TAOP Raises $2 Million from Recent Financing
September 11 2020 - 8:30AM
Taoping Inc. (NASDAQ: TAOP, the “Company”), a leading provider of
internet-based smart display screens, and a new-media ecosystem
that enables targeted advertising and online retails, today
announced that it has entered into a securities purchase agreement
(the “Purchase Agreement”) with an investor (the “Investor”) on
September 10, 2020.
In this financing, the Company is issuing to the
investor an aggregate of 222,222 ordinary shares, no par value (the
“Ordinary Shares”), a convertible note with principal amount of
$1,480,000 and a warrant to purchase 53,333 Ordinary Shares at $9.0
per share. The gross proceeds to the Company from the financing are
$2.0 million before deducting estimated offering expenses.
For more details of the financing, please see
the Company’s Report on Form 6-K to be filed on or about September
11, 2020.
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.
“We appreciate the Investor’s confidence in our
management team and growth strategy, and will continue to serve
customers well and create long-term value for shareholders," said
Mr. Jianghuai Lin, Chairman and CEO of TAOP.
About Taoping Inc.
Taoping Inc. (formerly known as China
Information Technology, Inc.) (TAOP), is a leading provider of
smart display terminals and solutions for targeted advertising and
online retails. The Company provides the integrated end-to-end
digital advertising solutions enabling customers to distribute and
manage ads on cloud-based ad display screens. Connecting owners of
Taoping screens, advertisers and consumers, it builds up a resource
sharing "Smart IoT Screen Network- Taoping App - Taoping Go
(e-Store)" media ecosystem to ultimately achieve the mission "our
technology makes advertising and branding affordable and effective
for everyone." 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.cn
or
Dragon Gate Investment Partners LLC Tel: +1(646)-801-2803
Email: TAOP@dgipl.com
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