Medigus Ltd. (MDGS) stock prices were down by 3.02% as of the market closing on October 27th, 2021. This brought the price per share down to USD$1.445. Subsequent premarket fluctuations saw the stock rise by 11.42%, bringing it up to USD$1.68.
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MDGS Stock Partners with Safee
October 28th, 2021 saw MDGS stock announce the signing of a non-binding memorandum of understanding (MOU) with Safee. The partnership with the technology company will leverage its focus on non-fungible tokens (NFTs). As per the agreement, the collaborative partners will commence a joint venture to trade and monetize NFTs and other digital assets. The joint venture will make use of the partnering company’s extensive experience and platform to identify opportunities in the NFT field, as well as to buy, hold, and monetize NFTs.
Scope of Partnership
MDGS stock will allocate resources towards the funding of the collaborative enterprise with a loan of up to USD$5 million. These funds will be used to purchase NFTs and other digital assets. The company will also hold sway over management of the joint venture, having appointed three out of the four members of its board of directors. The company holds hiring and firing rights of its CEO, while also having the right to cast the decisive vote on budgetary and business planning matters.
In exchange for the provision of consulting services to the joint venture in regard to the purchase and sale of NFTs and other digital assets, the non-binding MOU will offer the partnering company an opportunity to buy MDGS stock. The partnering company has the option to purchase 200,000 shares of the company’s common stock over the course of three years, at a price per share of USD$10.00.
MDGS Stock’s Foray into NFTs
The partnering company’s mission to facilitate the expansion of the scope of NFTs to mass market buyers and creators, digital artists, illustrators, photographers, musicians, regular consumer digital content creators and more is underway. Safee’s social network will facilitate the accessible creation, ownership, usage, control of, and trading of digital goods by creators and collectors alike.
Future Outlook for MDGS Stock
MDGS stock is poised to capitalize on the expansive scope of opportunities afforded to it as a result of its partnership with Safee. The company is keen to maintain its trajectory of success in a bid to usher in unprecedented growth. Current and potential investors are hopeful that management will be able to effectively leverage the resources at their disposal. This is hoped to facilitate significant and sustained increases in shareholder value over the long term.