Glory Star Inks $60M Strategic Investment With Two Institutional Investors

April 18, 2023 3:13 PM | 1 min read |

Glory Star New Media Group Holdings Limited GSMG entered into a share subscription agreement with two institutional investors to issue 24.19 million ordinary shares in aggregate at a purchase price of $2.48 per share.
The gross proceeds from the share subscription agreement will be $60 million.
The purchase price is based on the privatization price of $1.55 per share approved by the company's shareholders on November 11, 2022, with a 60% premium as agreed to by the company and the investors.
The closing of the private placement is expected on or about May 9, 2023.
Price Action: GSMG shares are trading higher by 45.58% at $0.6979 on the last check Tuesday.