mF International Limited Announces Closing of Initial Public Offering

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mF International successfully closed its initial public offering on the Nasdaq Capital Market, raising $7,500,001.5 from the sale of 1,666,667 ordinary shares at $4.50 per share. The underwriter has an option to purchase an additional 250,000 shares. The proceeds will be used for expanding service capacity and general working capital. The Offering was conducted on a firm commitment basis, with Joseph Stone Capital, acting as the underwriter.

Financial Analyst

The recent IPO of mF International Limited holds indications of market confidence given the closure at a public offering of $4.50 per share and aggregate gross proceeds of $7.5 million. These funds are earmarked for service capacity expansion and working capital, suggesting growth-oriented strategies. However, the offering size is modest, which could be seen as conservative or potentially limiting in providing substantial capital for aggressive expansion.

Securities Analyst

mF International's offering strategy involved a firm commitment basis, ensuring all shares were purchased prior to the offering, which is generally a positive signal for the company's valuation. Notably, Joseph Stone Capital's role as the underwriter adds credibility to the process, as they likely conducted due diligence on mF International's financials. The 45-day option for an additional 250,000 shares provides flexibility and could indicate further capital influx if exercised, reflecting underwriters' anticipation of potential demand.

Legal Analyst

The legal aspect of mF International's IPO, with compliance to SEC regulations, including the filing of Form F-1 and Rule 462(b), demonstrates a level of due diligence and transparency that is mandatory in U.S. financial markets. Potential investors should note that the legal groundwork laid by the counsels involved is not just a formality but a protective measure for both the company and its investors against future legal disputes.

Hong Kong, April 24, 2024 (GLOBE NEWSWIRE) -- mF International Limited (the “Company” or “mF International”) (Nasdaq: MFI), a Hong Kong-based experienced financial trading solution provider, today announced the closing of its initial public offering (the “Offering”) of 1,666,667 ordinary shares at a public offering price of $4.50 per ordinary share. The ordinary shares began trading on the Nasdaq Capital Market on April 22, 2024 under the ticker symbol “MFI.”

The Company received aggregate gross proceeds of $7,500,001.5 from the Offering, before deducting underwriting discounts and other related expenses. In addition, the Company has granted the underwriter a 45-day option to purchase up to an additional 250,000 ordinary shares at the public offering price, less underwriting discounts.

Proceeds from the Offering will be used for expanding service capacity and general working capital.

The Offering was conducted on a firm commitment basis. Joseph Stone Capital, LLC acted as the underwriter for the Offering. Hunter Taubman Fischer & Li LLC acted as U.S. securities counsel to the Company, and Pryor Cashman LLP acted as U.S. counsel to Joseph Stone Capital, LLC in connection with the Offering.

A registration statement on Form F-1 relating to the Offering was filed with the U.S. Securities and Exchange Commission (the “SEC”) (File Number: 333-274158), as amended, and was declared effective by the SEC on March 29, 2024, and a registration statement filed pursuant to Rule 462(b) (File No. 333-278826), which increased the number of registered shares from 1,794,000 to 1,916,667, became effective upon filing with the SEC. The Offering was made only by means of a prospectus, forming a part of the registration statement. Copies of the final prospectus relating to the Offering may be obtained from Joseph Stone Capital, LLC, 29 Broadway, #1800, New York, New York, 10006, or by email at corporatefinance@josephstonecapital.com, or by calling 888-302-5548. In addition, copies of the final prospectus relating to the Offering may be obtained via the SEC's website at www.sec.gov.

This press release does not constitute an offer to sell, or the solicitation of an offer to buy any of the Company's securities, nor shall there be any offer, solicitation or sale of any of the Company's 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 such state or jurisdiction.

About mF International Limited

mF International Limited is a British Virgin Islands holding company with three operating subsidiaries in Hong Kong. The Company’s principal Hong Kong subsidiary, m-FINANCE Limited (“mF” or m-FINANCE), is a Hong Kong-based experienced financial trading solution provider principally engaged in the development and provision of financial trading solutions via internet or platform as software as a service, or SaaS. m-FINANCE has approximately 20 years of experience providing real-time mission critical forex, bullion/commodities trading platform solutions, financial value-added services, mobile applications and financial information for brokers and institutional clients in the region. With clients located over mainland China, Hong Kong and Southeast Asia, m-FINANCE provides customers with the mF4 Trading Platform, Bridge and Plugins, CRM System, ECN System, Liquidity Solutions, Cross-platform “Broker+” Solution, Social Trading Apps and other value-added services. For more information, please visit the Company's website: https://ir.m-finance.com/.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions in this prospectus. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the SEC.

For investor and media inquiries, please contact:

mF International Limited
Investor Relations Department
Email: ir@m-finance.net

Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com

FAQ

What is the ticker symbol for mF International after the IPO?

The ticker symbol for mF International after the IPO is 'MFI'.

How many ordinary shares were sold during the initial public offering?

1,666,667 ordinary shares were sold during the initial public offering.

What was the public offering price per ordinary share?

The public offering price per ordinary share was $4.50.

What was the total gross proceeds received from the Offering?

mF International received aggregate gross proceeds of $7,500,001.5 from the Offering.

Who acted as the underwriter for the Offering?

Joseph Stone Capital, acted as the underwriter for the Offering.

What will the proceeds from the Offering be used for?

The proceeds from the Offering will be used for expanding service capacity and general working capital.