MMTec Issues Shares Worth $66M Under Securities Purchase Deal At 36% Discount

On February 22, MMTec, Inc MTC raised $32 million by issuing an unsecured senior convertible promissory note worth $40 million to a non-U.S. investor under a securities purchase deal.
The offer price implied a discount of 20%.
On February 24, 2023, the company issued 80 million shares, par value $0.01 per share, to the investor at a conversion price of $0.50 per share, representing the conversion floor price.
The conversion price implied a 36.1% discount to MMTec's February 23 closing of $0.7830.
MMTec shares closed at $0.8250 on February 24, valuing the 80 million shares at $66 million.
The investor waived the interest under the note in connection with the full conversion of the note.
Price Action: MTC shares traded higher by 12.80% at $0.93 on the last check Monday.

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