ChineseNewsBreaks – FingerMotion Inc. (NASDAQ: FNGR) Closes on $4M Funding Agreement
Aug 11, 2022
FingerMotion (NASDAQ: FNGR), a mobile data, services, and big data analytics company, announced that it has received $4 million in gross proceeds through a funding agreement with Lind Global Fund II, LP, which is an investment fund managed by New York-based institutional fund manager The Lind Partners. According to the announcement, the funds will provide transformational growth capital to scale Fingermotion’s business segments. The company noted that the funds are in the form of a securities purchase agreement that Lind Global purchased from FingerMotion, and the company has issued and sold to Lind Global a $4.8 million senior convertible note and a common stock purchase warrant that entitles the holder to acquire up to 3,478,261 shares of common stock of the company. “We are very pleased to have The Lind Partners as a significant FingerMotion investor,” said FingerMotion CEO Martin Shen in the press release. “The proceeds from this investment will be primarily allocated across multiple high-margin and high-growth opportunity initiatives currently underway. In particular, the company’s highest priority initiative is the full-scale nationwide rollout of its mobile device protection business in China. This vertical is expected to yield the highest return on capital investment in the shortest amount of time, both strengthening our balance sheet and enabling us to experience transformational revenue growth over the next 12–24 months.”
To view the full press release, visit https://ibn.fm/MuJy7
About FingerMotion Inc.
FingerMotion is an evolving technology company with a core competency in mobile payment and recharge platform solutions in China. It is one of only a few companies in China with access to wholesale rechargeable minutes from China’s largest mobile phone providers that can be resold to consumers. As the user base of its primary business continues to grow, the company is developing additional value-added technologies to market to its users. The vision of the company is to rapidly grow the user base through organic means and have this growth develop into an ecosystem of users with high engagement rates utilizing its innovative applications. Developing a highly engaged ecosystem of users would strategically position the company to onboard larger customer bases. FingerMotion eventually hopes to serve more than 1 billion users in the China market and eventually expand the model to other regional markets. For more information about the company, please visit www.FingerMotion.com.
NOTE TO INVESTORS: The latest news and updates relating to FNGR are available in the company’s newsroom at https://ibn.fm/FNGR
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