MMTec, Inc. (MTC) Enters $6M Stock Purchase Agreement with VG Master Fund

MMTEC, Inc. (Nasdaq: MTC) entered into a common stock purchase agreement (the "Purchase Agreement"), with VG Master Fund SPC ("Investor"), under which, subject to specified terms and conditions, the Company may sell to Investor up to $6.0 million of shares of common stock, par value $0.01 per share, from time to time during the term of the Purchase Agreement.

Additionally, on August 10, 2022, the Company entered into a registration rights agreement (the "Registration Rights Agreement") with Investor, pursuant to which the Company agreed to file a prospectus supplement with the Securities and Exchange Commission (the "SEC"), covering the common stock issued to Investor under the Purchase Agreement.

The Company's net proceeds under the Purchase Agreement will depend on the frequency of sales and the number of shares sold to Investor and the prices at which the Company sells shares to Investor. The Company expects that any net proceeds it receives from such sales to Investor will be used for general corporate purposes, including working capital.

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