Mercurity Fintech Holding Inc Stock Price, News & Analysis

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.

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.