Fintech company Hecto Financial announced on June 20 that it has disposed of 700,000 treasury shares through a block trade after hours.
The company explained that this move was part of its plan to secure investment funds for new business initiatives and to increase stock liquidity.
Recently, Hecto Financial has been working to establish overseas subsidiaries in countries such as Japan to expand its global business. In connection with its stablecoin business, the company signed a business agreement with HiFiveLab, a blockchain security firm with the largest domestic track record in stablecoin proof-of-concept, to form a technology partnership for a stablecoin payment system. The company is accelerating its new business initiatives.
As a result, the number of Hecto Financial's freely tradable shares increased from approximately 8.3 million to 9 million, and the free float ratio rose from 88.2% to 95.6%.
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