Mercurity Fintech Holding Inc. Announced Closing of $5 Million Private Investment in Public Equity (PIPE) Financing
02 Dicembre 2022 - 11:00PM
Mercurity Fintech Holding Inc. (the "Company" or "MFH") (Nasdaq:
MFH), a digital fintech group powered by blockchain technology,
today announced that on November 30, 2022, in connection with its
private offering (the “PIPE”), it entered into a Securities
Purchase Agreement (the “SPA”) with two investors to offer and sell
the Company’s units, each consisting of one ordinary share and
three warrants (each, a “Warrant” and collectively, the “Warrants”)
for total gross proceeds of $5 million (the “Proceeds”). Net
proceeds from the PIPE financing are expected to be used to advance
the Company’s business development activities for working capital
and other general corporate purposes.
Among other purposes, the Company intends to use
part of the Proceeds to grow its cryptocurrency consultation
services in the U.S., including obtaining the “BitLicense” from New
York State Department of Financial Services for digital currency
related activities although the Company cannot provide any
assurance on actually obtaining the “BitLicense” in the near future
or at all. “We thank our investors for their confidence in the
broad potential of the Company and their support that allows us to
accelerate the development of the existing pipeline and further
expand the platform,” said the CEO of the Company Shi Qiu.
Pursuant to the SPA, the Company shall issue an
aggregate of 3,676,470,589 units at a purchase price of $0.00136
per unit for a total of approximately $5,000,000. Each unit shall
consist of one ordinary share and three warrants, with each warrant
entitling the investor to purchase one ordinary share at the
exercise price of $1/360th per ordinary share subject to certain
adjustments and conditions set forth therein. The warrants shall
have a term of three years from the issuance date. In connection
with the consummation of the PIPE offering, the Company shall pay
its financial advisor up to $250,000 out of the gross proceeds as
compensation for the advisor’s business and financial advisory
services.
The securities described above were sold in a
private placement and have not been registered under the Securities
Act of 1933, as amended, and may not be offered or sold in the
United States absent registration with the Securities and Exchange
Commission (the “SEC”) or an applicable exemption from such
registration requirements.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy any of the
securities described herein, nor shall there be any sale of these
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Mercurity Fintech Holding
Inc.
Mercurity Fintech Holding Inc. is a digital
fintech group powered by blockchain technology. The Company’s
primary business scope includes digital asset trading, asset
digitization, cross-border remittance and other services, providing
compliant, professional, and highly efficient digital financial
services to its customers. The Company recently began to narrow in
on Bitcoin mining, digital currency investment and trading, and
other related fields. This shift has enabled the company to deepen
its involvement in all aspects of the blockchain industry, from
production to circulation.
Forward-Looking Statements
This announcement contains forward-looking
statements within the meaning of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. All statements
other than statements of historical fact in this announcement are
forward-looking statements. These forward-looking statements
involve known and unknown risks and uncertainties and are based on
current expectations and projections about future events and
financial trends that the Company believes may affect its financial
condition, results of operations, business strategy and financial
needs. Investors can identify these forward-looking statements by
words or phrases such as “may,” “will,” “expect,” “anticipate,”
“aim,” “estimate,” “intend,” “plan,” “believe,” “potential,”
“continue,” “is/are likely to” or other similar expressions. The
Company undertakes no obligation to update forward-looking
statements to reflect subsequent occurring events or circumstances,
or changes in its expectations, except as may be required by law.
Although the Company believes that the expectations expressed in
these forward-looking statements are reasonable, it cannot assure
you that such expectations will turn out to be correct, and the
Company cautions investors that actual results may differ
materially from the anticipated results.
For more information, please contact:
International Elite Capital Inc. Vicky Chueng
Tel: +1(646) 866-7989
Email: mfhfintech@iecapitalusa.com
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