BEIJING, Sept. 5,
2023 /PRNewswire/ -- Glory Star New Media Group
Holdings Limited, ("Glory Star", the
"Company" or "we") (NASDAQ: GSMG), a leading digital media platform
and content-driven e-commerce company in China, today announced that it closed its
private placement pursuant to the Share Subscription Agreement,
dated August 16, 2023, and will issue
an aggregate of 8,064,516 ordinary shares, at a purchase price of
$2.48 per share for an aggregate
gross proceeds of $20 million.
"We are greatly honored to continue to win the favor and support
from institutional investors, and are grateful for their
recognition in the value of Glory
Star, as well as their decision to stand alongside the
Company in the long run to help us continuously innovate and grow,"
Mr. Bing Zhang, Chairman and CEO of the Company, commented.
About Glory Star
As a preeminent provider of next-generation mobile internet
infrastructure services in China, Glory Star is
dedicated to building a digital ecosystem that integrates
"platforms, applications, technology, and industry" into a cohesive
system, thereby creating a new, open business environment for
web3.0 that leverages AI technology. The Company is developing a
5G+VR+AR+AI shared universe space that builds on cutting-edge
technologies including blockchain, cloud computing, extended
reality, and digital twin.
Glory Star's portfolio
includes a wide range of products and services, such as Polaris
Intelligent Cloud, CHEERS Telepathy, CHEERS Open Platform, CHEERS
Video, CHEERS e-Mall, CheerReal, CheerCar, CheerChat, CHEERS Fresh
Group-Buying E-commerce Platform, Digital Innovation Research
Institute, CHEERS Livestreaming, variety show series, IP short
video matrix, and more. These offerings provide diverse application
scenarios that seamlessly blend "online/offline" and
"virtual/reality" elements.
With "CHEERS+" at the core of Glory Star's ecosystem,
the Company is committed to consolidating and strengthening its
core competitiveness, and achieving long-term sustainable and
scalable growth.
For more information, please visit http://ir.gsmg.co/.
Safe Harbor Statement
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 the Company's control, that could cause actual
results or outcomes to differ materially from those discussed in
the forward-looking statements. Important factors, among others,
are: the ability to manage growth; ability to identify and
integrate other future acquisitions; ability to obtain additional
financing in the future to fund capital expenditures; fluctuations
in general economic and business conditions; costs or other factors
adversely affecting our profitability; litigation involving
patents, intellectual property, and other matters; potential
changes in the legislative and regulatory environment; a pandemic
or epidemic; the occurrence of any event, change or other
circumstances that could affect the Company's ability to continue
successful development and launch of its metaverse experience
centers; the possibility that the Company may not succeed in
developing its new lines of businesses due to, among other things,
changes in the business environment and technological developments,
competition, changes in regulation, or other economic and policy
factors; disruptions or other business interruptions that may
affect the operations of our products and services, the possibility
that the Company's new lines of business may be adversely affected
by other economic, business, and/or competitive factors; other
factors, risks and uncertainties set forth in documents filed by
the Company with the Securities and Exchange Commission from time
to time, including the Company's latest Annual Report on Form 20-F
filed with the SEC on March 22, 2023, as amended. The Company
undertakes no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by applicable law. Such
information speaks only as of the date of this release.
For investor and media inquiries, please
contact:
Wealth Financial Services LLC
Connie Kang, Partner
Email: ckang@wealthfsllc.com
Tel: +86 1381 185 7742 (CN)
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SOURCE Glory Star New Media Group Holdings Limited