Datasea Inc. Announces Full Exercise and Closing of Underwriter’s Over-Allotment Option in Public Offering
December 28 2018 - 4:30PM
Datasea Inc. (NASDAQ: DTSS) ("Datasea" or the "Company"), a
technology company engaged in the development of information
technology (or IT) systems and network security solutions, today
announced that it has issued an additional 217,500 shares of common
stock at the public offering price of $4.00 per share,
for total gross proceeds of approximately $870,000, pursuant
to the exercise in full of the underwriter’s over-allotment option
in connection with the Company’s previously announced underwritten
public offering of 1,450,000 shares of common stock. After giving
effect to the full exercise of the underwriter’s over-allotment
option, the total number of shares of common stock sold by Datasea
in the public offering was 1,667,500 shares and gross proceeds were
approximately $6,670,000, before underwriting discounts and
commissions and offering expenses.
ViewTrade Securities, Inc., a global provider of brokerage,
investment banking, corporate, advisory and trading platform
services, acted as the Sole Underwriter and Sole Book-Running
Manager for the offering.
Ellenoff Grossman & Schole LLP is acting as counsel to
Datasea.
Datasea intends to use the net proceeds from the offering for
product innovation and development, product manufacturing,
marketing and expansion and general working capital.
A registration statement relating to these securities was
previously filed on Form S-1 (File No. 333-221906) with the
Securities and Exchange Commission (the "SEC"), and was declared
effective by the SEC on December 18, 2018. The offering of these
securities has been made only by means of a prospectus. Copies of
the final prospectus relating to the offering may be obtained on
the SEC's website located at www.sec.gov and may also be
obtained, when available, from ViewTrade Securities, Inc.,
Attention: Prospectus Department, 7280 W Palmetto Park
Rd Suite 310, Boca Raton, FL 33433, or by email
at ib@viewtrade.com. Please indicate your request for a
prospectus.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to their
registration or qualification under the securities laws of any
state or jurisdiction.
About Datasea Inc.
Datasea is a technology company in China engaged in the
development of information technology (or IT) systems and network
security solutions. Datasea primarily focuses on IT system security
and leveraging its proprietary technologies, intellectual property
and market intelligence to provide comprehensive and optimized
security solutions to clients. Datasea has been certified as one of
the High Tech Enterprises (jointly issued by the Beijing Science
and Technology Commission, Beijing Finance Bureau, Beijing State
Taxation Bureau and Beijing Local Taxation Bureau) and one of the
Zhongguancun High Tech Enterprises (issued by the Zhongguancun
Science Park Administrative Committee) in recognition of the
Company’s achievement in high technology products. Datasea’s cyber
security engineers and experts create, design, build and run
various security programs tailored to clients. Through the
Company’s professional team and strong expertise in the system
security field, Datasea offers clients a broad portfolio of system
security solutions or services, along with strategic advice and
ongoing management of their security infrastructure. For additional
company information, please visit: ir.shuhaixinxi.com.
About ViewTrade Securities, Inc.
ViewTrade Securities Incorporated, a US-registered broker dealer
providing: brokerage, trading, investment banking & advisory
services for US retail investors and B2B to major financial
institutions worldwide, including some of the largest institutions
in their domestic markets. ViewTrade Securities' Investment Banking
Division offers capital raising and advisory services to
growth-oriented companies both domestically and in emerging
markets. For further information, please visit:
http://www.ViewTrade.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934
and as defined in the U.S. Private Securities Litigation Reform Act
of 1995. These forward-looking statements can be identified by
terminology such as "will", "expects", "anticipates", "future",
"intends", "plans", "believes", "estimates", "target", "going
forward", "outlook" and similar statements. Such statements are
based upon management's current expectations and current market and
operating conditions, and relate to events that involve known or
unknown risks, uncertainties and other factors, all of which are
difficult to predict and many of which are beyond the Company's
control, which may cause the Company's actual results, performance
or achievements to differ materially from those in the
forward-looking statements. Further information regarding these and
other risks, uncertainties or factors is included in the Company's
filings with the U.S. Securities and Exchange Commission, which are
available at www.sec.gov. The Company does not undertake any
obligation to update any forward-looking statement as a result of
new information, future events or otherwise, except as required
under law.
Investor and Media Contact:
International Elite Capital Inc. Annabelle Zhang
Telephone: +1(646) 866-7989
Email: datasea@iecapitalusa.com
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