Online brokerage UP Fintech Holding Limited (NASDAQ:TIGR), also known as Tiger Brokers, today announced that a consortium of leading institutional investors has subscribed to purchase convertible notes in an aggregate principal amount of US$90 million through a private placement.
Consummation of the placement of the convertible notes is subject to satisfaction of customary closing conditions. The convertible notes to be issued will mature in 2026 unless previously converted.
Let’s recall that the company has recently posted a set of solid results for the fourth quarter of 2020.
The broker reported total revenues of US$47.2 million for the fourth quarter of 2020, up 136.5% year-over-year. Total net revenues increased 132.4% year-over-year to US$42.9 million.
Net income increased to US$9.4 million from negative US$0.2 million in the same quarter of last year. Net income attributable to UP Fintech increased to US$8.5 million from negative US$0.6 million in the same quarter of last year.
Non-GAAP net income attributable to UP Fintech increased to US$10.3 million, compared to US$0.3 million in the same quarter of last year.