Mercurity Fintech Holding Inc. Announced Closing of $3.15 Million Private Investment in Public Equity (PIPE) Financing

Shenzhen, China, Nov. 17, 2022 (GLOBE NEWSWIRE) — Mercurity Fintech Holding Inc. (the “Company” or “MFH”) (Nasdaq:MFH), a digital fintech group powered by blockchain technology, today announced that it has closed the Private Investment in Public Equity (“PIPE”) financing pursuant to the Securities Purchase Agreement (the “SPA”) and Warrant (each, a “Warrant” and collectively, the “Warrants”) with certain non-U.S. investors for gross proceeds of $3.15 million (the “Proceeds”). Net proceeds from the PIPE financing are expected to be used to advance the Company’s business development activities for working capital and other general corporate purposes. Among other purposes, the Company intends to use part of the Proceeds to grow its cryptocurrency consultation services in the U.S., including obtaining the “BitLicense” from New York State Department of Financial Services for digital currency related activities, although the Company cannot provide any assurance on actually obtaining the “BitLicense” in the near future or at all. “We believe that only by developing our business in compliance with the U.S. laws and regulations will we be able to have a sustainable and promising growth,” said the Chief Executive Officer of the Company Shi Qiu. 

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