- 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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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