SYDNEY, HONG KONG AND NEW
YORK, March 23, 2021
/PRNewswire/ -- 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 708,000
ordinary shares of the Company ("Ordinary Shares") at a price of
US$6.50 per share (the "Cash
Offering") totaling US$4,602,000 ,
which will generate a net cash proceeds of approximately
US$4,577,000 after deducting
estimated expenses in connection with the offering. The
transaction is expected to close on March
25, 2021.
The Company intends to use the net cash proceeds for the further
development of its switchable glass, non plated filter and
financial research businesses and general working capital.
Mr. Con Unerkov, Chairman of IMTE stated, "This is a positive
move to further strengthen the capital base of the Company as the
proceeds from the sale of the shares will primarily be used to
expand the development of our operations".
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 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 is expected to be filed with the SEC
on March 25, 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 be 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 an Australian company engaged in the business of
glasses-free 3D (also known as autostereoscopic 3D) display, the
manufacture and sale of nano coated plates for air filters, the
sale of electronic glass, and credit risk analysis research.
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.
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SOURCE INTEGRATED MEDIA TECHNOLOGY LIMITED