Mercurity Fintech Holding Inc. board approves proposals, including share consolidation and change of ADR ratio
New York, NY, Jan. 04, 2023 (GLOBE NEWSWIRE) — Mercurity Fintech Holding Inc. (the “Company,” “we,” “us,” “our company” or “MFH”) (Nasdaq: MFH) , a digital fintech group powered by blockchain technology, announced today that the Company’s Board of Directors (the “Board”) has on December 29, 2022 approved to proceed with: 1) the share consolidation and simultaneous change of the ADR ratio; 2) transfer of the register of members of the company; and 3) termination of the deposit agreement.
Share consolidation and change of the ADR relationship
The board approved the proposal for share consolidation to the authorized share capital (the “Share Consolidation”) in a ratio of four hundred (400)-for-one (1) with the nominal value of each ordinary share changed to USD 0.004 per ordinary share. After the share consolidation, the company’s authorized share capital will be USD 250,000 divided into 62,500,000 ordinary shares with a nominal value of USD 0.004 each (the “ordinary share”). Furthermore, as approved by the board, the company will carry out a simultaneous change of American Depositary Receipts (“ADRs”) to ordinary share ratios from 1 to 360 to 1-to-1 (“ADR Ratio Change”).
The exact timing of the change to the share consolidation and ADR relationship, and further details and instructions for registered shareholders regarding the share consolidation, will be communicated by the company in a press release and other documentation that will be issued at a later date.
Transfer of the register of members of the company
The board approved the transfer of the register of the company’s members from Maples Corporate Services Limited to VStock Transfer, LLC, which will act as transfer agent for the company’s ordinary shares, upon suspension of the company’s ADR program and commencement of trading of the company’s ordinary shares.
Termination of the deposit agreement.
The Board of Directors approved the termination of the Deposit Agreement, as amended (the “Deposit Agreement”) effective February 28, 2023, by and among the Company, Citibank, NA, and the holders and beneficial owners of outstanding American Depositary Shares pursuant to the terms of the Deposit Agreement dated February 13, 2023. April 2015 and with amendments.
“The share consolidation, the change of the ADR ratio and the termination of the ADR program are all positive from the company’s perspective,” said Shi Qiu, the company’s CEO. “This will likely save our company a significant cost, strengthen our place in the US capital markets, allow for more transparent oversight and compliance with the US Securities and Exchange Commission, NASDAQ and other US regulators, and provide a wider range of capital opportunities and potential partnerships in All of these factors combined made this a relatively easy decision for our board, as the benefits from the share consolidation, the change to the ADR relationship and the termination of the ADR program would potentially make our company more attractive to investors and a more solid choice for similar firms who want to collaborate on projects in the coming years.”
About Mercurity Fintech Holding Inc.
Mercurity Fintech Holding Inc. is a digital fintech group powered by blockchain technology. The company’s primary business scope includes digital asset trading, asset digitization, cross-border transfers and other services, providing compliant, professional and highly efficient digital financial services to its clients. The company recently started limiting itself to Bitcoin mining, digital currency investment and trading and other related fields. This shift has enabled the company to deepen its involvement in all aspects of the blockchain industry, from production to circulation.
Forward-looking statements
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than historical facts in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and forecasts of future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or expressions such as “may”, “will”, “expect”, “anticipate”, “target”, “estimate”, “intend”, “plan”, “believe” “potential”, “continue”, “is/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will prove to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.
For more information, please contact:
International Elite Capital Inc.
Vicky Chueng
Phone: +1(646) 866-7989
Email: [email protected]
