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Glory Star New Media Group Holdings Limited Announces Pricing of $12.5 Million Underwritten Public Offering

BEIJING, Feb. 22, 2021 (GLOBE NEWSWIRE) -- Glory Star New Media Group Holdings Limited (NASDAQ: GSMG) (“Glory Star” or the “Company”), a leading mobile and online digital media and entertainment company in China, today announced that it has priced an underwritten public offering of an aggregate of 3,810,976 ordinary shares of the Company, together with warrants to purchase up to 3,810,976 ordinary shares of the Company, at a public offering price of $3.28 per share and associated warrant to purchase one ordinary share. Each warrant will have an exercise price of $4.10 and will expire five years from the date of issuance.

The Company has also granted the underwriters a 45-day option to purchase up to 571,646 additional ordinary shares and additional warrants to purchase up to 571,676 ordinary shares, at the public offering price, less underwriting discounts and commissions.  The gross proceeds to the Company from this offering are expected to be $12.5 million, before deducting the underwriting discounts and commissions and other estimated offering expenses payable by the Company, assuming no exercise of the underwriters’ option to purchase additional securities and none of the warrants issued in this offering are exercised. The offering is expected to close on or about on February 24, 2021, subject to the satisfaction of customary closing conditions.

Univest Securities, LLC is the acting sole book-running manager for the offering.

The Company intends to use the net proceeds from the offering primarily for working capital  and other general corporate purposes.

The shares and warrants are being offered pursuant to an effective shelf registration statement on Form F-3 (File No. 333-248554), that was previously filed with the Securities and Exchange Commission (“SEC”) and declared effective on September 14, 2020. The securities may be offered only by means of a prospectus. A preliminary prospectus supplement relating to and describing the terms of the offering has been filed with the SEC.  A final prospectus supplement and the accompanying prospectus will be filed with the SEC and once filed, will be available on the SEC’s website at www.sec.gov and may also be obtained from Univest Securities, LLC, 375 Park Avenue, 15th Floor, New York, NY 10152 by phone at (212) 343-8888 or by e-mail at info@univest.us.  

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor may there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.