UTime is reportedly planning to acquire Web3 data platform Feixiaohao for $80 million, and a letter of intent has been signed.

Nasdaq-listed UTime announced that it has signed a non-binding letter of intent to acquire 100% of the equity of Web3 data platform Feixiaohao for up to $80 million. The consideration includes $64 million in stock or convertible preferred stock and $16 million in cash. The transaction is subject to subsequent formal agreements and closing conditions.