NEW YORK, NY / ACCESSWIRE / April 12, 2023 / FingerMotion, Inc. (NASDAQ:FNGR) (the "Company" or "FingerMotion"), a mobile data and services company, today reported that the Company has recently eliminated its remaining convertible debt with the Company's primary lender, Lind Global Fund II LP ("Lind Global"), as a result of conversions by Lind Global and payments by the Company, which in the aggregate totaled over $5 million.
Martin Shen, CEO of FingerMotion, Inc., commented, "We have retired all of our outstanding institutional convertible debt, strengthening our balance sheet while maintaining a strong cash position. Eliminating the remaining convertible debt and related obligations to issue any additional common stock to our primary lender eradicates any further dilutive impact of this convertible debt on our stockholders. We are well poised for future growth, and eliminating such convertible debt only reinforces our commitment towards building shareholder value."
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 to service their 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 over 1 billion users in the China market and eventually expand the model to other regional markets. For more information, please visit www.fingermotion.com.
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