NEW
YORK, Sept. 20, 2022 /PRNewswire/ -- 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 $0.08. 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 $5.6 million. The
Company issued to the investors an aggregate of 70,000,000 ordinary
shares and warrants to purchase an aggregate of 70,000,000 ordinary
shares. The investor warrants are initially exercisable at
$0.08 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.
About Color Star Technology Co., Ltd.
Color Star Technology Co., Ltd. (Nasdaq: CSCW) is an
entertainment and education company that provides online
entertainment performances and online music education services. Its
business operations are conducted through its wholly-owned
subsidiaries Color China Entertainment Ltd. and CACM Group NY, Inc.
The Company's online education is provided through its Color World
music and entertainment education platform. More information about
the Company can be found at www.colorstarinternational.com.
Forward-Looking Statement
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. When the Company uses words such as
"may," "will," "intend," "should," "believe," "expect,"
"anticipate," "project," "estimate" or similar expressions that do
not relate solely to historical matters, it is making
forward-looking statements. Forward-looking statements are not
guarantee of future performance and involve risks and uncertainties
that may cause the actual results to differ materially from the
Company's expectations discussed in the forward-looking statements.
These statements are subject to uncertainties and risks including,
but not limited to, the following: the Company's goals and
strategies; the Company's future business development, including
the development of the metaverse project; product and service
demand and acceptance; changes in technology; economic conditions;
the growth of the educational and training services market
internationally where CSCW conducts its business; reputation and
brand; the impact of competition and pricing; government
regulations; fluctuations in general economic and business
conditions and assumptions underlying or related to any of the
foregoing and other risks contained in reports filed by the Company
with the Securities and Exchange Commission. For these reasons,
among others, investors are cautioned not to place undue reliance
upon any forward-looking statements in this press release.
Additional factors are discussed in the Company's filings with the
U.S. Securities and Exchange Commission, which are available for
review at www.sec.gov. The Company undertakes no obligation to
publicly revise these forward–looking statements to reflect events
or circumstances that arise after the date hereof unless required
by applicable laws, regulations or rules.
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SOURCE Color Star Technology Co., Ltd.