TAOP Raises $2.0 Million To Accelerate Growth

Rhea-AI Summary

Taoping Inc. (NASDAQ: TAOP) announced a securities purchase agreement on January 19, 2021, with certain investors to sell 740,740 ordinary shares at $2.7 each, totaling approximately $2 million in gross proceeds. This registered direct offering will support the company’s growth strategy and enhance its digital advertising solutions. The company aims to provide innovative smart display terminals and build a targeted advertising ecosystem. For further details, a Form 6-K will be filed on January 21, 2021.

Positive

• Raised approximately $2 million from the sale of 740,740 ordinary shares at $2.7 each.

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• None.

SHENZHEN, Jan. 20, 2021 (GLOBE NEWSWIRE) -- Taoping Inc. (NASDAQ: TAOP, the “Company”), a provider of internet-based smart display screens, and a new-media ecosystem that enables targeted advertising and online retail, today announced that it has entered into a securities purchase agreement (the “Purchase Agreement”) with certain investors (the “Investors”) on January 19, 2021.

Pursuant to the Purchase Agreement, the Company agreed to sell to the Investors an aggregate of 740,740 ordinary shares, no par value (the “Ordinary Shares”) at a purchase price of $2.7 per share, in a registered direct offering. The gross proceeds to the Company from the financing are approximately $2.0 million before deducting estimated offering expenses.

For more details of the financing, please see the Company’s Report on Form 6-K to be filed on or about January 21, 2021.

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 the registration or qualification under the securities laws of any such state or jurisdiction.

“We appreciate the Investors’ confidence in our management team and growth strategy, and will continue to serve customers well and create long-term value for shareholders," said Mr. Jianghuai Lin, Chairman and CEO of TAOP.

About Taoping Inc.

Taoping Inc. (TAOP), is a leading provider of smart display terminals for targeted advertising and online retail. The Company provides integrated end-to-end digital advertising solutions enabling customers to distribute and manage advertisements on advertisement display terminals. Connecting cloud-based advertisement terminal owners, advertisers and consumers, it builds up a resource sharing "Smart IoT Terminal - Taoping Net/ App - Taoping Go (e-Store)" media ecosystem to ultimately achieve the mission "our technology makes advertising and branding affordable and effective for everyone." To learn more, please visit http://www.taop.com/.

Safe Harbor Statement

This press release may contain certain "forward-looking statements" relating to the business of Taoping Inc., and its subsidiaries and other consolidated entities. All statements, other than statements of historical fact included herein, are "forward-looking statements" in nature within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, often identified by the use of forward-looking terminologies such as "believes", "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company and its subsidiaries and other consolidated entities or persons acting on their behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

For further information, please contact:

Taoping Inc.
Chang Qiu
Email: chang_qiu@taoping.cn
http://www.taop.com/
or

Dragon Gate Investment Partners LLC
Tel: +1(646)-801-2803
Email: taop@dgipl.com

FAQ

What is the recent securities purchase agreement by Taoping Inc. (TAOP)?

On January 19, 2021, Taoping Inc. announced a securities purchase agreement to sell 740,740 ordinary shares at $2.7 each, raising approximately $2 million.

How much did Taoping Inc. (TAOP) raise from the recent offering?

Taoping Inc. raised approximately $2 million in gross proceeds from the sale of shares.

What will Taoping Inc. (TAOP) use the proceeds from the offering for?

The proceeds will support Taoping Inc.'s growth strategy and enhance its digital advertising solutions.

When will Taoping Inc. (TAOP) file the Form 6-K for the offering?

Taoping Inc. plans to file the Form 6-K on or about January 21, 2021.