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Mercurity Fintech Holding Inc. (MFH) Stock Declined 2.01% Current-Market, Here’s Why

Mercurity Fintech Holding Inc. (MFH) stock plummeted 2.01% in the current-market trading session at the price of $2.67 despite no fundamental updates. The last published news was its earnings report for the third quarter of 2021.

MFH is a fintech firm that leverages blockchain technology in asset digitization, asset trading, border remittance, and related services. The company offers an authorized forum to allow consumers access cross-broader cryptocurrencies through compliant, efficient, and professional services.

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MFH Q3 2021 Financial Summary

On 5th January 2022, MFH delivered its financial results for Q3 ended 30th September 2021. Revenues totaled US$0K for Q3 of 2021, compared to US$41K in Q2 of 2020. The company has G&A costs of US$2,268K for Q3 of 2021. G&A expenses were US$644K in Q2 of last year.

MFH calculated an operating loss of US$2,323K for Q3 of 2021. Operating loss totaled US$633K in Q2 ended 30th September 2020. Mercurity has cash and cash equivalents of roughly US$40K on 30th September 2021, compared to US$175K on 31st December 2020.

MFH Q2 2021 Earnings Report

Earlier on 30th December 2021, MFH announced its financial results for Q2 ended 30th June 2021. Revenues totaled US$0K for Q2 of 2021, compared to US$0K in the same quarter of 2020. Mercurity has a gross profit of US$0K for Q2 of 2021.

MFH calculated G&A expenses of US$2,217K for Q2 of 2021. G&A costs were US$511K in Q2 of the prior year. Net loss totaled US$10,740K for Q2 of 2021, compared to US$1,373K in Q2 of 2020. The company has cash and cash equivalents of US$73K on 30th June 2021.

MFH US$5M Private Placement 

Previously on 19th October 2021, MFH reported entering into a purchase deal to issue its 571 million ordinary shares and warrants at US$0.00875 per share. The company expects to receive US$5M in gross proceeds from the placement. The transaction closed on 20th October 2021 and is subject to customary closing conditions.

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