MMTec, Inc. Announces Pricing of a 1.8 Million Share Firm Commitment Initial Public Offering

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Jan 08, 2019, 16:43 ET

BEIJING, Jan. 8, 2019 /PRNewswire/ -- MMTec, Inc. (the "Company") today announced the pricing of a U.S. underwritten initial public offering ("IPO") of 1,800,000 shares at a price to the public of $4.00 per share. The shares will begin trading on The NASDAQ Capital Market on January 8, 2019 under the ticker symbol "MTC."

The Company expects to receive aggregate gross proceeds of approximately $7.2 million from this offering, before deducting underwriting discounts, commissions and other related expenses. In addition, the Company has granted the underwriters a 30-day option to purchase up to an additional 270,000 common shares at the public offering price, less underwriting discounts and commissions. The offering is expected to close on or about January 10, 2019, subject to customary closing conditions.

Proceeds from the offering will be used for research and development, sales and marketing, and working capital and general corporate purposes.

WestPark Capital, Inc. acted as the book running manager for the offering.

A registration statement on Form F-1 relating to this U.S. offering was filed with the Securities and Exchange Commission ("SEC") (SEC File No. 333-227934) and was declared effective by the SEC as of December 26, 2018. The offering of these securities was made only by means of a prospectus, forming a part of the registration statement. The registration statement on Form F-1 and the final prospectus relating to the U.S. offering are available on the SEC's website at www.sec.gov. Copies of the final prospectus relating to the U.S. offering may be obtained from WestPark Capital, Inc. by calling Jay Stern (310) 203-2919 or [email protected].

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the Company's securities, nor shall such securities be offered or sold in the United States absent registration or an applicable exemption from registration, nor shall there be any offer, solicitation or sale of any of the Company's 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 such state or jurisdiction.

About MMTec, Inc.

MMTec, Inc., through its operating entity, Gujia (Beijing) Technology Co., Ltd., provides comprehensive, Internet-based technology services and solutions to the Chinese language speaking hedge funds, mutual funds, registered investment advisors, proprietary trading groups, and brokerage firms engaging in securities market transactions and settlements globally. These services are offered through several platforms, including the ETN Counter Business System, the PTN Private Fund Investment Management System, the Personal Mobile Transaction Client System, the PC Transaction Client System, the Individual and Institutional Integrated Account Management System, and the Quantitative Investment Transaction Platform. The Company is headquartered in Beijing, China. For additional information about the Company please refer to its corporate website at http://www.51mm.com.

Forward-Looking Statements

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company's proposed IPO. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs, including the expectation that the IPO will be successfully completed. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.

SOURCE MMTec, Inc.