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By Mary de Wet
MF International, a British Virgin Islands holding company for three subsidiaries based in Hong Kong, has applied to list on Nasdaq.
The offering is for a total of about 1.9 million shares, including the underwriters’ shares, the company said in a filing to the U.S. Securities and Exchange Commission.
The three subsidiaries are m-FINANCE, mFTT and OTX. M-Finance provides financial trading solutions.
MF International plans to use the offering’s proceeds to expand its service capacity, including recruiting software developers, sales and marketing personnel, an in-house counsel and three to four senior compliance officers, at an estimated total annual salary expense of about $1.8 million.
The company also plans to spend about $1.5 million in marketing, rent more office space at about $360,000 a year, and to upgrade hardware equipment and network infrastructure at a cost of about $320,000 a year.
Pacific Century Securities is the underwriter of the offering.
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