Mercurity Fintech Holding subsidiary acquires fully licensed broker-dealer, established in 1982
MFH takes aim at digital brokerage and wealth management services to reshape the global financial future for retail investors
New York, May 03, 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, today announced that Chaince Securities, Inc., the financial services subsidiary of MFH entered into a purchase and sale agreement for the acquisition of all assets and liabilities of JV Delaney & Associates (“JVDA”), an investment advisory firm and fully licensed broker-dealer established in 1982. The addition of JVDA will serve as the cornerstone of Mercurity Fintech’s plans to incorporate a diverse range of digital and traditional business offerings through its new financial services unit, Chaince Securities, including underwriting, private placements, mergers and acquisitions, IPOs, sale of company shares and debt securities and investment advice, among other things.
Pursuant to the terms of the purchase agreement, Chaince Securities will make a cash advance payment to the seller upon signing the purchase agreement, with the remaining balance of the total purchase price escrow by Portfolio Escrow, Inc. until closing. The agreement is subject to FINRA approval in accordance with Rule 1017 and is subject to obtaining regulatory and customary approvals. The transaction will close upon receipt of FINRA approval and satisfaction of other customary closing conditions, with the outstanding cash balance released from escrow to the seller. The agreement is expected to close in the fourth quarter of 2023.
The acquisition marks the first significant investment from Chaince Securities since its integration into MFH earlier this year. JV Delaney & Associates will enhance Chaince Securities’ digital and traditional financial brokerage services and strengthen plans for sustained growth through expansion.
Mr. Shi Qiu, CEO of MFH, commented: “The acquisition of JV Delaney & Associates is in line with our goal to expand MFH’s broker-dealer presence and expand our capabilities and product offerings over the next few years. This strategic move is a testament to our commitment to leveraging the synergies between traditional financial services and innovative blockchain-powered solutions. We expect the resulting broker-dealer entity to be fully equipped and seamlessly aligned with our strategy to develop differentiated digital platforms to serve our ever-growing global clientele and bring us ever closer to the point of convergence between the old and the new, where we believe the true fortunes will be made.”
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 narrowing its focus on 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.
About Chaince Securities, Inc.
Chaince Securities Inc. is a wholly owned subsidiary of Mercurity Fintech Holdings, Inc. and serves the companies’ clients in the traditional finance and brokerage sectors. Chaince Securities, Inc. was founded in 2023. On May 1, 2023, Chaince entered into a purchase agreement for a fully licensed broker-dealer established in 1982 and plans to use this arm of the business to provide digital and traditional brokerage services and add to its ever-growing global clientele .
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]
