Mercurity Fintech Holding Subsidiary Purchases Fully Licensed Broker Dealer, Established in 1982
- 04.05.2023 06:20 am
Mercurity Fintech Holding Inc., 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."