Glory Star New Media Holdings Limited Announces Closing of Underwriters’ Over-Allotment Option in Connection with its Underwritten Public Offering
On March 25, 2021, Glory Star New Media Group Holdings Limited (NASDAQ: GSMG) announced the successful closing of an over-allotment option related to its February 24, 2021, public offering. The underwriters purchased an additional 571,646 ordinary shares and associated warrants at $3.28 each, totaling approximately $1.7 million in net proceeds after underwriting discounts. The shares were sold under an effective shelf registration statement. Univest Securities, LLC was the sole book-running manager for the offering.
- Raised approximately $1.7 million from the over-allotment option.
- Strengthened capital base through additional ordinary shares and warrants.
- Potential dilution of existing shareholders due to the issuance of additional shares.
BEIJING, March 26, 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, announced that on March 25, 2021, and in connection with the Company’s February 24, 2021, underwritten public offering, the underwriters fully exercised and closed on their over-allotment option to purchase an additional 571,646 ordinary shares of the Company, together with warrants to purchase up to 571,646 ordinary shares of the Company. The additional ordinary shares and warrants were sold at the public offering price of
Univest Securities, LLC was the sole book-running manager for the offering.
The ordinary shares and warrants were 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 were offered only by means of a prospectus. A final prospectus supplement and the accompanying base prospectus was filed with the SEC on February 23, 2021 and is available on the SEC’s website at www.sec.gov. and also may be obtained from Univest Securities, LLC, 375 Park Avenue, 15th Floor, New York, NY 10152 by contacting at (212) 343-8888 or by e-mail at info@univest.us. The Company also filed a Form 6-K on February 23, 2021 with the SEC describing this offering.
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.
About Glory Star New Media Group Holdings Limited
Glory Star New Media Group Holdings Limited is a leading mobile entertainment operator in China. Glory Star’s ability to integrate premium lifestyle content, including short videos, online variety shows, online dramas, live streaming, its Cheers lifestyle video series, e-Mall, and mobile app, along with innovative e-commerce offerings on its platform enables it to pursue its mission of enriching people’s lives. The Company’s large and active user base creates valuable engagement opportunities with consumers and enhances platform stickiness with thousands of domestic and international brands.
Safe Harbor Statement
Certain statements made in this release are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions ) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, are: the ability to manage growth; ability to identify and integrate other future acquisitions; ability to obtain additional financing in the future to fund capital expenditures; fluctuations in general economic and business conditions; costs or other factors adversely affecting our profitability; litigation involving patents, intellectual property, and other matters; potential changes in the legislative and regulatory environment; a pandemic or epidemic; and other factors listed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 and in other filings made by the Company with the Securities and Exchange Commission from time to time. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Such information speaks only as of the date of this release.
Contacts
Glory Star New Media Group Holdings Limited
Yida Ye
Email: yeyida@yaoshixinghui.com
ICR LLC.
Sharon Zhou
Tel: +1 (646) 308-0546
Email: gsnm@icrinc.com
FAQ
What is the purpose of Glory Star's recent public offering?
How many shares were involved in Glory Star's over-allotment option?
What is the total net proceeds from the over-allotment option by Glory Star?
Who managed the public offering for Glory Star?
What is the public offering price of the shares sold by Glory Star?
