TAOP Announces $4.98 Million Registered Direct Offering of Ordinary Shares
12 July 2021 - 10:58PM
Taoping Inc. (NASDAQ: TAOP, the “Company” or “TAOP”), a provider of
blockchain technology and smart cloud services, today announced
that it has entered into a securities purchase agreement (the
“Purchase Agreement”) with certain investors (the “Investors”) on
July 12, 2021.
Pursuant to the Purchase Agreement, the Company
agreed to sell to the Investors an aggregate of 1.2 million
ordinary shares, no par value (the “Ordinary Shares”) at a purchase
price of $4.15 per share in a registered direct offering. In a
concurrent private placement, pursuant to the Purchase Agreement,
the Company will sell and issue to the Investors warrants to
purchase an aggregate 360,000 Ordinary Shares with an exercise
price of $4.56 per share within 36 months following the issue date
(the “Warrants”). The Warrants can only be exercised in cash. The
total aggregate gross proceeds of the above financing are $4.98
million. The Company intends to use the net proceeds from the
financing for working capital and general corporate purposes. The
closing of the financing is subject to satisfaction of customary
closing conditions.
For more details of the financing, please see
the Company’s Report on Form 6-K to be filed on or about July 14,
2021.
The sale and offering of Ordinary Shares
pursuant to the Purchase Agreement are effected as a takedown off
the Company’s shelf registration statement on Form F-3 (File No.
333-229323), which became effective on February 11, 2019, pursuant
to a prospectus supplement to be filed with the Securities and
Exchange Commission (the “Registration Statement”). The Warrants
and Ordinary Shares underlying the Warrants were not offered
pursuant to the Registration Statement and were offered pursuant to
an exemption from the registration requirements of Section 5 of the
Securities Act of 1933, as amended, contained in Section 4(a)(2)
thereof and/or Regulation D promulgated thereunder. 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 the registration or qualification
under the securities laws of any such state or jurisdiction.
About Taoping
Inc.
Taoping Inc. (TAOP) is an integrated group of
technology and financial companies with business in Mainland China,
Hong Kong, and other overseas countries. Relying on its unique
strengths in cloud technology and chip supply chain, TAOP provides
solutions and cloud services to industries such as film and
television production, education, new media, artificial
intelligence and asset management. The Company is dedicated to the
research and application of blockchain technology as well as
investment and management of financial assets at home and abroad.
To learn more, please visit http://www.taop.com/.
Safe Harbor Statement
This press release may contain certain
"forward-looking statements" relating to the business of Taoping
Inc., and its subsidiaries and other consolidated entities. All
statements, other than statements of historical fact included
herein, are "forward-looking statements" in nature within the
meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements, often identified by the use of
forward-looking terminologies such as "believes", "expects" or
similar expressions, involve known and unknown risks and
uncertainties. Although the Company believes that the expectations
reflected in these forward-looking statements are reasonable, they
do involve assumptions, risks and uncertainties, and these
expectations may prove to be incorrect. Investors should not place
undue reliance on these forward-looking statements, which speak
only as of the date of this press release. The Company’s actual
results could differ materially from those anticipated in these
forward-looking statements as a result of a variety of factors,
including those discussed in the Company’s periodic reports that
are filed with the Securities and Exchange Commission and available
on its website (http://www.sec.gov). All forward-looking statements
attributable to the Company and its subsidiaries and other
consolidated entities or persons acting on their behalf are
expressly qualified in their entirety by these factors. Other than
as required under the securities laws, the Company does not assume
a duty to update these forward-looking statements.
For further information, please contact:
Taoping Inc.Chang
QiuEmail: chang_qiu@taoping.cnhttp://www.taop.com/or
Dragon Gate Investment Partners LLCTel:
+1(646)-801-2803Email: taop@dgipl.com
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