On October 4, 2023, MMTEC, Inc. (the "Company") completed the conversion (the "Conversion") of $30,000,000 of Senior Convertible Promissory Notes (the "Notes") at a conversion price of $0.30 per share. The Notes were purchased in a registered direct offering commenced by the Company on March 31, 2023. Upon completion of the Conversion, the Company delivered 100,000,000 newly issued ordinary shares to several unaffiliated holders, none of whom following the Conversion own more than 4.99% of the outstanding ordinary shares of the Company. Following the Conversion, the number of outstanding ordinary shares of the Company is 199,145,041.