- Color Star Technology Co Ltd CSCW agreed to sell 31.6 million shares and warrants to purchase 22.1 million shares in a secondary institutional offering.
- Each unit consists of one share and one warrant to purchase 0.7 shares. The purchase price per unit is $0.68.
- The company expects gross proceeds from the sale of the securities to be $21.5 million, which will serve general corporate and working capital purposes.
- Color Star will also issue a warrant to purchase 0.95 million shares to the placement agent. The investor warrants and placement agent warrants are initially exercisable at $1.00 per share.
- Color Star recently disclosed plans to acquire Wuhan Chujing Esports Culture Communication Co., Ltd. for an undisclosed sum.
- Price Action: CSCW shares traded lower by 34.4% at $0.57 on the last check Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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