MoneyOnMobile Has Thus Far Received $5.5 Million in Subscriptions with 10 Days Left in its Pending Rights Offering

DALLAS and MUMBAI, India, June 12, 2018 /PRNewswire/ -- MoneyOnMobile, Inc. (OTCQB: MOMT) MoneyOnMobile notifies the public that the Subscription Agent has received approximately $5.5 million in aggregate irrevocable subscriptions for the purchase of Common stock at $6.00 per share. The rights offering shall not close unless the company is uplisted to Nasdaq.

"We would like to remind all subscribers, that though the number of subscriptions that we have received exceeds the minimum subscription amount needed to close, we will continue to pursue our Nasdaq uplisting, which remains a condition to closing," said Harold Montgomery, CEO and Chairman. "We remain committed to our Nasdaq uplisting application process or returning your capital to you, our right holders on a timely basis should we not successfully uplist. One of the criteria for uplisting to Nasdaq was identifying three market makers willing to make a market in our Common stock once we uplist to Nasdaq, and with those letters forthcoming, we are one step closer to our goal to close this rights offering."

"As a reminder, this right offering allows MoneyOnMobile right holders the opportunity but not the obligation to maintain or increase their respective ownership in the company by exercising their basic subscription rights or over-subscribing via the over-subscription privilege. To date, about 67% of the subscriptions that have come in so far have been basic subscriptions, while about 33% have been over-subscriptions."

Right holders who fully exercise their basic subscription privilege will be entitled to purchase additional shares of MoneyOnMobile Common stock via the over-subscription privilege (should any of the offering remain unsubscribed at the expiration of the subscription period). This rights offering shall not exceed $10 million (approximately 1,666,667 shares of Common stock) and be no less than $5.5 million (approximately 916,667 shares), which already has been received in the form of subscriptions and into escrow.

Questions about the rights offering or requests for copies of the prospectus, when available, may be directed to Mackenzie Partners at (800)322-2885 or [email protected]

Details of the rights offering are set out in the registration statement on Form S-1/A, as amended, file number 333-223935, and related prospectus or prospectus supplement(s) filed with the SEC, which are available on the SEC's website at:http://bit.ly/MOMTsecEDGAR

MoneyOnMobile intends to use the net proceeds from the rights offering to provide working capital to expand growth in India and for general corporate purposes.

MoneyOnMobile has engaged Advisory Group Equity Services, Ltd. doing business as RHK Capital as Dealer-Manager in the offering, Mackenzie Partners, Inc. as Information Agent and Securities Transfer Corporation as Subscription Agent. Questions about the rights offering or requests for copies of the prospectus, when available, may be directed to Mackenzie Partners at (800)322-2885 or [email protected]

About MoneyOnMobile, Inc.

MoneyOnMobile, Inc. is an India focused mobile payments technology and processing company offering mobile payment services. MoneyOnMobile enables Indian consumers to use mobile phones to pay for goods and services or transfer funds from one cell phone to another. It can be used as simple SMS text functionality or through the MoneyOnMobile application or internet site. MoneyOnMobile has more than 350,000 retail locations throughout India.

Safe Harbor Statement

This release does not constitute an offer to sell or a solicitation of offers to buy any securities of any entity. This release contains certain forward-looking statements based on our current expectations, forecasts and assumptions that involve risks and uncertainties. Forward-looking statements in this release are based on information available to us as of the date hereof. Our actual results may differ materially from those stated or implied in such forward-looking statements, due to risks and uncertainties associated with our business, which include the risk factors disclosed in our Form 10-K filed on July 6, 2017. Forward-looking statements include statements regarding our expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," and "would" or similar words. We assume no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise.

Web site: www.MoneyOnMobile.in
Twitter: https://twitter.com/MoneyOnMobile
Facebook: https://www.facebook.com/MoneyOnMobile.Official/
LinkedIn: https://www.linkedin.com/company/moneyonmobile
YouTube: https://www.youtube.com/c/MoneyOnMobileofficial

Media Contact (Global):
Greg Allbright
Head of Global Communications
Dallas, Texas
+1 (214) 208-0923
[email protected]

Investor Relations:
Integra Consulting Group, LLC
Jeremy G. Roe, Founder, Managing Partner
+1 (925) 262-8305
[email protected]

SOURCE MoneyOnMobile, Inc.

Related Links

http://www.moneyonmobile.in