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Stock impact report

MICT raises $25 million through a convertible note, with a conversion price at $1.41 per share and agrees to buy a multi-national financial technology group

Micronet Enertec Technologies, Inc (MICT)  More Company Research Source: PR Newswire
PDF MONTVALE, N.J., Nov. 8, 2019 /PRNewswire/ -- MICT, Inc. (Nasdaq: MICT), (the "Company"), announced today that it has agreed to close on a $25 million private placement of convertible notes, converting automatically at $1.41 per share at the closing of an acquisition by the company of Global Fintech Holdings Ltd (GFH), which acquired the ParagonEX Limited group of companies and the trading companies of BNN Technology PLC.This $25 million funding, together with $7.25 million raised recently, substantially improves MICT's balance sheet, permitting the Company to support its growth strategy of diversifying into the global fintech industry, with the aim of unlocking substantial shareholder value. The acquisition of GFH gives MICT ownership of world-class proprietary technology platforms in the fintech arena, as well as access to the rapidly expanding Chinese fintech marketplace. GFH is well positioned to become a major player in several verticals in China, as well as an acquirer in the con [Read more]
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