Mercurity Fintech Holding Inc Stock Price, News & Analysis

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.

On March 4, 2021, Mercurity Fintech Holding Inc. (MFH) announced the appointment of Cong Huang as an Independent Director and Liu Hao as a Director to its Board. Cong Huang, with a PhD from Yale, has a strong background in fintech, having worked at Goldman Sachs and McKinsey, and most recently served as CEO of Xiaoying Tech. Liu Hao is a fintech expert and founder of Columbus Fintech, recognized for his work in AI and blockchain applications. The additions aim to enhance the company's capabilities in decentralized trading systems and blockchain technology.

Mercurity Fintech Holding Inc. (Nasdaq: MFH) recently held its 2021 Extraordinary General Meeting on February 5, 2021, in Beijing. Key outcomes included an increase in authorized share capital from US$50,000 to US$250,000 and the re-election of several Board members, including Hua Zhou as Chairperson. This capital increase may position the company for future growth, yet it could also lead to potential dilution of existing shares.

Mercurity Fintech Holding Inc. (Nasdaq: MFH) announced an extraordinary general meeting for shareholders on February 5, 2021, at 10:00 a.m. in Beijing. The record date for shareholder eligibility is set for January 12, 2021. Shareholders can vote in person, while beneficial owners of ADSs must go through Citibank, N.A. to vote their underlying ordinary shares. The meeting notice, including resolutions for shareholder approval, is available on the Company's website. Shareholders are encouraged to RSVP via email.

Mercurity Fintech Holding Inc. (MFH) reported Q3 2020 revenues of $41 thousand, significantly down from $580 thousand in Q3 2019. The company faced a net loss of $631 thousand, compared to a profit of $396 thousand in the previous year. Gross profit for Q3 2020 was $11 thousand, down from $464 thousand in Q3 2019. The firm is transitioning towards the digital assets sector, recently launching a DeFi platform. Due to ongoing pandemic impacts and product development, MFH will not provide Q4 2020 financial forecasts.

Mercurity Fintech Holding (Nasdaq: MFH) announced plans to launch an innovative open, decentralized finance (DeFi) platform aimed at enhancing trading, liquidity, and payment services for consumers globally. The platform will tackle existing issues in decentralized exchanges (DEXs), such as low liquidity and poor governance, by offering each liquidity pool autonomous governance and robust incentives. The launch of governance tokens MER and MEE is expected in Q4 2020, with additional protocols following shortly. This initiative positions Mercurity to create a unified DeFi ecosystem that connects various financial communities worldwide.

Mercurity Fintech Holding Inc. (MFH) reported significant growth in its unaudited financial results for the first half of 2020. Revenues surged to $1,392 thousand, up from $30 thousand year-over-year, driven primarily by software services in its blockchain sector. Gross profit improved dramatically to $1,313 thousand from a negative $8 thousand. The company reported a reduced net loss of $305 thousand, compared to $1,505 thousand last year. However, MFH will not provide a financial forecast for the remainder of 2020 due to pandemic uncertainty and ongoing product development.

Mercurity Fintech Holding Inc. (MFH) announced the appointment of Erez Simha as chief financial officer, effective August 24, 2020. This follows the resignation of Frank Zhigang Zhao for personal reasons. Simha has extensive experience in executive roles at public and private companies, including serving as CFO and COO at Roo Inc. and Just Inc. His previous roles at Nasdaq-listed companies include CFO at SSYS Ltd. and Orbotech Ltd.. The company aims to enhance its focus on blockchain-based digital asset infrastructure solutions.