Form 8-K - Current report

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

December 20, 2023
Date of Report (Date of earliest event reported)

 

FINGERMOTION, INC.
(Exact name of registrant as specified in its charter)

 

Delaware		001-41187		46-4600326
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

 

111 Somerset Road, Level 3 Singapore		238164
(Address of principal executive offices)		(Zip Code)

 

[phone]
Registrant’s telephone number, including area code

 

Not applicable.
(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class	Trading Symbol (s)	Name of each exchange on which registered
Common Stock	FNGR	The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (Section 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (Section 240.12b-2 of this chapter).

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

 

 

 

SECTION 7 – REGULATION FD

 

Item 7.01 Regulation FD Disclosure

 

On December 20, 2023, FingerMotion, Inc. (the “Company” or “FingerMotion”) issued a news release to provided an update on its Big Data subsidiary branded Sapientus. Highlights include the following:

 

1.

Big Data models are well positioned for commercialization in the coming year. Sapientus expects to engage more partners for commercial applications and expanded use cases.

2.

Existing partners are in the integration phase, gradually ramping up adoption, and are expected to transition to large scale commercialization phase in the next 2-3 years.

3.

Big Data product modules are evolving at an ever-increasing pace, with insurance modules expected to move beyond underwriting and risk management to sales and customer engagements. In addition, a growing number of modules that extend beyond insurance will be designed and structured if well aligned.

4.

As developmental milestones are reached from these innovations, the Company looks to move from per-usage charges to profit sharing and/or commission-based arrangements.

 

The past year has been transformative to Sapientus - the proprietary analytic models have been collaboratively tested and validated with empirical insurance data. The studies have demonstrated a high degree of accuracy in their predictive value in tracking substandard cases which is pivotal in the enhancement of the overall insurance underwriting experience. Within the health insurance segment, the algorithms have empowered reinsurance providers with more flexibility to manage insurance portfolios and hopefully improve profitability. Extending beyond insurance, the analytical capabilities of these intelligent models should assist in identifying ideal customers with higher engagement levels.

 

“We are just scratching the surface of what is possible in our Big Data division,” said Martin Shen, CEO of FingerMotion. “Reinsurance is a very large business, but as artificial intelligence has shown us, the market for predictable algorithms is almost infinite.

 

Looking ahead to 2024, Sapientus targets the following objectives:

 

1.

Steady expansion of services to reach larger audiences via new and innovated modules that are bespoken, leveraging ongoing partnerships and our integrated analytics platform;

2.

Additional re/insurer partnerships following positive receptive feedback from recent business summits; and

3.

Brokerage services and solutions, perhaps through acquisitions or partnerships, to broaden our market footprint and capture a greater scope of commercial opportunities.

 

A copy of the news release is attached as Exhibit 99.1 hereto. 

2

 

SECTION 9 – FINANCIAL STATEMENTS AND EXHIBITS

 

Item 9.01

Financial Statements and Exhibits

 

(d)

Exhibits

 

Exhibit		Description
99.1		News Release dated December 20, 2023
104		Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document)

3

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

	FINGERMOTION, INC.
DATE: December 20, 2023	By:	/s/ Martin J. Shen
		Martin J. Shen
		CEO

 

 

 

4

 

 

 

FingerMotion’s Big Data Update

 

SINGAPORE / ACCESSWIRE / December 20, 2023 / FingerMotion, Inc. (NASDAQ: FNGR) (the "Company" or "FingerMotion"), a mobile services and data company, today provided an update on its Big Data subsidiary branded Sapientus. Highlights include the following:

 

1.

Big Data models are well positioned for commercialization in the coming year. Sapientus expects to engage more partners for commercial applications and expanded use cases.

2.

Existing partners are in the integration phase, gradually ramping up adoption, and are expected to transition to large scale commercialization phase in the next 2-3 years.

3.

Big Data product modules are evolving at an ever-increasing pace, with insurance modules expected to move beyond underwriting and risk management to sales and customer engagements. In addition, a growing number of modules that extend beyond insurance will be designed and structured if well aligned.

4.

As developmental milestones are reached from these innovations, the Company looks to move from per-usage charges to profit sharing and/or commission-based arrangements.

 

The past year has been transformative to Sapientus - the proprietary analytic models have been collaboratively tested and validated with empirical insurance data. The studies have demonstrated a high degree of accuracy in their predictive value in tracking substandard cases which is pivotal in the enhancement of the overall insurance underwriting experience. Within the health insurance segment, the algorithms have empowered reinsurance providers with more flexibility to manage insurance portfolios and hopefully improve profitability. Extending beyond insurance, the analytical capabilities of these intelligent models should assist in identifying ideal customers with higher engagement levels.

 

“We are just scratching the surface of what is possible in our Big Data division,” said Martin Shen, CEO of FingerMotion. “Reinsurance is a very large business, but as artificial intelligence has shown us, the market for predictable algorithms is almost infinite.

 

Looking ahead to 2024, Sapientus targets the following objectives:

 

1.

Steady expansion of services to reach larger audiences via new and innovated modules that are bespoken, leveraging ongoing partnerships and our integrated analytics platform;

2.

Additional re/insurer partnerships following positive receptive feedback from recent business summits; and

3.

Brokerage services and solutions, perhaps through acquisitions or partnerships, to broaden our market footprint and capture a greater scope of commercial opportunities.

 

About FingerMotion, Inc.

 

FingerMotion is an evolving technology company with a core competency in mobile payment and recharge platform solutions in China. As the user base of its primary business continues to grow, the Company is developing additional value-added technologies to market to its users. The vision of the Company is to rapidly grow the user base through organic means and have this growth develop into an ecosystem of users with high engagement rates utilizing its innovative applications. Developing a highly engaged ecosystem of users would strategically position the Company to onboard larger customer bases. FingerMotion eventually hopes to serve over 1 billion users in the China market and eventually expand the model to other regional markets.

 

 

 

For more information on FingerMotion, visit: https://fingermotion.com/

 

Company Contact:

 

FingerMotion, Inc.

For further information e-mail: [e-mail]

Phone: [phone]

 

Investor Relations Contact:

 

Skyline Corporate Communications Group, LLC

Scott Powell, President

One Rockefeller Plaza, 11th Floor

New York, NY 10020

Office: [phone]

Email: [e-mail]

 

Safe Harbor Statement

 

Except for the statements of historical fact contained herein, the information presented in this news release constitutes "forward-looking statements" as such term is used in applicable United States securities laws. These statements relate to analysis and other information that are based on forecasts or future results, estimates of amounts not yet determinable and assumptions of management. Any other statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and should be viewed as "forward-looking statements". We have based these forward-looking statements on our current expectations about future events or performance, including expected revenues. While we believe these expectations are reasonable, such forward-looking statements are inherently subject to risks and uncertainties, many of which are beyond our control. Our actual future results may differ materially from those discussed or implied in our forward-looking statements for various reasons. Factors that could contribute to such differences include, but are not limited to: international, national and local general economic and market conditions; demographic changes; the ability of the Company to sustain, manage or forecast its growth; the ability of the Company to manage its VIE contracts; the ability of the Company to maintain its relationships and licenses in China; adverse publicity; competition and changes in the Chinese telecommunications market; fluctuations and difficulty in forecasting operating results; business disruptions, such as technological failures and/or cybersecurity breaches; and the other factors discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release. The forward-looking statements included in this release are made only as of the date hereof. For forward-looking statements in this news release, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Report Act of 1995. The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise. This news release shall not constitute an offer to sell or the solicitation of any offer to our securities.

 

 

Cover	Dec. 20, 2023
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Dec. 20, 2023
Entity File Number	001-41187
Entity Registrant Name	FINGERMOTION, INC.
Entity Central Index Key	0001602409
Entity Tax Identification Number	46-4600326
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	111 Somerset Road
Entity Address, Address Line Two	Level 3
Entity Address, City or Town	Singapore
Entity Address, Country	SG
Entity Address, Postal Zip Code	238164
City Area Code	347
Local Phone Number	349-5339
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock
Trading Symbol	FNGR
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false

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