XIAMEN, China, July 2, 2021 /PRNewswire/ – Pop Culture Group
Co., Ltd (the "Company") (Nasdaq: CPOP), a hip-pop culture company
in China, today announced the
closing of its initial public offering (the "Offering") of
6,200,000 Class A Ordinary Shares at a public offering price of
US$6.00 per share.
The Company received aggregate gross proceeds of US$37.2 million from the Offering, before
deducting underwriting discounts and other related expenses. In
addition, the Company granted the underwriters a 45-day option to
purchase up to an additional 930,000 Class A Ordinary Shares at the
public offering price, less underwriting discounts. The Class A
Ordinary Shares began trading on the Nasdaq Global Market on
June 30, 2021 under the ticker symbol
"CPOP."
Proceeds from the Offering will be used to develop and operate
online content, develop a street dance training business, create
derivative works of hip-hop intellectual properties, and develop
hip-hop events, and for working capital and other general corporate
purposes.
The Offering was conducted on a firm commitment basis. Network 1
Financial Securities, Inc. and Valuable Capital Limited acted as
the underwriters for the Offering. Hunter
Taubman Fischer & Li LLC acted as counsel to the
Company, and VCL Law LLP acted as counsel to the underwriters in
connection with the Offering.
A registration statement on Form F-1 relating to the Offering
was filed with the Securities and Exchange Commission (the "SEC")
(File Number: 333-253777) and was declared effective by the SEC on
June 29, 2021, and a registration
statement filed pursuant to Rule 462(b) (File No. 333-257541),
which increased the number of registered shares from 7,320,000 to
7,564,000, became effective upon filing with the SEC. The Offering
was made only by means of a prospectus, forming a part of the
registration statement. Copies of the final prospectus relating to
the Offering may be obtained from Network 1 Financial Securities,
Inc. by email at jsun@netw1.com, by calling +1 (800)-886-7007,
or by standard mail to Network 1 Financial Securities, Inc., 2
Bridge Avenue, Suite 241 Red Bank, NJ 07701. In addition,
a copy of the prospectus relating to the Offering may be obtained
via the SEC's website at www.sec.gov.
Before you invest, you should read the prospectus and other
documents the Company has filed or will file with the SEC for more
complete information about the Company and the Offering. This press
release does not constitute an offer to sell, or the solicitation
of an offer to buy any of the Company's securities, nor shall such
securities be offered or sold in the
United States absent registration or an applicable exemption
from registration, nor shall there be any offer, solicitation or
sale of any of the Company's 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 such state or jurisdiction.
About Pop Culture Group Co., Ltd
Headquartered in Xiamen, China,
Pop Culture Group Co., Ltd is a hip-pop culture company. The
Company aims to promote hip-hop culture and its values of love,
peace, unity, respect, and having fun, and to promote cultural
exchange with respect to hip-hop between the United States and China. With the values of hip-hop culture at
core and the younger generation as our primary target audience, the
Company hosts entertainment events, operates hip-hop related online
programs, and provides event planning and execution services and
marketing services to corporate clients. The Company has in recent
years focused on developing and hosting its own hip-hop events. For
more information, visit the company's website at
http://ir.popinter.cn/.
Forward-Looking Statements
All statements other than statements of historical fact in
this announcement are forward-looking statements. These
forward-looking statements involve known and unknown risks and
uncertainties and are based on current expectations and projections
about future events and financial trends that the Company believes
may affect its financial condition, results of operations, business
strategy and financial needs. Investors can identify these
forward-looking statements by words or phrases such as "may,"
"will," "expect," "anticipate," "aim," "estimate," "intend,"
"plan," "believe," "potential," "continue," "is/are likely to," or
other similar expressions. The Company undertakes no obligation to
update forward-looking statements to reflect subsequent occurring
events or circumstances, or changes in its expectations, except as
may be required by law. Although the Company believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that such expectations will turn
out to be correct, and the Company cautions investors that actual
results may differ materially from the anticipated results and
encourages investors to review other factors that may affect its
future results in the Company's registration statement and in its
other filings with the SEC.
For more information, please contact:
Pop Culture Group Co., Ltd
Investor Relations
Department
Email: ir@520pop.com
Ascent Investors Relations LLC
Tina Xiao
President
Phone: 917-609-0333
Email: tina.xiao@ascent-ir.com
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SOURCE Pop Culture Group Co., Ltd