FingerMotion Retires Convertible Debt Totaling Over $5 Million, Eliminating all Institutional Loans

Rhea-AI Summary

FingerMotion, Inc. (NASDAQ: FNGR) announced the elimination of its remaining convertible debt, totaling over $5 million, with its primary lender, Lind Global Fund II LP. This strategic move strengthens the company’s balance sheet and protects shareholders by removing the potential for further stock dilution. CEO Martin Shen emphasized the importance of this achievement in reinforcing shareholder value and positioning for future growth. Founded in China, FingerMotion focuses on mobile payment solutions and aims to develop a user ecosystem that could eventually serve over 1 billion users. The company continues to innovate and expand its market presence, leveraging its access to wholesale recharge minutes from major mobile providers.

Positive

• Eliminated over $5 million in convertible debt, enhancing balance sheet strength.
• Removal of debt reduces potential stock dilution for shareholders.
• CEO's statement underscores commitment to shareholder value and growth.
• Aims to grow user base significantly and develop a robust ecosystem.

Negative

• None.

NEW YORK, NY / ACCESSWIRE / April 12, 2023 / FingerMotion, Inc. (NASDAQ:FNGR) (the "Company" or "FingerMotion"), a mobile data and services company, today reported that the Company has recently eliminated its remaining convertible debt with the Company's primary lender, Lind Global Fund II LP ("Lind Global"), as a result of conversions by Lind Global and payments by the Company, which in the aggregate totaled over $5 million.

Martin Shen, CEO of FingerMotion, Inc., commented, "We have retired all of our outstanding institutional convertible debt, strengthening our balance sheet while maintaining a strong cash position. Eliminating the remaining convertible debt and related obligations to issue any additional common stock to our primary lender eradicates any further dilutive impact of this convertible debt on our stockholders. We are well poised for future growth, and eliminating such convertible debt only reinforces our commitment towards building shareholder value."

About FingerMotion, Inc.

FingerMotion is an evolving technology company with a core competency in mobile payment and recharge platform solutions in China. It is one of only a few companies in China with access to wholesale rechargeable minutes from China's largest mobile phone providers to service their consumers. 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, please visit www.fingermotion.com.

Company Contact:

FingerMotion, Inc.
For further information e-mail: info@fingermotion.com
Phone: 718-269-3366

Investor Relations Contact:

Skyline Corporate Communications Group, LLC
Scott Powell, President
One Rockefeller Plaza, 11th Floor New York, NY 10020
Office: (646) 893-5835
Email: info@skylineccg.com

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.

SOURCE: FingerMotion

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https://www.accesswire.com/748714/FingerMotion-Retires-Convertible-Debt-Totaling-Over-5-Million-Eliminating-all-Institutional-Loans

FAQ

What recent financial update did FingerMotion (FNGR) announce?

FingerMotion announced the elimination of over $5 million in convertible debt.

How does eliminating convertible debt impact FNGR shareholders?

It protects shareholders from potential stock dilution.

What is FingerMotion's plan for future growth?

The company aims to grow its user base to serve over 1 billion users.

Who is FingerMotion's primary lender mentioned in the press release?

The primary lender is Lind Global Fund II LP.