Singularity Future Technology describes itself one way in its stock offerings and another way in its announcements. This week it was a freight logistics provider. Then it signed an agreement to build an AI data center campus.
The two descriptions came within 48 hours. Offering documents published on GlobeNewswire on August 18 and 19 call the company "a global logistics integrated solution provider" whose core work is shipping and logistical support for steel companies and e-commerce businesses. The campus announcement on August 20 — from the company's own press release — calls the same entity "a Nasdaq-listed digital infrastructure and high-performance computing company."
What that announcement describes is a non-binding framework agreement with Florence Development LLC for a roughly 900-acre industrial site in Florence, South Carolina. Non-binding means neither party is required to complete any transaction. About 25MW of near-term grid capacity has been identified at the site, subject to utility confirmation, with a potential expansion pathway to roughly 99MW — though the company's release stresses that no expansion is guaranteed. Any deal would still require financing, due diligence, government permits and a definitive agreement, none of which is in place.
Shares closed 15.44% higher at $3.4400 after the announcement, on dollar volume of about $262 million.
Two days before the campus announcement, Singularity raised about $1.8 million in a direct offering at $3.00 per share, according to its August 18 and 19 press releases on GlobeNewswire. On the same day as the campus announcement, it priced a second offering targeting $5.0 million at $3.20 per share, according to the company's August 20 GlobeNewswire release, with proceeds earmarked for the data center business, RTTNews reported.
The company has not disclosed what the project would cost, who would provide major financing, or whether it has prospective tenants. The framework agreement requires neither party to do anything.