BEIJING, Feb. 22, 2021 /PRNewswire/ -- MMTEC, Inc.
(NASDAQ: MTC) ("MMTEC", "we", "our" or the "Company"), a
China-based technology company
that provides access to the U.S. financial markets, today announced
it has entered into a securities purchase agreement with
institutional investors for the purchase and sale of 4,300,000
common shares at a purchase price of $3.70 per share in a registered direct offering.
The gross proceeds of the offering will be approximately
$15.9 million before deducting
placement agent fees and other estimated offering expenses. The
closing of the offering is expected to occur on or about
February 24, 2021, subject to the
satisfaction of customary closing conditions.
A.G.P./Alliance Global Partners is acting as sole placement
agent for the offering.
The Company intends to use the net proceeds from this offering
for growth capital and general working capital purposes.
These securities are being offered through a prospectus
supplement pursuant to an effective shelf registration statement on
Form F-3 (File No. 333-239731) previously filed with the U.S.
Securities and Exchange Commission (the "SEC") and declared
effective on July 21, 2020. A
prospectus supplement describing the terms of the proposed offering
will be filed with the SEC and will be available on the SEC's
website located at http://www.sec.gov. Electronic copies of
the prospectus supplement may be obtained, when available, from
A.G.P./Alliance Global Partners, 590 Madison Avenue,
28th Floor, New York,
NY 10022, or by telephone at (212) 624-2060, or by email at
prospectus@allianceg.com. Before investing in this offering,
interested parties should read in their entirety the prospectus
supplement and the accompanying prospectus and the other documents
that the Company has filed with the SEC that are incorporated by
reference in such prospectus supplement and the accompanying
prospectus, which provide more information about the Company and
such offering.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these 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 any such state or
jurisdiction.
About MMTEC, Inc.
Headquartered in Beijing,
China, our Company develops and deploys a series of
platforms, such as the ETN Counter Business System, the PTN Private
Fund Investment Management System, which comprise a business chain
that enables Chinese language speaking hedge funds, mutual funds,
registered investment advisors, proprietary trading groups, and
brokerage firms to engage in securities market transactions and
settlements globally. In 2020, the company used internally designed
and built system with the US brokerage license and the Cayman fund
management qualification to form a series of MOM funds, with the
main goal of discovering small and medium-sized institutional
investors and helping them set up the fund to issue securities fund
products.
More information about the Company can be found at:
www.51mm.com
Forward-Looking Statements
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. When the Company uses words such as
"may", "will", "intend", "should", "believe", "expect",
"anticipate", "project", "estimate" or similar expressions that do
not relate solely to historical matters, it is making
forward-looking statements. Specifically, the Company's statements
regarding its continued growth, business outlook, and other similar
statements are forward-looking statements. Forward-looking
statements are not guarantees of future performance and involve
risks and uncertainties that may cause the actual results to differ
materially from the Company's expectations discussed in the
forward-looking statements. These statements are subject to
uncertainties and risks including, but not limited to, the
following: the Company's goals and strategies; the Company's future
business development; product and service demand and acceptance;
changes in technology; economic conditions; reputation and brand;
the impact of competition and pricing; government regulations;
fluctuations in general economic and business conditions in
China and assumptions underlying
or related to any of the foregoing and other risks contained in
reports filed by the Company with the Securities and Exchange
Commission, including the Company's most recently filed Annual
Report on Form 20-F and its subsequent filings. For these reasons,
among others, investors are cautioned not to place undue reliance
upon any forward-looking statements in this press release.
Additional factors are discussed in the Company's filings with the
U.S. Securities and Exchange Commission, which are available for
review at www.sec.gov. The Company undertakes no obligation to
publicly revise these forward-looking statements to reflect events
or circumstances that arise after the date hereof.
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SOURCE MMTEC, Inc.