BEIJING, May 9, 2023
/PRNewswire/ -- Glory Star New Media Group Holdings Limited,
("Glory Star", the "Company" or
"we") (NASDAQ: GSMG), a
leading digital media platform and content-driven e-commerce
company in China, today announced that it closed its
private placement with two institutional investors (the
"Investors") pursuant to the Share Subscription Agreement, dated
April 18, 2023, and will issue an
aggregate of 24,193,548 ordinary shares, at a purchase price of
$2.48 per share for an aggregate
gross proceeds of $60 million. The
purchase price was agreed to by the Company and the Investors based
off of the privatization price of US $1.55 per share approved by the Company's
shareholders on November 11, 2022,
and with a 60% premium.
"Especially at this time when our share price is significantly
undervalued, we are humbled and delighted by the Investors'
recognition in the Company's intrinsic value and growth potential,
which indeed is another milestone in a challenging landscape. With
a strong foundation and supportive investors, we remain confident
in our long term growth strategy to further expand our business and
are well positioned to deliver shareholder value going forward."
Mr. Bing Zhang, Chairman and CEO of the Company, commented.
About Glory Star
Since its establishment in 2016, Glory Star has been
focused on developing an ecosystem for its users that incorporates
quality content, e-commerce, social networking, and gaming. The
Company continues to integrate its cutting edge blockchain
technologies, massive user base from its CHEERS ecosystem, quality
content offerings, and its well-established e-commerce platform,
and through the right application of 5G, AR, VR and NFT
technologies to develop a metaverse boasting a wide range of
"online + offline" and "virtual + reality" scenarios. Glory
Star's CHEERS Video and e-Mall platforms provide a solid
foundation for it to rapidly develop different entertainment and
shopping applications for the metaverse. Glory Star also
provides a suite of tools for its users to facilitate the
development of new content by creators. The Company is remaining at
the forefront of disrupting the way new media and e-commerce is
operated. For more information, please
visit http://ir.gsmg.co/.
Safe Harbor Statement
Certain statements made in this release are "forward looking
statements" within the meaning of the "safe harbor" provisions of
the United States Private Securities Litigation Reform Act of 1995.
When used in this press release, the words "estimates,"
"projected," "expects," "anticipates," "forecasts," "plans,"
"intends," "believes," "seeks," "may," "will," "should," "future,"
"propose" and variations of these words or similar expressions (or
the negative versions of such words or expressions) are intended to
identify forward-looking statements. These forward-looking
statements are not guarantees of future performance, conditions or
results, and involve a number of known and unknown risks,
uncertainties, assumptions and other important factors, many of
which are outside the Company's control, that could cause actual
results or outcomes to differ materially from those discussed in
the forward-looking statements. Important factors, among others,
are: the ability to manage growth; ability to identify and
integrate other future acquisitions; ability to obtain additional
financing in the future to fund capital expenditures; fluctuations
in general economic and business conditions; costs or other factors
adversely affecting our profitability; litigation involving
patents, intellectual property, and other matters; potential
changes in the legislative and regulatory environment; a pandemic
or epidemic; the occurrence of any event, change or other
circumstances that could affect the Company's ability to continue
successful development and launch of its metaverse experience
centers; the possibility that the Company may not succeed in
developing its new lines of businesses due to, among other things,
changes in the business environment, competition, changes in
regulation, or other economic and policy factors; the possibility
that the Company's new lines of business may be adversely affected
by other economic, business, and/or competitive factors; other
factors, risks and uncertainties set forth in documents filed by
the Company with the Securities and Exchange Commission from time
to time, including the Company's latest Annual Report on Form 20-F
filed with the SEC on March 22, 2023. The Company undertakes
no obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by applicable law. Such information speaks only
as of the date of this release.
For investor and media inquiries, please contact:
Wealth Financial Services LLC
Connie Kang, Partner
Email: ckang@wealthfsllc.com
Tel: +86 1381 185 7742 (CN)
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SOURCE Glory Star New Media Group Holdings Limited