share. As a result of the closing of the Acquisition, Doo will become a wholly owned subsidiary of the Company.
Doo, with its headquarters in Hongkong, China, engages in the FIL mining business with mining centers located in Shanghai. Doo owns 10PiB of FIL computing power and 100,000 digital currency units, accounting for 0.221% of FIL digital currency globally. Through the acquisition of Doo, the Company’s business will involve Filecoin mining in addition to the current cryptocurrency mining operation.
David (Weidong) Feng, Co-CEO of the Company, commented, “I like to welcome the Doo team to the Code Chain family officially. This acquisition is in line with our cryptocurrency expansion strategy of building a scale with accretive merger and acquisition prospects. We expect to make substantial progress executing our integration plan to unlock additional revenue growth potentials.”
About Code Chain New Continent Limited
Code Chain New Continent Limited engages in the research, design, and development of electronic tokens that combine the five-W elements (when, where, who, why, what), geographic location via the Beidou satellite system, and identity information by using Code Chain technology. The electronic tokens are unique, tradable, and inheritable digital assets and cannot be tampered with. The electronic tokens are based on and stored in the Code Chain system and can be used to monitor and document all kinds of consumer behaviors that involve code-scanning. The Company has recently diversified its business into Bitcoin mining and is committed to becoming a vertically integrated cryptocurrency miner.