MMTec, Inc. (MTC) Announces 5M Share Private Placement at $0.40/sh

MMTEC, Inc. (NASDAQ: MTC) today announced that on December 20, 2021, it had entered into a Securities Purchase Agreement (the "Purchase Agreement") with a single investor (the "Investor") pursuant to which the Investor will make a $2.0 million investment in the Company in a Regulation S private placement. Under the terms of the Purchase Agreement, the Investor will purchase 5,000,000 common shares of the Company at a purchase price of $0.40 per share. The gross proceeds of the transaction will be approximately $2.0 million before deducting fees and other expenses. The closing of the transaction is expected to occur on or about December 30, 2021, subject to the satisfaction of customary closing conditions for transactions of this type.

The Company currently intends to use the net proceeds from this transaction for growth capital and general working capital purposes.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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