Integrated Media Technology Limited Announces Registered Direct Offering of Ordinary Shares and Warrants
February 25 2020 - 9:31AM
Integrated Media Technology Limited (NASDAQ: IMTE) (“IMTE” or the
“Company”), announces today that it has entered into a Securities
Purchase Agreement with an accredited investor for the issuance and
sale in a registered direct offering of 158,730 ordinary shares of
the Company (“Ordinary Shares”) at a price of US$6.30 per share
(the “Cash Offering”) totaling US$1 million, which will generate a
net cash proceeds of approximately US$920,000 after deducting
estimated expenses in connection with the offering. The transaction
was closed on February 24, 2020.
Under the Securities Purchase Agreement,
warrants were issued to purchase up to 126,984 ordinary shares
exercisable for a period of 12 months from the date of
issuance.
The Company intends to use the net cash proceeds
for partially paying off debts to a bondholder and general
corporate purposes.
Mr. Con Unerkov, Chairman of IMTE, stated, “This
is a positive move to strengthen the capital base of the Company as
the proceeds from the sale of the shares and warrants will
primarily be used to pay off some of the debts owed to a
bondholder.”
The Offering is being made pursuant to the
Company’s “shelf” Registration Statement on Form F-3 (File No.
333-227741), as filed with the Securities and Exchange Commission
(“SEC”) on October 9, 2018 and declared effective by the SEC on
October 19, 2018. The Ordinary Shares and the warrants are being
offered only in the United States by the means of a prospectus
supplement. The prospectus supplement and the accompanying
prospectus relating to the registered direct offering were filed
with the SEC on February 24, 2020. Electronic copies of the
prospectus supplement and the accompanying prospectus relating to
the registered direct offering may be obtained, when available, at
the SEC’s website at http://www.sec.gov.
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
registration or qualification under the securities laws of any such
state or jurisdiction. The securities are being offered only by
means of a prospectus, including a prospectus supplement and
accompanying base prospectus, forming a part of the effective
registration statement.
The Company advises investors to review the full
details of transaction in the report on Form 6-K to be filed with
the SEC or the investor relations section of the Company’s
website.
About Integrated Media Technology
Limited (“IMTE”)
IMTE is engaged in the business of distribution
of switchable glass and the investment, development, and
commercialization of Internet of Things (IoT) and visual technology
with a focus on glasses-free 3D (also known as autostereoscopic 3D)
display technology. IMTE designs and sells glasses-free 3D products
and solutions to the industrial market, including glasses-free 3D
digital signage and video wall, 3D conversion equipment, adverting
platform and software for the film/video production industry, and
the consumer markets, for electronic products and services such as
glasses-free 3D digital photo frame, smartphone, tablet, and TV on
a cloud-bases platform connecting users anytime anywhere worldwide.
IMTE is headquartered in Hong Kong with regional offices in
Australia and China. IMTE is traded on the Nasdaq under the symbol
"IMTE". For more information, please visit www.imtechltd.com.
Safe Harbor Statement
This press release contains certain statements
that may include "forward-looking statements." All statements other
than statements of historical fact included herein are
"forward-looking statements." These forward-looking
statements are often identified by the use of forward-looking
terminology such as "believes," "expects" or similar expressions,
involve known and unknown risks and uncertainties. Although
the Company believes that the expectations reflected in such
forward-looking statements are reasonable, they do involve
assumptions, risks, and uncertainties, and these expectations may
prove to be incorrect. You 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 or persons acting on its 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.
Investor Relations
Contact: Email: info@imtechltd.com
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