Glory Star New Media Group Holdings Limited, a leading digital media platform and content-driven e-commerce company in China, announced that it closed its private placement pursuant to the Share Subscription Agreement, dated August 16, 2023, and will issue an aggregate of 8,064,516 ordinary shares, at a purchase price of $2.48 per share for an aggregate gross proceeds of $20 million.
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“We are greatly honored to continue to win the favor and support from institutional investors, and are grateful for their recognition in the value of Glory Star, as well as their decision to stand alongside the Company in the long run to help us continuously innovate and grow,” Mr. Bing Zhang, Chairman and CEO of the Company, commented.
As a preeminent provider of next-generation mobile internet infrastructure services in China, Glory Star is dedicated to building a digital ecosystem that integrates “platforms, applications, technology, and industry” into a cohesive system, thereby creating a new, open business environment for web3.0 that leverages AI technology. The Company is developing a 5G+VR+AR+AI shared universe space that builds on cutting-edge technologies including blockchain, cloud computing, extended reality, and digital twin.
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Glory Star’s portfolio includes a wide range of products and services, such as Polaris Intelligent Cloud, CHEERS Telepathy, CHEERS Open Platform, CHEERS Video, CHEERS e-Mall, CheerReal, CheerCar, CheerChat, CHEERS Fresh Group-Buying E-commerce Platform, Digital Innovation Research Institute, CHEERS Livestreaming, variety show series, IP short video matrix, and more. These offerings provide diverse application scenarios that seamlessly blend “online/offline” and “virtual/reality” elements.
With “CHEERS+” at the core of Glory Star’s ecosystem, the Company is committed to consolidating and strengthening its core competitiveness, and achieving long-term sustainable and scalable growth.
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