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MMTEC, Inc. (NASDAQ: MTC) is a technology-driven financial services company headquartered in Hong Kong. It specializes in providing comprehensive financial solutions to Chinese-speaking hedge funds, mutual funds, registered investment advisors, proprietary trading groups, and brokerage firms globally. MMTEC offers a suite of services, including fund establishment, issuance, custody, transaction, and settlement. The company operates through two primary segments: Gujia and MM Future, MMBD Advisory, and HC Securities. The Gujia segment, which generates the highest revenue, focuses on market data and investor relations services in China.
MMTEC has made notable advancements, including the recent acquisition of Alpha Mind Technology Limited, broadening its reach into the insurance agency business. As of June 2023, MMTEC reported revenues of approximately $2.86 million for the first half of the year. Despite its significant growth, the company faces challenges, such as a notification from Nasdaq regarding non-compliance with the minimum bid price requirement. MMTEC has a compliance period until December 26, 2023, to meet this requirement.
MMTEC recently announced a strategic pause in capital raising activities for six months, aiming to optimize resource allocation and improve operational efficiency. This decision underscores the company's commitment to sustainable growth and shareholder value. MMTEC continues to enhance its investment banking and asset management services, fostering relationships with Chinese companies listed in the U.S. and expanding into international markets to assist small and medium-sized enterprises with listings, financing, and mergers and acquisitions.
MMTEC (MTC) has announced a 1-for-8 reverse stock split effective December 18, 2024, with trading to continue on Nasdaq under symbol 'MTC'. Upon implementation, every 8 shares of common stock will automatically convert to one share, with fractional shares rounded up to the next whole number. The company will reduce its authorized shares from 5,000,000,000 to 625,000,000 and increase the par value from $0.01 to $0.08. The split was approved by the Board of Directors on November 21, 2024, with no stockholder approval required under BVI law.
MMTEC, a China-based tech firm listed on NASDAQ under the ticker MTC, announced receiving a notification on July 8, 2024, from Nasdaq's Listings Qualifications Department regarding a failure to meet the minimum bid price requirement of $1.00 per share for 30 consecutive business days. This notification has no immediate effect on MMTEC's current listing. The company has a compliance period of 180 days, ending on January 6, 2025, to regain compliance by achieving a closing bid price of $1.00 or more for at least 10 consecutive business days. Failing this, the company may receive an additional 180 days to meet the requirement, potentially through a reverse stock split. However, there is no assurance that MMTEC will regain compliance.
MMTEC, Inc. announced a pause on financing activities for the next six months, suspending new investments and capital raising. The decision aims to optimize strategic layout, resource allocation, and operational efficiency. The Company plans to restart capital raising in the future to ensure long-term development and serve shareholders and partners.
MMTEC, Inc. (Nasdaq: MTC) announced on March 6, 2023 its relocation of operations from Beijing to the Hong Kong Special Administrative Region. The move will see its subsidiary MM Future Technology Limited taking over responsibilities from Gujia (Beijing) Technology Co., Ltd., which will focus on technical R&D. The company aims to enhance its asset management and securities underwriting while attracting global investment for China's economy. New operations headquarters are located at Room 2302, 23rd Floor, FWD Financial Center, Hong Kong. Contact number is +852 36908356.
MMTEC, Inc. (MTC) has filed an Amended and Restated Memorandum and Articles of Association, increasing its authorized share capital from 50 million to 5 billion shares. This amendment became effective on October 26, 2022, following acceptance by the Registrar of Corporate Affairs in the British Virgin Islands. Headquartered in Beijing, MMTEC focuses on investment banking and asset management, offering extensive financial services including the HiFund platform aimed at global investors. The company emphasizes its growth and future business outlook, while investors are cautioned about risks in forward-looking statements.
MMTEC, Inc. (NASDAQ: MTC) reported a 44.64% increase in revenue to $733,400 for the first half of 2022, driven by software sales. Gross profit rose 41.53% to $622,910, with a gross margin of 84.93%. However, the company faced a significant operational loss of $2,927,617, up 59.52% from the previous year, due to increased operating expenses, particularly in selling and marketing. The net loss was $2,887,201, with a loss per share of $0.92. Litigation contingency of $450,000 was accrued amidst ongoing FINRA investigations.
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