Seeking Alpha
2023-02-06 22:37:24

Mercurity Fintech issues $9M convertible promissory note to non-US investor

Mercurity Fintech ( NASDAQ: MFH ) said Monday it issued an unsecured convertible promissory note with a face value of $9M to a non-U.S. investor. The note will bear non-compounding interest at a rate per annum equal to 5% from the date of issue until repayment of the note unless the buyer chooses to convert the note into shares. The investor has the right to convert the outstanding balance under the note into shares at $0.00172/share (equivalent to $0.62/ADR). Mercurity Fintech ( MFH ) plans to use net proceeds from the note to fund development of Web3 and blockchain infrastructure, expansion of consulting services, as well as pursuit of a cryptocurrency license from the New York State Department of Financial Services. There is no assurance that the firm will successfully obtain the BitLicense in the foreseeable future or at all. Shares of the company, which closed 9.6% higher on Monday, fell 4.3% in aftermarket trade. Earlier, Mercurity Fintech ( MFH ) reversed its decision on implementing ADR ratio change .

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