Mercurity Fintech Holding Inc Stock Price, News & Analysis

Mercurity Fintech Holding Inc. (MFH) announced its financial results for the year ended December 31, 2022. The company reported consolidated revenue of $863,438, up from $670,171 in 2021, driven primarily by its cryptocurrency mining business. Operating expenses were significantly reduced to $5,368,222 from $13,273,814, contributing to a decreased net loss of $5,634,971, compared to $21,665,704 the previous year. Furthermore, MFH improved its liquidity through $13.15 million in financing. The company is transitioning to a global structure, with plans to diversify into distributed computing, digital consultation, and blockchain services. The management is optimistic about future growth, citing strategic investments in cryptocurrency mining and web3 infrastructure.

Mercurity Fintech Holding Inc. (MFH) announced a Securities Purchase Agreement with a non-U.S. investor, issuing a Unsecured Convertible Promissory Note with a face value of $9 million. This transaction, completed on February 2, 2023, intends to fund Web3 and blockchain infrastructure development and pursue a cryptocurrency license from the New York State Department of Financial Services. The Note carries a 5% interest rate and can be converted into ordinary shares at a price of $0.00172. However, the company cautions that obtaining the BitLicense is uncertain. The offer is not registered under U.S. securities law.

On January 27, 2023, Mercurity Fintech Holding Inc. (MFH) announced a reversal of its previous decision regarding the American Depositary Receipt (ADR) ratio change and the share consolidation. The company's Board of Directors has decided to maintain the current ADR to ordinary share ratio at 1-to-360, instead of implementing a consolidation at 1-for-400. The termination of the ADR facility will take effect on February 28, 2023. Following the mandatory exchange, ADR holders will receive 0.9 of a new ordinary share for each ADR held, while the stock price per share is expected to increase post-consolidation by 1/9 of the ADR's closing price.

Mercurity Fintech Holding Inc. (MFH) has announced a series of corporate actions approved by its Board of Directors on December 29, 2022. These include a 400-for-1 share consolidation and a change of the ADR ratio from 1-to-360 to 1-to-1. Additionally, the board approved the transfer of the register of members to VStock Transfer, LLC, and the termination of the Deposit Agreement effective February 28, 2023. CEO Shi Qiu believes these changes will enhance cost efficiency, improve compliance in the U.S. market, and attract investors and partnerships.

Mercurity Fintech Holding Inc. (MFH) reported significant financial growth for the first half of 2022, with revenues soaring to USD$783,089, a dramatic increase of 13254.18% from USD$5,864 in the same period of 2021. Despite a GAAP gross loss of USD$508,695 and a net loss of USD$2,368,573, the company highlighted improved cost management, reflecting an 84.51% reduction in net loss year-over-year. Strategic shifts include divesting from certain Asian operations and refocusing on global markets, particularly the U.S., amid ongoing challenges in the cryptocurrency market.

Mercurity Fintech Holding Inc. (MFH) announced a Securities Purchase Agreement for a private investment in public equity financing, raising $5 million. This concludes a series of PIPE financings totaling $13.15 million in 2022. The funds will go towards developing Web3 and blockchain infrastructure, expanding consultation services, and pursuing a BitLicense from New York State. Each unit sold will consist of one ordinary share and three Warrants, with the Warrants exercisable at an adjusted price over three years. The Company emphasizes its commitment to blockchain growth despite market fluctuations.

Mercurity Fintech Holding Inc. (MFH) announced an asset purchase agreement on December 15, 2022, with Huangtong International to acquire decentralized storage infrastructure for $5.98 million, payable in 2.72 billion ordinary shares at $0.0022 each. This acquisition aims to enhance MFH's Web3 capabilities and improve its mining operations, contributing to future revenue streams. Huangtong International will handle installation and maintenance of the equipment for one year, underscoring the company's strategy to solidify its position in the blockchain industry.

On November 30, 2022, Mercurity Fintech Holding Inc. (MFH) announced a private offering (PIPE) to raise $5 million. The offering includes 3,676,470,589 units, each consisting of one ordinary share and three warrants. The proceeds will be utilized for business development and growing cryptocurrency consultation services in the U.S., including efforts to obtain the 'BitLicense' from New York. However, there are no guarantees of success regarding the BitLicense acquisition. The company also plans to pay $250,000 to its financial advisor out of the gross proceeds.