Color Star Raises $26M At Premium To Enhance AI, AR, MR Technologies

Color Star Technology Co., Ltd. (NASDAQ: CSCW) raised $26 million by pricing 20 million shares at $1.30 per share in a private placement.
The offer price signifies a 42.9% premium to Monday's closing price of $0.91.
The proceeds will be utilized for the development of Artificial Intelligence (AI), Augmented Reality (AR), and Mixed Reality (MR) technologies to create virtual communities for the company's software application.
Color Star APP has already acquired a registered user base of over 1 million and growing since its September launch.
It has collaborated with Silicon Valley software engineers and a Chinese technology R&D company to create AI with blockchain technology, focusing on the development and application of 3D virtual reality (VR) technology to online concerts.
The company intends to transform the online concert experience to that comparable to watching it in-person.
It has also invested heavily in MR, which is an extension of VR and AR. The creation of MR scenes offers a similar experience to being at a live concert and allows real-time on-site seat selection.
The company will launch a more futuristic naked-eye 3D vision technology to nearly imitate live scenes' experiences.
It plans to develop a wireless Bluetooth headset technology for real-time, high-quality, surround-sound.
Price action: CSCW shares are up 8.8% at $0.99 on the last check Tuesday.