MMTec, Inc. Common Shares - MTC STOCK NEWS

MMTEC, Inc. (NASDAQ: MTC) announced on July 27, 2022, that it has regained compliance with NASDAQ's minimum bid price requirement. The company achieved this when its stock closed at or above $1.00 for 10 consecutive business days. This matter has been resolved, allowing MMTEC to continue its operations in the U.S. financial markets. The company is based in Beijing and develops platforms for Chinese language-speaking hedge funds and investment firms, facilitating global securities transactions.

MMTEC, Inc. (MTC) announced a 1-for-10 reverse stock split effective July 13, 2022. This decision was approved by the Board of Directors to help meet Nasdaq requirements. Post-split, every 10 shares will convert into one, with no fractional shares issued. The authorized shares will decrease from 500 million to 50 million, raising the par value from $0.001 to $0.01. The split will not impact shareholders' percentage interests, except for the treatment of fractional shares. The company aims to enhance its stock performance on the Nasdaq Stock Market.

MMTEC, Inc. (NASDAQ: MTC) received a Notification Letter from Nasdaq on January 26, 2022, indicating its common stock had fallen below the $1.00 minimum bid price requirement for 30 consecutive business days. The Company has until July 25, 2022, to regain compliance. If the stock closes at or above $1.00 for ten consecutive business days, the matter will be resolved. Should compliance not be achieved, MMTEC may qualify for an additional 180-day period, potentially considering a reverse stock split as a remedy.

MMTEC, Inc. (NASDAQ: MTC) announced a $2.0 million investment from a single investor through a private placement under a Securities Purchase Agreement on December 20, 2021. The investor will purchase 5,000,000 common shares at $0.40 per share, with the gross proceeds amounting to approximately $2.0 million. The transaction is expected to close around December 30, 2021, subject to customary conditions. The funds will be used for growth and general working capital purposes.

MMTEC, Inc. (NASDAQ: MTC) announced a revenue increase of 54.09% to $507,048 for the six months ended June 30, 2021, driven by growth in commission fees and market data services. However, costs surged by 852.29% to $66,908, impacting gross profit, which rose 36.67% to $440,140 but saw the gross margin decline to 86.80%. The company reported a net loss of $2,367,612, or $0.10 per share, reflecting increased operating expenses. Future plans include applying for a Hong Kong securities broker license while gradually reducing retail operations.

MMTEC, Inc. (NASDAQ: MTC) reported significant revenue growth for 2020, with total revenues rising to $742,125 from $200,797 in 2019. The increase was driven by commissions revenue from the acquisition of MMBD Trading Limited. Gross profit reached $734,720, reflecting a steep gross margin of 99.0%, up from 54.7% in the previous year. However, the company faced a net loss of $3,181,596, up from $2,243,234 in 2019. This loss was attributed to rising operational costs and decreased other income, leading to a loss from operations of $3,184,151.

MMTEC, Inc. (NASDAQ: MTC), a technology firm based in China, has entered into a securities purchase agreement to sell 4,300,000 common shares at $3.70 each, totaling approximately $15.9 million in gross proceeds. The offering is set to close around February 24, 2021, pending customary conditions. Proceeds will be utilized for growth and general working capital. A.G.P./Alliance Global Partners is the placement agent for this registered direct offering, which follows an effective shelf registration statement filed with the SEC.

MMTEC, Inc. (NASDAQ: MTC) reported a significant revenue increase of 85.35% to $329,070 for the first half of 2020, driven by brokerage service commissions post-acquisition of MMBD Trading Limited and MM Global Securities, Inc. Gross profit soared to $322,044, with a 97.86% gross margin. Although operating loss decreased to $1,041,361, the net loss narrowed to $1,011,152 or $0.05 per share. Future strategies include expanding asset management and enhancing services for Chinese investors seeking U.S. securities amidst trade tensions.

MMTEC, Inc. (MTC) announced an update to its August 10, 2020, press release regarding a Consulting Agreement with Hitek Global Inc. The Company will provide M&A, investment, financial, and strategic planning advice to Hitek for a consulting fee of $750,000. Hitek specializes in IT consulting and solutions for various industries in China. The agreement aims to enhance MMTEC's advisory and research capabilities.