TAOP Enters into a $7.75 Million Private Placement
February 23 2021 - 8:00AM
Taoping Inc. (NASDAQ: TAOP, the “Company”), a provider of
internet-based smart display screens, and a new-media ecosystem
that enables targeted advertising and online retail, today
announced that it has entered into securities purchase agreements
with certain investors to raise approximately $7.75 million through
the issuance of 1,900,000 ordinary shares at a purchase price of
$4.08 (average closing price for the 20-trading days ended February
19, 2021). TAOP intends to use the net proceeds from the offering
for working capital and general corporate purposes.
The private placement is expected to close no
later than March 21, 2021. The consummation of the private
placement is subject to the satisfaction of certain customary
closing conditions. The parties have made customary
representations, warranties and indemnifications to each other in
the securities purchase agreement. For more details of the private
placement, please see the Company’s Report on Form 6-K to be filed
on or about February 23, 2021.
“This financing provides TAOP with the capital
to take advantage of the opportunities in our industry. I would
like to thank all new and existing shareholders for their continued
support. We look forward to continuing our approach to value
creation in 2021,” said Mr. Jianghuai Lin, Chairman and CEO of
TAOP.
The offer and sale of the foregoing securities
are being made in a transaction not involving a public offering and
pursuant to an exemption from the registration requirements of
Section 5 of Securities Act of 1933, as amended (the “Securities
Act”) contained in Section 4(a)(2) thereof and/or Regulation S
promulgated under the Securities Act. Accordingly, the securities
have not been registered under the Securities Act and may not be
reoffered or resold in the United States except pursuant to an
effective registration statement or an applicable exemption from
the registration requirements of the Securities Act and such
applicable state securities laws.
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 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.cnhttp://www.taop.com/or
Dragon Gate Investment Partners
LLCTel: +1(646)-801-2803Email: taop@dgipl.com
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