SYDNEY and NEW YORK and
HONG KONG, March 25, 2021 /PRNewswire/ -- Integrated Media
Technology Limited (NASDAQ: IMTE) ("IMTE" or the "Company"),
announces today the closing of its previously announced 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. The Cash Offering will generate a
net cash proceeds of approximately US$4,577,000 after deducting estimated expenses
in connection with the offering.
The Company intends to use the net cash proceeds from the Cash
Offering to continue to strengthen its balance sheet and to further
develop its switchable glass, nano coated filter and financial
research businesses.
"The closing on the sale of the Cash Offering places the Company
in a stronger position to take advantage of the opportunities in
our air filter and IoT businesses. The additional capital will
allow us to be more aggressive in our business development
activities especially as we commence the rollout of our air filter
business and as we look to expand on our newly formed IoT business
unit. We see tremendous opportunities in the IoT sector
transforming businesses, industries and our daily lives," said IMTE's Chairman & CEO, Mr.
Con Unerkov.
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 the
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 filters, the sale of
electronic glass and financial 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