BEIJING, Dec. 20, 2021 /PRNewswire/ -- MMTEC, Inc.
(NASDAQ: MTC) ("MMTEC", "we", "our" or the "Company"), a
China-based technology company
that provides access to the U.S. financial markets, today announced
that on December 20, 2021, it had
entered into a Securities Purchase Agreement (the "Purchase
Agreement") with a single investor (the "Investor") pursuant to
which the Investor will make a $2.0 million
investment in the Company in a Regulation S private
placement. Under the terms of the Purchase Agreement, the
Investor will purchase 5,000,000 common shares of the Company at a
purchase price of $0.40 per share.
The gross proceeds of the transaction will be approximately
$2.0 million before deducting fees
and other expenses. The closing of the transaction is expected to
occur on or about December 30, 2021,
subject to the satisfaction of customary closing conditions for
transactions of this type.
The Company currently intends to use the net proceeds from this
transaction for growth capital and general working capital
purposes.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy 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 MMTEC, Inc.
Headquartered in Beijing,
China, our Company develops and deploys a series of
platforms, which comprise a business chain that enables Chinese
language speaking hedge funds, mutual funds, registered investment
advisors, proprietary trading groups, and brokerage firms to engage
in securities market transactions and settlements globally. In
2020, the company used internally designed and built system with
the US brokerage license and the Cayman fund management
qualification to form a series of MOM funds, with the main goal of
discovering small and medium-sized institutional investors and
helping them set up the fund to issue securities fund products.
More information about the Company can be found at:
www.51mm.com
Forward-Looking Statements
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. When the Company uses words such as
"may", "will", "intend", "should", "believe", "expect",
"anticipate", "project", "estimate" or similar expressions that do
not relate solely to historical matters, it is making
forward-looking statements. Specifically, the Company's statements
regarding its continued growth, business outlook, and other similar
statements are forward-looking statements. Forward-looking
statements are not guarantees of future performance and involve
risks and uncertainties that may cause the actual results to differ
materially from the Company's expectations discussed in the
forward-looking statements. These statements are subject to
uncertainties and risks including, but not limited to, the
following: the Company's goals and strategies; the Company's future
business development; product and service demand and acceptance;
changes in technology; economic conditions; reputation and brand;
the impact of competition and pricing; government regulations;
fluctuations in general economic and business conditions in
China and assumptions underlying
or related to any of the foregoing and other risks contained in
reports filed by the Company with the Securities and Exchange
Commission, including the Company's most recently filed Annual
Report on Form 20-F and its subsequent filings. For these reasons,
among others, investors are cautioned not to place undue reliance
upon any forward-looking statements in this press release.
Additional factors are discussed in the Company's filings with the
U.S. Securities and Exchange Commission, which are available for
review at www.sec.gov. The Company undertakes no obligation to
publicly revise these forward-looking statements to reflect events
or circumstances that arise after the date hereof.
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SOURCE MMTEC, Inc.