What Was The Reason Behind CCNC Stock Taking A Dip In Extended Trading?

Code Chain New Continent Limited (CCNC) declined -2.25 percent to $1.74 in after-hours trading on Tuesday. CCNC closed at $1.78, up 9.20 percent during the regular trading session. The price of the shares varied between $1.50 and $1.78. CCNC traded 8.23 million shares, which was more than its 100-day daily average of 0.82 million shares.

CCNC shares gained 3.49 percent in the previous five days and 43.55 percent in the last month. As a consequence of profit taking, CCNC shares fell in extended trading after rising in normal trading as a result of the signing of a large agreement.

What agreement has CCNC signed?

Code Chain uses proprietary technology to conduct research, design, and development of electronic tokens that incorporate the five-W aspects (when, where, who, why, and what), geographic position using the Beidou satellite system, and identification information. The electronic tokens are non-tamperable digital assets that are unique, marketable, and inheritable.

The electronic tokens are based on and stored in the CCNC system, and they may be used to track and document all types of code-scanning activities. CCNC has lately expanded its operations to include Bitcoin mining, and the company is working to become a vertically integrated cryptocurrency miner.

Code Chain and AGM Group Holdings have announced the signing of a substantial order deal.

  • According to the terms of the agreement, CCNC will pay AGMH US$65 million for 10,000 units of KOI Miner 100 TH/S mining equipment.
  • The mining equipment will be delivered in the second half of 2022. CCNC also has the option to buy an extra 10,000 units.
  • AGMH is a technology business that specialises in Fintech software development as well as high-performance hardware and computer equipment.
  • This purchase will make use of AGMH’s hardware innovations to help CCNC expand its company while also providing support for the development of a blockchain ecosystem.
  • AGMH’s capacity to service an expanding and diverse client base will be bolstered by this deal.
  • AGMH will be able to expand its experience, technology, and people as a result of this agreement, allowing it to explore new prospects while assisting its clients to innovate and succeed in an ever-changing market.

What will be the benefits to CCNC?

The collaboration with AGMH will offer Code Chain (CCNC) with a long-term and consistent supply of mining equipment, marking a significant step forward in the company’s ongoing mining operations. Following the deployment of 10,000 Bitcoin mining equipment and the purchase of Filecoin mining assets earlier this year, CCNC is committed to finding out new cryptocurrency technologies and diversifying its cryptocurrency portfolio.