Here’s why Integrated Media Technologies Ltd. (IMTE) Stock Dipped in the Afterhours

Integrated Media Technologies Ltd. (IMTE) is an important company involved in the manufacturing and commercialization of nano-coated plates for filters and electronic glass. The company also distributes autostereoscopic 3D display devices. The company also served in the real estate and construction business.

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The price of IMTE stock during the regular trading on January 18, 2022, was $10.52 with a tremendous rise of 19.95%. At last check in the aftermarket, the stock was down slightly by 2.38%.

IMTE: Events and Happenings

On January 18, 2022, IMTE reported about the closure of its digital assets trading portfolio Ouction’sdevelopment. It is designed with image cryptographic verification technology which served as a link for Online to Offline transactions.

IMTE: CEO Comments

Speaking at the occasion, CEO IMTE Kim Chan said that the business for non-fungible tokens during the last year had grown manifolds with the popularity of NFTs and cryptocurrency continued to surge. He further added that the utilization of blockchain, NFTs, and smart contracts is the basis of bringing online assets from the real to the virtual world.

On January 5, 2022, IMTE reported raising the funds for the purchase and building of manufacturing infrastructure. The company agreed upon convertible note acquisition to raise approximately $10 million. On January 4, 2022, IMTE reported on the approval of a plan to divest its China lamination glass operation by the company’s BoDs. The company intended to rip either by selling the business unit or spinning off the unit into a publicly traded listed company.

On December 30, 2021, IMTE reported about the entry into a deal related to Assignment and Assumption to take over the rights and liabilities on a Cooperation Contract for the development of a Blockchain business focused on an online asset market program on NFT trading market. On December 27, 2021, IMTE reported about the launch of Credit AI, an innovative collection of risk analytics for corporate bonds with a preliminary coverage universe of approximately 30,000 Chinese corporate bonds.

On October 12, 2021, IMTE reported about entry into conditional sale and acquisition contract to purchase 100% equity interest in Magnum International Holdings Ltd, for$11 million paid via issuance of 3,630,360 ordinary shares of the company’s stock at the price of$3.03 per share.

Conclusion

IMTE stock gained a tremendous 174% from the last six months period attributed to the company’s strong investor-oriented policies. The analysts believe that the company announced the completion of NFT trading program development, resultantly the stock gained momentum in the regular trading. The current aftermarket dip is due to the profit booking by the stockholders.