Datasea Announces Pricing of $8.48 Million Registered Direct Offering
July 20 2021 - 9:15AM
Datasea Inc. (NASDAQ: DTSS) ("Datasea"), a technology company
engaged in providing smart security solutions, smart hardware and
education-related technologies in China, announced today that it
has entered into definitive agreements with certain institutional
investors for a registered direct offering of securities with gross
proceeds of $8,480,425.92, before payment of commissions and
expenses. The closing of the offering is expected to take place on
or about July 22, 2021, subject to the satisfaction of
customary closing conditions.
In connection with the offering, the Company will issue
2,436,904 shares of common stock in a registered offering, at a
purchase price of $3.48 per share. Concurrently in a
private placement, for each common share purchased by an investor,
such investor will receive from the Company 0.45 unregistered
warrants to purchase one common share each. The warrants have an
exercise price of $4.48 per share, will be exercisable on
the date of issuance, and will expire two and one-half years from
the date of issuance.
The Company plans to use the net proceeds from
the offering for general corporate and working capital purposes and
repayment of debt.
FT Global Capital, Inc. acted as the exclusive placement agent
for the offerings.
The offering of the shares of common stock described above (but
not the warrants or the shares of common stock underlying the
warrants) is being made pursuant to an effective "shelf"
registration statement on Form S-3 (File No. 333-239183), as
amended, that was previously filed with the Securities and Exchange
Commission ("SEC") and declared effective by the SEC on June
25, 2020. The offering will be made only by means of a prospectus
supplement and accompanying prospectus. A final prospectus
supplement and accompanying prospectus related to the offering will
be filed with the SEC and will be available on the SEC's website
located at http://www.sec.gov. The Warrants being offered in
the concurrent private placement, along with the underlying common
stock, have not been registered under the Securities Act of 1933,
as amended (the "Securities Act") and are being offered and sold
pursuant to an exemption from the registration requirements of
Section 5 of the Securities Act 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 any securities nor will
there be any sale of these securities in any state or other
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or other
jurisdiction.
About Datasea Inc.
Datasea is a technology company in China engaged in providing
smart security solutions, smart hardware and developing
education-related technologies. Datasea leverages its proprietary
technologies, intellectual property, innovative products and market
intelligence to provide comprehensive and optimized security
solutions and education related technologies to its 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. For additional company information, please
visit: www.dataseainc.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," “objective” and similar terms. 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 which are beyond Datasea's control, which
may cause Datasea's actual results, performance or achievements
(including the RMB/USD value of its anticipated benefit to Datasea
as described herein) to differ materially and in an adverse manner
from anticipated results contained or implied in the
forward-looking statements. Further information regarding these and
other risks, uncertainties or factors is included in Datasea's
filings with the U.S. Securities and Exchange Commission, which are
available at www.sec.gov. Datasea 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. Vicky ChuengTelephone: +1(646)
866-7989Email: Datasea@iecapitalusa.com
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