Mercurity Fintech Holding Inc. Ordinary Shares - MFH STOCK NEWS

Mercurity Fintech Holding Inc. (MFH) priced a private investment in public equity (PIPE) offering, selling 14,251,781 units of its securities for $6 million. Each unit consists of one ordinary share and three warrants. The net proceeds will be used for general working capital and business development. The CEO, Shi Qiu, expressed gratitude for the investors' support and emphasized the company's commitment to delivering value to its shareholders.

Mercurity Fintech Holding Inc. (MFH) announced its financial results for the year ended December 31, 2022. The company reported consolidated revenue of $863,438, up from $670,171 in 2021, driven primarily by its cryptocurrency mining business. Operating expenses were significantly reduced to $5,368,222 from $13,273,814, contributing to a decreased net loss of $5,634,971, compared to $21,665,704 the previous year. Furthermore, MFH improved its liquidity through $13.15 million in financing. The company is transitioning to a global structure, with plans to diversify into distributed computing, digital consultation, and blockchain services. The management is optimistic about future growth, citing strategic investments in cryptocurrency mining and web3 infrastructure.

Mercurity Fintech Holding Inc. (MFH) announced a Securities Purchase Agreement with a non-U.S. investor, issuing a Unsecured Convertible Promissory Note with a face value of $9 million. This transaction, completed on February 2, 2023, intends to fund Web3 and blockchain infrastructure development and pursue a cryptocurrency license from the New York State Department of Financial Services. The Note carries a 5% interest rate and can be converted into ordinary shares at a price of $0.00172. However, the company cautions that obtaining the BitLicense is uncertain. The offer is not registered under U.S. securities law.

On January 27, 2023, Mercurity Fintech Holding Inc. (MFH) announced a reversal of its previous decision regarding the American Depositary Receipt (ADR) ratio change and the share consolidation. The company's Board of Directors has decided to maintain the current ADR to ordinary share ratio at 1-to-360, instead of implementing a consolidation at 1-for-400. The termination of the ADR facility will take effect on February 28, 2023. Following the mandatory exchange, ADR holders will receive 0.9 of a new ordinary share for each ADR held, while the stock price per share is expected to increase post-consolidation by 1/9 of the ADR's closing price.

Mercurity Fintech Holding Inc. (MFH) has announced a series of corporate actions approved by its Board of Directors on December 29, 2022. These include a 400-for-1 share consolidation and a change of the ADR ratio from 1-to-360 to 1-to-1. Additionally, the board approved the transfer of the register of members to VStock Transfer, LLC, and the termination of the Deposit Agreement effective February 28, 2023. CEO Shi Qiu believes these changes will enhance cost efficiency, improve compliance in the U.S. market, and attract investors and partnerships.

Mercurity Fintech Holding Inc. (MFH) reported significant financial growth for the first half of 2022, with revenues soaring to USD$783,089, a dramatic increase of 13254.18% from USD$5,864 in the same period of 2021. Despite a GAAP gross loss of USD$508,695 and a net loss of USD$2,368,573, the company highlighted improved cost management, reflecting an 84.51% reduction in net loss year-over-year. Strategic shifts include divesting from certain Asian operations and refocusing on global markets, particularly the U.S., amid ongoing challenges in the cryptocurrency market.