NEW YORK, Sept. 28, 2021 /PRNewswire/ -- Color Star
Technology Co., Ltd. ("Color Star" or the "Company") (NASDAQ:
CSCW), an entertainment technology company with a global network
that focuses on the application of technology and artificial
intelligence (AI) in the entertainment industry, today
announced it closed its previously announced registered direct
offering for the purchase and sale of ordinary shares and warrants.
Each unit consisted of one ordinary share and one warrant to
purchase 0.7 ordinary share. The purchase price per unit was
$0.68. The gross proceeds from the
sale of the securities, before deducting placement agent fees and
other estimated offering expenses payable by the Company, was
approximately $21.5 million. The
Company issued to the investors an aggregate of 31,624,923 ordinary
shares and warrants to purchase an aggregate of 22,137,448 ordinary
shares. The Company also issued warrants to purchase 948,748
ordinary shares to the placement agent. The investor warrants and
placement agent warrants are initially exercisable at $1.00 per share.
The net proceeds from this offering will be used for general
corporate and working capital purposes.
FT Global Capital, Inc. acted as sole placement agent for the
offering.
This offering was made pursuant to an effective shelf
registration statement on Form F-3 (File No. 333-236616) previously
filed with the U.S. Securities and Exchange Commission (the "SEC")
and declared effective on March 10,
2020. A prospectus supplement describing the terms of the
proposed offering has been filed with the SEC and is available on
the SEC's website located at http://www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Color Star Technology
Color Star Technology Co, Ltd. (Nasdaq CM: CSCW) is an
entertainment and education company that provides online
entertainment performances and online music education services. Its
business operations are conducted through its wholly-owned
subsidiaries Color China Entertainment Ltd. and CACM Group NY, Inc.
The Company's online education is provided through its Color World
music and entertainment education platform. More information about
the Company can be found at
www.colorstarinternational.com.
Forward-Looking Statement
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. When the Company uses words such as
"may," "will," "intend," "should," "believe," "expect,"
"anticipate," "project," "estimate" or similar expressions that do
not relate solely to historical matters, it is making
forward-looking statements. Forward-looking statements are not
guarantee of future performance and involve risks and uncertainties
that may cause the actual results to differ materially from the
Company's expectations discussed in the forward-looking statements.
These statements are subject to uncertainties and risks including,
but not limited to, the following: the Company's goals and
strategies; the Company's future business development; product and
service demand and acceptance; changes in technology; economic
conditions; the growth of the educational and training services
market in China and other
countries where CSCW conducts its business; reputation and brand;
the impact of competition and pricing; government regulations;
fluctuations in general economic and business conditions and
assumptions underlying or related to any of the foregoing and other
risks contained in reports filed by the Company with the Securities
and Exchange Commission. For these reasons, among others, investors
are cautioned not to place undue reliance upon any forward-looking
statements in this press release. Additional factors are discussed
in the Company's filings with the U.S. Securities and Exchange
Commission, which are available for review at www.sec.gov. The
Company undertakes no obligation to publicly revise these
forward–looking statements to reflect events or circumstances that
arise after the date hereof unless required by applicable laws,
regulations or rules.
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SOURCE Color Star Technology Co., Ltd.