FingerMotion Inc. (NASDAQ: FNGR), a technology company focused on mobile payment and recharge platform solutions in China, has entered into a definitive share purchase agreement to acquire 100% of Newbit Technology Inc. for $2.3 million in cash. The announcement, detailed in a recent press release, marks a significant step in FingerMotion's expansion into energy infrastructure.
Newbit holds the surface tenure, permits, pipeline and metering infrastructure, environmental approvals, Alberta Utilities Commission Rule 007 registration, and related rights associated with FingerMotion's previously disclosed 9.9 MW behind-the-meter Brooks Campus #1 in the County of Newell, Alberta. This acquisition consolidates FingerMotion's control over the project, which aims to provide power for what the company describes as a campus, though specific end-uses were not disclosed.
The financial terms include a $230,000 deposit already paid by FingerMotion, with another $230,000 due upon execution of the agreement and approximately $1.84 million payable at closing. Closing is targeted for no later than October 29, 2026, providing a clear timeline for the transaction's completion. The deal underscores FingerMotion's strategic interest in securing energy assets, which could support its core technology operations or future ventures.
FingerMotion's primary business is in China, where it operates a mobile payment and recharge platform. As its user base grows, the company is developing additional value-added technologies to market to its users. The vision includes rapidly growing the user base organically and building an ecosystem of highly engaged users. This ecosystem is intended to position FingerMotion to onboard larger customer bases, with eventual hopes of serving over 1 billion users in China and expanding to other regional markets.
The acquisition of Newbit, however, is a departure from FingerMotion's core focus, suggesting diversification into energy infrastructure. The Brooks Campus #1 project in Alberta could provide behind-the-meter power, potentially reducing energy costs or enabling new services. For investors, this move may signal a broader strategy to integrate energy solutions with technology offerings, though immediate impacts on the company's financials are unclear.
MissionIR, a communications platform that assists IR firms with syndicated content, published the news break. MissionIR is one of 75+ brands within the Dynamic Brand Portfolio at IBN, which delivers access to wire solutions via InvestorWire, article and editorial syndication to 5,000+ outlets, press release enhancement, social media distribution, and tailored corporate communications solutions.
For more information about FingerMotion, visit the company's newsroom at https://ibn.fm/FNGR. To view the full press release, visit https://ibn.fm/CGwH7.
