TKK Symphony Acquisition Corporation and Glory Star New Media Group Limited Announce Closing of Business Combination
February 15 2020 - 12:06PM
TKK Symphony Acquisition Corporation (Nasdaq: TKKS) (“TKK”), a
special purpose acquisition company, and Glory Star New Media Group
Limited (“Glory Star”), a leading mobile and online digital media
and entertainment company in China, today announced the closing of
the transactions contemplated by their previously-announced share
exchange agreement, pursuant to which TKK acquired Glory Star (the
“Business Combination”).
In connection with the Business Combination, TKK changed its
name to “Glory Star New Media Group Holdings Limited” and the
company expects that, effective February 19, 2020, its ordinary
shares and warrants will begin trading under the ticker symbols
“GSMG” and “GSMGW,” respectively, on the Nasdaq Capital Market.
TKK also announced the expiration and final results of the
tender offer it conducted to purchase up to 25,000,000 of its
ordinary shares, at the final price of approximately $10.31 per
share, net to the seller in cash (the “Tender Offer”). The Tender
Offer expired at 5:00 p.m., New York City time, on February 13,
2020. As of the expiration of the Tender Offer, a total of
24,986,159 ordinary shares have been validly tendered and not
withdrawn.
EarlyBirdCapital, Inc. acted as exclusive financial and capital
markets advisor to TKK Symphony and Ellenoff Grossman & Schole
LLP and Goodwin Procter LLP acted as TKK’s legal advisors.
Lewis Brisbois Bisgaard & Smith LLP and the Grandall Law
Firm acted as the legal advisors to Glory Star.
About Glory Star New Media Group Limited
Glory Star New Media Group Limited is a leading mobile
entertainment operator in China. Glory Star’s ability to integrate
premium lifestyle content, including short videos, online variety
shows, online dramas, live streaming, its Cheers lifestyle video
series, e-Mall, and mobile app, along with innovative e-commerce
offerings on its platform enables it to pursue its mission of
enriching people’s lives. The company’s large and active user base
creates valuable engagement opportunities with consumers and
enhances platform stickiness with thousands of domestic and
international brands.
About TKK Symphony Acquisition Corporation
TKK Symphony Acquisition Corporation was a blank check company
incorporated on February 5, 2018 as a Cayman Islands exempted
company and formed for the purpose of entering into a merger, share
exchange, asset acquisition, share purchase, recapitalization,
reorganization or other similar business combination with one or
more businesses or entities.
Forward-Looking Statements
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 TKK’s or Glory Star’s control, that could cause
actual results or outcomes to differ materially from those
discussed in the forward-looking statements. Important factors,
among others, the inability to recognize the anticipated benefits
of the Business Combination, which may be affected by, among other
things, the amount of cash available following any redemptions by
TKK’s public shareholders; Glory Star’s ability to achieve the
financial goals to issue the earnout shares or its anticipated net
profit for 2019; the ability to meet NASDAQ’s listing standards
following the consummation of the transactions contemplated by the
share exchange agreement; costs related to the Business
Combination; Glory Star’s ability to manage growth; the reaction of
Glory Star customers and suppliers to the Business Combination;
Glory Star’s ability to identify and integrate other future
acquisitions; costs or other factors adversely affecting Glory
Star’s profitability; potential litigation involving Glory Star’s
or the validity or enforceability of Glory Star’s intellectual
property; and general economic and market conditions impacting
demand for Glory Star’s products. See the risk factors disclosed in
the Securities Law Disclosure Documents described below. Neither
TKK nor Glory Star undertakes any obligation to update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
law.
Additional Information About The Business Combination
And Where To Find It
TKK filed with the SEC disclosure documents (the “Securities Law
Disclosure Documents”) in connection with the Business Combination
and other matters and mailed relevant documents to its shareholders
in connection therewith. TKK’s shareholders and other interested
persons are advised to read, once available, the Securities Law
Disclosure Documents and any amendments thereto. TKK’s shareholders
may also obtain a copy of the Securities Law Disclosure Documents,
as well as other documents filed with the SEC by TKK, without
charge, at the SEC’s website located at www.sec.gov or by directing
a request to Ms. Joanne Ng of TKK (joanne.ng@tkkcapital.com). The
information contained on, or that may be accessed through, the
websites referenced in this press release is not incorporated by
reference into, and is not a part of, this press release.
No Offer or Solicitation
This press release is for informational purposes only and shall
not constitute an offer to sell or the solicitation of an offer to
buy any securities, nor shall there be any sale of securities in
any jurisdiction in which the offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such jurisdiction.
Contacts ICR Inc. Jack Wang Tel: +1 (646)
308-0546 Email: gsnm@icrinc.com
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