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Mercurity Fintech Holding Inc. (MFH) delivers innovative financial solutions through blockchain technology and AI hardware development. This news hub provides investors and industry observers with timely updates on strategic initiatives across digital asset management, regulatory milestones, and emerging technology ventures.
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Mercurity Fintech Holding Inc. (MFH) reported its Q3 2021 unaudited financial results, revealing a GAAP revenue of $0, down from $41,000 in Q3 2020. The net loss widened to $2,344,000 from a loss of $631,000 year-over-year. Non-GAAP net loss was $449,000, slightly higher than the previous year's $427,000. Significant management changes led to the suspension of major client operations. Despite these setbacks, MFH aims to enhance blockchain applications and digital currency investments, following a $10 million private offering.
Mercurity Fintech Holding Inc. (MFH) announced its Q2 2021 financial results, reporting GAAP revenues of $0 thousand, unchanged from Q2 2020. The company showed a significant net loss of $10,740 thousand compared to $1,373 thousand in the previous year. However, non-GAAP net income improved to $31 thousand, up from a $538 thousand loss in Q2 2020. The company plans to enhance blockchain services and aims to initiate bitcoin mining and trading operations in Q4 2021. Due to regulatory impacts, operations have been affected, necessitating a dismantle of the VIE structure involving two subsidiaries.
On October 19, 2021, Mercurity Fintech Holding (NASDAQ: MFH) announced successful agreements with investors for approximately $5 million in gross proceeds, to be settled in USDC. The deal includes issuing up to 571.4 million ordinary shares at a price of $0.00875 per share, along with warrants. Proceeds will fund Bitcoin mining hardware purchases, product development, and working capital. The private placement is set to close by October 20, 2021, subject to standard conditions and features a 180-day lock-up for investors.
On September 8, 2021, Mercurity Fintech Holding Inc. (MFH) announced a private placement involving three investors who will acquire 571,428,570 ordinary shares and warrants for a total of $5 million, payable in 105.2430 bitcoins. Each ADS on Nasdaq represents 360 ordinary shares. This transaction is subject to customary closing conditions and is expected to close in September 2021. The investors have agreed to a 180-day lock-up on their shares post-closing. The securities issuance is exempt from registration under the Securities Act of 1933.
On August 25, 2021, Mercurity Fintech Holding Inc. (MFH) announced significant leadership changes. Liu Hao resigned as director, Co-CEO, and Acting CFO effective August 24, 2021. Zhu Wei has been appointed as Co-CEO, Acting CFO, and director. Three new board members, Deng Huahui, Li Minghao, and Ding Laibin, were also appointed. Zhu Wei brings extensive experience in fintech and blockchain, previously serving as CEO of Wan Xiang International Exchange. The company expresses gratitude to Liu Hao for his contributions and welcomes the new leadership team.
Mercurity Fintech Holding Inc. (MFH) announced the resignation of Miss Xiaoyu Li from its Board of Directors, effective August 18, 2021, due to personal reasons. In statements from Co-CEOs Miss Alva Zhou and Mr. Liu Hao, the company expressed gratitude for Miss Li's contributions. The press release serves as a formal notification of her exit and highlights the company's commitment to transparency. Forward-looking statements are included, emphasizing the inherent risks and uncertainties in the market.
Mercurity Fintech Holding Inc. (MFH) announced the resignation of Mr. Longming Wu from its Board of Directors, effective July 7, 2021. The resignation was due to personal reasons. Alva Zhou, Chairperson and Co-CEO, and Liu Hao, Co-CEO and Board Director, expressed their gratitude for Mr. Wu's contributions to the company. This leadership change may prompt discussions regarding the continuity of the company's strategic direction.
Mercurity Fintech Holding Inc. (MFH) reported a Q1 2021 revenue of $81 thousand, a significant drop from $1,392 thousand in Q1 2020. The net loss for Q1 2021 was $4,554 thousand, down from a profit of $1,068 thousand in the previous year. General and administrative expenses soared to $4,601 thousand, primarily due to increased stock-based compensation. The company is navigating a business transition and has suspended guidance for Q2 2021 due to ongoing uncertainties.
Mercurity Fintech Holding Inc. (MFH) announced the appointment of Mr. Hao Liu as co-Chief Executive Officer, effective May 1, 2021. Currently a Director, Liu is the founder of Columbus Fintech LTD and co-Founder and CEO of Jeethen Capital. He brings extensive expertise in financial technology and blockchain applications, previously developing cross-chain clearing technology. Chairperson Alva Zhou expressed strong confidence in Liu's leadership to drive the company's growth and innovation in the blockchain sector.
Mercurity Fintech Holding Inc. (MFH) announced a private placement involving three investors: Kaiyu Chen, Baibang Technology Co., Ltd., and Le Chai Wow Group Holding Ltd. They will purchase 537,143,470 ordinary shares and warrants for a total of US$10,000,000, settled in 172.9354 bitcoins. The transaction is expected to close soon and includes a 180-day lock-up restriction on the shares. This issuance is exempt from registration under the Securities Act of 1933, complying with Regulation S.
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