China’s MMTEC, Inc. (NASDAQ: MTC) priced 4.3 million shares at $3.70 per share to raise $15.9 million in a secondary offering. The offer price signifies an 18% discount on the Friday closing price. The offering proceeds will be utilized for growth capital and general working capital purposes and is estimated to close by February 24, 2021. A.G.P./Alliance Global Partners is the placement agent for the offering. MTC’s stock has gained 315% in the last quarter. The company posted a loss from operation of $1.04 million for the six months ended June 30, 2020, amidst escalating trade tensions between U.S. and China. Loss per share stood at $0.05. The closing cash balance stood at $1.8 million, and operating cash flow stood at $1.1 million. Price action: MTC shares are down 9.6% at $4.08 on the last check Monday. See more from BenzingaClick here for options trades from BenzingaMaxeon Names Micron's Kai Strohbecke As Finance ChiefSilicon Labs Explores Analog Business Divestment To Focus On IoT: Bloomberg© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
MMTEC, Inc. (NASDAQ: MTC) ("MMTEC", "we", "our" or the "Company"), a China-based technology company that provides access to the U.S. financial markets, today announced it has entered into a securities purchase agreement with institutional investors for the purchase and sale of 4,300,000 common shares at a purchase price of $3.70 per share in a registered direct offering. The gross proceeds of the offering will be approximately $15.9 million before deducting placement agent fees and other estimated offering expenses. The closing of the offering is expected to occur on or about February 24, 2021, subject to the satisfaction of customary closing conditions.
MMTEC, Inc. (NASDAQ: MTC) ("MMTEC", "we", "our" or the "Company"), a China based technology company that provides access to the U.S. financial markets, today announced its unaudited financial results for the six months ended June 30, 2020.