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Color Star Technology Co., Ltd. (Nasdaq: CSCW) has launched the international version of its Color World App, featuring a concert by renowned Taiwanese artist Lou Dayou. This initiative aims to broaden the user base globally, building on over 5 million downloads and 1 million registered users since September 2020. The app provides various entertainment functionalities, including online concerts and celebrity classes. Color Star plans to enhance its offerings with augmented reality technology for an immersive concert experience.
Color Star Technology Co., Ltd. (Nasdaq: CSCW) has announced a strategic partnership with Multiple Events Dubai and Hunter International Travel & Tourism in the UAE. This collaboration aims to enhance cultural performance, tourism, and brand promotion. The partnership aligns with Color Star's expansion strategy in the Middle East and plans to establish an offline training base in 2021. CEO Biao Lu emphasized the company's goal to become a leading global internet entertainment entity, supported by their newly launched Color World App on December 31, 2020.
Color Star Technology Co., Ltd. (Nasdaq CM: CSCW) announced the upcoming launch of its international Color World App, set for December 31, 2020. Following the successful Chinese version launch in September 2020, which gained over 600,000 users and 50 celebrity coaches, the international app aims to attract global artists for diversified offerings. Revenue is expected through a subscription model at $9.90 monthly or $99 annually. The company plans offline concerts in 2021 to enhance user engagement.
Color Star Technology Co. reported its audited financial results for FY 2020, ending June 30. Total revenues remained at $nil, reflecting a transition from its previous concrete business to focus on online entertainment and education services. Loss from operations decreased by 22.4% to $5.16 million, while the net loss reduced by 19.2% to $11.63 million. The company reported cash equivalents of $0.99 million, up from $0.32 million in 2019. With a user base now exceeding 500,000, Color Star aims to thrive as it diversifies its services, including online festivals and education.
Color Star Technology Co. (Nasdaq: CSCW) received a notification from Nasdaq on October 16, 2020, indicating it no longer meets the minimum bid price requirement of $1.00 per share. The company has 180 days, until April 14, 2021, to comply by maintaining a bid price above this threshold for 10 consecutive business days. If compliance is not achieved, the company may qualify for an additional 180-day extension, possibly via a reverse stock split. The company warns there’s no assurance its shares will meet the required levels, and it plans to closely monitor its stock price.
Color Star Technology (Nasdaq: CSCW) announced the launch of its "Color World" music festival series in China, with the first event details to be revealed soon. The company plans to organize up to 30 music festivals over the next five years, as the demand for such events grows amidst China's economic recovery post-COVID-19.
Registered users of Color World will benefit from discounted festival tickets, opportunities to engage with musicians, and coupons for shopping. The official online store is set to launch on October 25, 2020.
Color Star Technology Co., Ltd. (Nasdaq CM: HHT) announced that its Color World App will launch an online store feature on October 25, 2020. This addition aims to enhance user experience by selling celebrity peripheral products. The CEO, Lu Biao, expects the online mall to diversify the company's income and boost daily active users on the platform. The company specializes in online and offline paid knowledge services for the media, entertainment, and culture sectors, with a focus on music and entertainment education.
Color Star Technology Co., Ltd. (Nasdaq CM: HHT) announced an upgrade to its Color World App, set for October 15, 2020, introducing an interactive live video streaming feature. Following the successful launch of its Chinese version on September 10, 2020, the upgrade aims to enhance user engagement with virtual celebrity-fan meetings and live events. CEO Luke Lu emphasized the potential for increased user interaction and the addition of Augmented Reality features, aiming to attract more users and enhance experiences.
Color Star Technology Co., Ltd. (Nasdaq CM: HHT) announced entering a memorandum of understanding on September 21, 2020, to acquire 100% of FENT Co. Ltd., a South Korean K-pop entertainment agency. This strategic move aims to enhance HHT's presence in the growing K-pop market and expand its capabilities in live entertainment, talent management, and media production. The completion of this acquisition depends on due diligence, board approval, and necessary shareholder consent, with expectations for a definitive agreement by year-end.
Color Star Technology Co., Ltd. (Nasdaq CM: HHT) has announced a registered direct offering and private placement worth $6.6 million on September 15, 2020. The agreement involves selling 13.2 million ordinary shares at $0.50 each, along with warrants to purchase up to 11.88 million shares with an exercise price of $0.55. This offering is expected to close around September 17, 2020. Maxim Group LLC is the sole placement agent. The funds raised will support the company's operations in the education services sector.
