TAOP Raises $2 Million from Recent Financing

Rhea-AI Summary

On September 10, 2020, Taoping Inc. (NASDAQ: TAOP) announced a securities purchase agreement with an investor. The Company will issue 222,222 ordinary shares, a convertible note worth $1,480,000, and a warrant for 53,333 shares at $9.00 each, generating gross proceeds of $2.0 million before expenses. The funds are intended to bolster Taoping's smart display and advertising ecosystem. CEO Jianghuai Lin expressed gratitude for the investor's confidence, emphasizing the Company’s commitment to long-term shareholder value.

Positive

• Raised $2.0 million through a securities purchase agreement.
• Increased investor confidence as indicated by the new financing deal.

Negative

• None.

SHENZHEN, China, Sept. 11, 2020 (GLOBE NEWSWIRE) -- Taoping Inc. (NASDAQ: TAOP, the “Company”), a leading provider of internet-based smart display screens, and a new-media ecosystem that enables targeted advertising and online retails, today announced that it has entered into a securities purchase agreement (the “Purchase Agreement”) with an investor (the “Investor”) on September 10, 2020.

In this financing, the Company is issuing to the investor an aggregate of 222,222 ordinary shares, no par value (the “Ordinary Shares”), a convertible note with principal amount of $1,480,000 and a warrant to purchase 53,333 Ordinary Shares at $9.0 per share. The gross proceeds to the Company from the financing are $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 September 11, 2020.

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 Investor’s 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. (formerly known as China Information Technology, Inc.) (TAOP), is a leading provider of smart display terminals and solutions for targeted advertising and online retails. The Company provides the integrated end-to-end digital advertising solutions enabling customers to distribute and manage ads on cloud-based ad display screens. Connecting owners of Taoping screens, advertisers and consumers, it builds up a resource sharing "Smart IoT Screen Network- Taoping 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

or

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

FAQ

What financing agreement did Taoping Inc. announce on September 10, 2020?

Taoping Inc. announced a securities purchase agreement to issue 222,222 ordinary shares, a $1,480,000 convertible note, and a warrant for 53,333 shares.

How much gross proceeds did Taoping Inc. generate from the financing?

Taoping Inc. generated gross proceeds of $2.0 million from the financing before expenses.

What does the financing deal include for Taoping Inc. investors?

The financing deal includes shares, a convertible note, and a warrant for additional shares at $9.00 per share.

Who is the CEO of Taoping Inc. and what was said about the financing?

CEO Jianghuai Lin expressed gratitude for the investor's confidence and highlighted the Company's commitment to creating long-term value for shareholders.