TANH - Tantech subsidiary nabs $7.8M factoring agreement

Tantech (NASDAQ:TANH) subsidiary, First International Commercial Factoring nabbed a major factoring agreement valued a RMB 50M (or ~$7.8M) which is its first such agreement since announcing its intention to develop factoring opportunities. Under the agreement, First International will buy RMB 50M (or ~$7.8M) of outstanding receivables and outstanding invoices thereby improving the customer's cash flow and revenue stability. The company plans to engage in supply chain finance and accounts receivable factoring to businesses in the industries it operates and in related industries in order to effectively improve its supply chain by extending financing services. Tantech also plans to work with medium and large-sized companies on the disposal of non-performing business assets. TANH trades 8.7% down premarket.

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Tantech subsidiary nabs $7.8M factoring agreement