Fingermotion Inc - FNGR STOCK NEWS

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.

FingerMotion, Inc. (NASDAQ:FNGR) announced the outcomes of its annual meeting held on February 17, 2023. Key decisions included the election of four board members, the appointment of Centurion ZD CPA & Co. as the independent auditor, and the approval of the 2023 Stock Incentive Plan. Additionally, an amendment to reduce the exercise price of stock options from $8.00 to $3.84 was approved. However, two proposals regarding share issuance to the primary lender and a reduction of the floor price were not approved. The current executive team, including CEO Martin Shen and CFO Yew Hon Lee, was re-appointed.

FingerMotion, Inc. (NASDAQ:FNGR) reported its financial results for Q3 2023, achieving a record revenue of $11.40 million, a notable 93% increase year-over-year. The telecommunications segment showed remarkable growth, with 215% revenue growth year-over-year. However, the company faced a 67% decline in SMS & MMS revenue. Despite a 143% rise in losses to $2.52 million, the company holds a strong cash position of $11.87 million and a working capital surplus of $16.71 million. The CEO expressed optimism for recovery in revenue trends post-COVID restrictions in China.

FingerMotion, Inc. (NASDAQ:FNGR) anticipates quarterly revenues exceeding $10 million for the period ending November 30, 2022, driven by growth in its core businesses. The company raised $15.5 million through private placements to support operations, with $11.5 million remaining for potential debt repayment and revenue generation. Although the lender has not responded to repayment offers, monthly payments will begin on February 9, 2023. CEO Martin Shen emphasized that revenue growth is expected, aided by the upcoming device protection program, which could significantly boost margins.