Fubotv earnings beat by $0.10, revenue topped estimates
NEW YORK - Mercurity Fintech Holding Inc. (NASDAQ:MFH), whose stock has surged over 67% in the past week despite maintaining a volatile trading pattern according to InvestingPro data, announced Tuesday that its previously announced registered direct offering of ordinary shares and warrants will not proceed due to market conditions and unforeseen challenges.
The company cited the failure to satisfy certain customary closing conditions as the reason for the cancellation, according to a press release statement. No further details were provided regarding the specific nature of these challenges or what market conditions contributed to the decision.
Mercurity Fintech Holding operates as a fintech group that leverages blockchain infrastructure to provide technology and financial services. The company operates through subsidiaries including Chaince Securities, LLC, focusing on digital asset management, financial advisory, and capital markets solutions.
The company’s statement emphasized that the announcement should not be construed as an offer to sell or solicitation to buy securities, noting that any such transaction would require proper registration or qualification under applicable securities laws.
The registered direct offering had been previously announced, though the press release did not specify when the original announcement was made or what terms had been proposed for the offering.
In other recent news, Mercurity Fintech Holding Inc. has announced several significant developments. The company revealed a $10 million share repurchase program, which will be executed through various means, including open market and privately negotiated transactions. This move reflects Mercurity Fintech’s confidence in its long-term strategy and commitment to enhancing shareholder value. Additionally, the company has entered into securities purchase agreements with institutional investors for a registered direct offering, expected to raise approximately $43.7 million.
In a strategic move, Mercurity Fintech signed a $200 million Equity Line of Credit Agreement with Solana Ventures Ltd., aiming to implement a Solana-based digital asset treasury strategy. This agreement positions the company as a long-term institutional participant in the Solana ecosystem. Furthermore, Mercurity Fintech launched a $500 million DeFi Basket Treasury to expand its on-chain strategy and diversify its treasury holdings. The company plans to focus initially on acquiring Solana (SOL) and operating validator nodes to generate staking rewards.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.