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.
