Color Star Technology Co., Ltd. (“Color Star” or the “Company”) (NASDAQ: CSCW), an entertainment technology company with a global network that focuses on the application of technology and artificial intelligence (AI) in the entertainment industry, today announced it closed its previously announced registered direct offering for the purchase and sale of ordinary shares and warrants. Each unit consisted of one ordinary share and one warrant to purchase one ordinary share. The purchase price per unit was $0.4. The gross proceeds from the sale of the securities, before deducting placement agent fees and other estimated offering expenses payable by the Company, was approximately $10.0 million. The Company issued to the investors an aggregate of 25,000,000 ordinary shares and warrants to purchase an aggregate of 25,000,000 ordinary shares. The investor warrants are initially exercisable at $0.4 per share.
The net proceeds from this offering will be used for general corporate and working capital purposes. Maxim Group, LLC acted as sole placement agent for the offering.
This offering was made pursuant to an effective shelf registration statement on Form F-3 (File No. 333- 256508) previously filed with the U.S. Securities and Exchange Commission (the “SEC”) and declared effective on June 23, 2021. A prospectus supplement describing the terms of the proposed offering has been filed with the SEC and is available on the SEC’s website located 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.