BEIJING, Jan. 8, 2019 /PRNewswire/ -- MMTec, Inc. (the
"Company") today announced the pricing of a U.S. underwritten
initial public offering ("IPO") of 1,800,000 shares at a price to
the public of $4.00 per share. The
shares will begin trading on The NASDAQ Capital Market on
January 8, 2019 under the ticker
symbol "MTC."
The Company expects to receive aggregate gross proceeds of
approximately $7.2 million from this
offering, before deducting underwriting discounts, commissions and
other related expenses. In addition, the Company has granted the
underwriters a 30-day option to purchase up to an additional
270,000 common shares at the public offering price, less
underwriting discounts and commissions. The offering is expected to
close on or about January 10, 2019,
subject to customary closing conditions.
Proceeds from the offering will be used for research and
development, sales and marketing, and working capital and general
corporate purposes.
WestPark Capital, Inc. acted as the book running manager for the
offering.
A registration statement on Form F-1 relating to this U.S.
offering was filed with the Securities and Exchange Commission
("SEC") (SEC File No. 333-227934) and was declared effective by the
SEC as of December 26, 2018. The
offering of these securities was made only by means of a
prospectus, forming a part of the registration statement. The
registration statement on Form F-1 and the final prospectus
relating to the U.S. offering are available on the SEC's website at
www.sec.gov. Copies of the final prospectus relating to the U.S.
offering may be obtained from WestPark Capital, Inc. by calling
Jay Stern (310) 203-2919 or
operations@wpcapital.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the Company's securities,
nor shall such securities be offered or sold in the United States absent registration or an
applicable exemption from registration, nor shall there be any
offer, solicitation or sale of any of the Company's securities in
any state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of such state or jurisdiction.
About MMTec, Inc.
MMTec, Inc., through its operating entity, Gujia (Beijing) Technology Co., Ltd., provides
comprehensive, Internet-based technology services and solutions to
the Chinese language speaking hedge funds, mutual funds, registered
investment advisors, proprietary trading groups, and brokerage
firms engaging in securities market transactions and settlements
globally. These services are offered through several platforms,
including the ETN Counter Business System, the PTN Private Fund
Investment Management System, the Personal Mobile Transaction
Client System, the PC Transaction Client System, the Individual and
Institutional Integrated Account Management System, and the
Quantitative Investment Transaction Platform. The Company is
headquartered in Beijing, China.
For additional information about the Company please refer to its
corporate website at http://www.51mm.com.
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 statements
of historical fact in this announcement are forward-looking
statements, including but not limited to, the Company's proposed
IPO. These forward-looking statements involve known and unknown
risks and uncertainties and are based on current expectations and
projections about future events and financial trends that the
Company believes may affect its financial condition, results of
operations, business strategy and financial needs, including the
expectation that the IPO will be successfully completed. Investors
can identify these forward-looking statements by words or phrases
such as "may," "will," "expect," "anticipate," "aim," "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 occurring 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 turn out to be correct, and the Company
cautions investors that actual results may differ materially from
the anticipated results.
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SOURCE MMTec, Inc.