Benzinga | Feb 22, 2021 10:02AM EST

MMTEC Raises $15.9M At 18% Discount

* China's MMTEC, Inc. (NASDAQ: MTC) priced 4.3 million shares at $3.70 per share to raise $15.9 million in a secondary offering. The offer price signifies an 18% discount on the Friday closing price.

* The offering proceeds will be utilized for growth capital and general working capital purposes and is estimated to close by February 24, 2021.

* A.G.P./Alliance Global Partners is the placement agent for the offering.

* MTC's stock has gained 315% in the last quarter.

* The company posted a loss from operation of $1.04 million for the six months ended June 30, 2020, amidst escalating trade tensions between U.S. and China. Loss per share stood at $0.05. The closing cash balance stood at $1.8 million, and operating cash flow stood at $1.1 million.

* Price action: MTC shares are down 9.6% at $4.08 on the last check Monday.