Mercurity Fintech Holding Subsidiary Purchases Fully Licensed Broker Dealer, Established in 1982
May 03 2023 - 5:30PM
Mercurity Fintech Holding Inc. (the “Company,” “we,” “us,” “our
company,” or “MFH”) (Nasdaq: MFH), a digital fintech group powered
by blockchain technology, today announced that Chaince Securities,
Inc., the financial services subsidiary of MFH entered into a
Purchase and Sale Agreement for the acquisition of all assets and
liabilities of J.V. Delaney & Associates (“JVDA”), an
investment advisory firm and fully licensed broker dealer
established in 1982. The addition of JVDA will serve as the
cornerstone of Mercurity Fintech’s plans to incorporate a diverse
range of digital and traditional business offerings through its new
financial services entity, Chaince Securities, including
underwriting, private placements, mergers & acquisitions, best
efforts IPOs, selling of corporate equity and debt securities and
investment advisory services, among others.
Pursuant to the terms of the Purchase Agreement,
Chaince Securities will make a cash down payment to the seller
following the signing the Purchase Agreement, with the remaining
balance of the total purchase price held in escrow by Portfolio
Escrow, Inc. until closing. The deal is subject to FINRA approval
in accordance with Rule 1017 and is contingent on obtaining
regulatory and customary approvals. The transaction will close upon
obtaining of FINRA approval and the satisfaction of other customary
closing conditions, with the outstanding cash balance released from
escrow to the seller. The deal is expected to close in Q4 of
2023.
The acquisition marks the first significant
investment by Chaince Securities since its integration into MFH
earlier this year. J.V. Delaney & Associates will enhance
Chaince Securities' digital and traditional financial brokerage
services and bolster its plans for sustained growth through
expansion.
Mr. Shi Qiu, Chief Executive Officer of MFH,
commented, "The acquisition of J.V. Delaney & Associates aligns
with our objective to expand MFH's broker-dealer presence and
augment our capabilities and product offerings over the next
several years. This strategic move is a testament to our commitment
to capitalize on the synergies between traditional financial
services and innovative blockchain-powered solutions. We anticipate
the resulting broker-dealer entity to be fully equipped and
seamlessly aligned with our strategy of developing differentiated
digital platforms to service our ever-expanding global clientele
and puts us ever closer to the point of convergence between the old
and the new, where we believe the true fortunes will be made."
About Mercurity Fintech Holding Inc.
Mercurity Fintech Holding Inc. is a digital
fintech group powered by blockchain technology. The Company’s
primary business scope includes digital asset trading, asset
digitization, cross-border remittance, and other services,
providing compliant, professional, and highly efficient digital
financial services to its customers. The Company recently began
narrowing its focus on Bitcoin mining, digital currency investment
and trading, and other related fields. This shift has enabled the
company to deepen its involvement in all aspects of the blockchain
industry, from production to circulation.
About Chaince Securities, Inc.
Chaince Securities Inc. is a wholly owned
subsidiary of Mercurity Fintech Holdings, Inc. and serves the
Companies’ clients in the traditional financial and brokerage
sectors. Chaince Securities, Inc. was founded in 2023.
On May 1, 2023, Chaince entered into a Purchase Agreement for a
fully licensed broker dealer established in 1982 and plans to use
this branch of the business to provide digital and traditional
brokerage services and to add to its ever-expanding global
clientele.
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. 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. 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.
For more information, please contact:International Elite Capital
Inc. Vicky Chueng Tel: +1(646) 866-7989
Email: mfhfintech@iecapitalusa.com
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