Mercurity Fintech (MFH) Announces $5M Public Equity Funding

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Mercurity Fintech Holding Inc. (Nasdaq: MFH) announced today that on December 23, 2022, in connection with its private investment in public equity financing (“PIPE”), it entered into a securities purchase agreement (“SPA”) with an accredited non-US investor to offer and sell the Company’s units, each of which consists of one ordinary share and three subscription rights (each, a “Warrant” and collectively the “Warrants”) for total gross proceeds of $5 million (the “Proceeds”). The closing of this third PIPE financing together with the completion of the first and second PIPE financings will provide aggregate gross proceeds of $13.15 million invested in the company’s shares and warrants by third parties in the second half of 2022. The company expects to use the net proceeds from the three rounds of PIPE funding to develop its Web3 and blockchain infrastructure, expand its consulting services, and pursue its cryptocurrency license (“BitLicense”) from the New York State Department of Financial Services, although the Company can provide no assurance that it will actually obtain the “BitLicense” in the near future or at all.

Pursuant to the SPA, the Company will issue a total of 4,545,454,546 Units at a purchase price of $0.00110 per Unit for aggregate gross proceeds of approximately $5,000,000. Each unit shall consist of one common share and three warrants, with each warrant entitling the investor to purchase one common share at an exercise price of $1/360 per common share subject to certain adjustments and conditions set forth therein. The subscription rights must have a term of three years from the date of issue.

The securities described above were sold in a directed placement and have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States without registration with the Securities and Exchange Commission (“SEC”) or an applicable exemption from such registration requirements .

“It took hundreds of years to build Wall Street, but with crypto everything is accelerated. Despite the fluctuations in the capital markets, we plan to dedicate three years to building the Web3 and blockchain infrastructure, and we believe that we will flourish from our business model and steadfast devotion to this exciting and ever-growing area,” said Shi Qiu, the Company’s CEO. “We are proud to announce this latest PIPE funding along with the completion of the first two rounds of PIPE funding totaling $13.15 million in the second half of 2022. We would like to thank our investors for sharing our vision for the future and support our company by giving us the responsibility to build it. In early 2023, the company plans to provide the public with a detailed growth strategy to outline the company’s strategic vision for the next three years.”

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be illegal. prior to registration or qualification under the securities laws of such state or jurisdiction.

About Mercurity Fintech Holding Inc. Limited

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]