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In a stark reflection of the challenges facing the tech sector, MMTEC Inc. (MTC) stock has tumbled to a 52-week low, touching down at $1.12. According to InvestingPro data, the company’s financial health score stands at a concerning 1.71, labeled as WEAK, with negative EBITDA of $4.0M. This latest price level underscores a tumultuous period for the company, which has seen its stock value erode by a staggering 92.58% over the past year. Investors have been wary of the broader market volatility and sector-specific headwinds, which have disproportionately impacted tech firms like MMTEC. The company’s struggle is reflected in its negative gross profit margin of -28.7% and concerning current ratio of 0.47. InvestingPro subscribers have access to 12 additional key insights about MTC’s financial position and future prospects.
In other recent news, MMTEC, Inc. has announced a 1-for-8 reverse stock split of its common stock, effective December 18, 2024. This corporate action, approved by the company’s Board of Directors, will consolidate every eight shares into one share of issued and outstanding common stock. As part of this move, the company will not issue fractional shares; instead, holdings will be rounded up to the nearest whole number. Concurrently, MMTEC is reducing its authorized number of shares from 5 billion to 625 million and increasing the par value per share from $0.01 to $0.08. These changes align with the reverse stock split ratio and are part of the company’s updated Memorandum of Association. The company has cautioned that forward-looking statements in their press release involve risks and uncertainties, advising investors not to place undue reliance on them. These recent developments were communicated through a press release from MMTEC, Inc.
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