- On February 22nd MMTec, Inc MTC raised $32 million through the issuance of $40 million of convertible senior unsecured debentures to a non-US investor in a securities purchase act.
- The offer price included a 20% discount.
- On February 24, 2023, the Company issued 80 million shares with a par value of $0.01 per share to the investor at a conversion price of $0.50 per share, which represents the conversion floor Price.
- The conversion price implied a discount of 36.1% from MMTec’s close of $0.7830 on Feb. 23.
- MMTec shares closed at $0.8250 on February 24, valuing the 80 million shares at $66 million.
- The investor waived interest in connection with the full conversion of the bond note.
- Price promotion: MTC shares traded up 12.80% to $0.93 on the last check Monday.
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