MMTEC, Inc. Announces Private Offering in Asia of US$120 Million Convertible Senior Notes to be Issued by an Investment Fund Sponsored by MMTEC
MMTec, Inc. - Common Shares (MTC)
Company Research
Source: PR Newswire
BEIJING, Aug. 9, 2019 /PRNewswire/ -- MMTEC, Inc. (Nasdaq:MTC) ("MMTec" or the "Company") a China based technology company that provides access to the U.S. financial markets, announced the creation of a Cayman Investment fund (the "Fund") that is sponsored by, and will be managed by MM Capital, a wealth management subsidiary of the Company. The fund will effect a proposed private offering (the "Notes Offering") of US$120 million in aggregate principal amount of convertible senior notes due 2025 (the "Notes"), subject to market and other conditions including compliance with US, Cayman and BVI law and Nasdaq Additional Listing Requirements.The Fund intends to use the net proceeds from the Notes Offering to acquire a yet-to-be determined clearing broker-dealer in the United States and to invest in other yet-to-be determined China-based new economy businesses. The proceeds will not be used for the operations or research and development of the Company. The Notes will be senior, unsecured o
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