This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these 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 any such state or jurisdiction.Mercurity Fintech Holding Inc. a digital fintech group powered by blockchain technology, announced that on December 23, 2022, in connection with its private investment in public equity financing it entered into a Securities Purchase Agreement. The closing of this third PIPE financing together with the consummation of the first and second PIPE financing would yield total gross proceeds of $13.15 million invested in the Company’s shares and warrants by third parties in the second half of 2022.
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Each unit shall consist of one ordinary share and three Warrants, with each Warrant entitling the investor to purchase one ordinary share at the exercise price of $1/360th per ordinary share subject to certain adjustments and conditions set forth therein. The warrants shall have a term of three years from the issuance date.The securities described above were sold in a private placement and have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission (the “SEC”) or an applicable exemption from such registration requirements.The Company expects to use the net proceeds from the three rounds of PIPE financing to develop its Web3 and blockchain infrastructure, expand its consultation services, and pursue the licensure for cryptocurrency (“BitLicense”) from New York State Department of Financial Services although the Company cannot provide any assurance on actually obtaining the “BitLicense” in the near future or at all.
“It took hundreds of years to build Wall Street, but with crypto everything is accelerated. Despite the fluctuation of capital markets, we plan to dedicate three years in building the Web3 and blockchain infrastructure, and we believe that we will prosper from our business model and steadfast devotion to this exciting and ever-expanding space,” said Shi Qiu, the Company’s Chief Executive Officer. “We are proud to announce this most recent PIPE financing together with the consummation of the first two rounds of PIPE financing totaling $13.15 million in the second half of 2022. We would like to thank our investors for sharing our vision of the future and supporting our company by giving us the responsibility of building it. In early 2023, the Company plans to release a detailed growth strategy to the public to outline the Company’s strategic vision for the next three years.”
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