BEIJING, Aug. 16,
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 has entered
into a Share Subscription Agreement with two new institutional
investors, for the issuance of 8,064,516 ordinary shares in
aggregate, at a purchase price of $2.48 per share (the "Private Placement"). The
gross proceeds will be $20,000,000.
The purchase price was determined based off of the prior private
placement that closed on May 9, 2023.
The closing of the Private Placement is anticipated to occur on or
about September 5, 2023.
About Glory Star
As a preeminent provider of next-generation mobile internet
infrastructure services in China,
Glory Star is dedicated to building
a digital ecosystem that integrates "platforms, applications,
technology, and industry" into a cohesive system, thereby creating
a new, open business environment for web3.0 that leverages AI
technology. The Company is developing a 5G+VR+AR+AI shared universe
space that builds on cutting-edge technologies including
blockchain, cloud computing, extended reality, and digital
twin.
Glory Star's portfolio
includes a wide range of products and services, such as Polaris
Intelligent Cloud, CHEERS Telepathy, CHEERS Open Platform, CHEERS
Video, CHEERS e-Mall, CheerReal, CheerCar, CheerChat, CHEERS Fresh
Group-Buying E-commerce Platform, Digital Innovation Research
Institute, CHEERS Livestreaming, variety show series, IP short
video matrix, and more. These offerings provide diverse application
scenarios that seamlessly blend "online/offline" and
"virtual/reality" elements.
With "CHEERS+" at the core of Glory
Star's ecosystem, the Company is committed to consolidating
and strengthening its core competitiveness, and achieving long-term
sustainable and scalable growth.
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 and technological developments,
competition, changes in regulation, or other economic and policy
factors; disruptions or other business interruptions that may
affect the operations of our products and services, 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, as amended. 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