Color Star Technology (NASDAQ: HHT), a company engaged in the businesses of providing education services, today announced its entry into a securities purchase agreement on September 15, 2020, with certain accredited investors to purchase $6.6 million worth of its ordinary shares in a registered direct offering and warrants to purchase ordinary shares in a concurrent private placement. Under the agreement, the company has agreed to sell 13.2 million ordinary shares and, in a concurrent private placement, to issue unregistered warrants to purchase up to 11.88 million ordinary shares. The warrants have an exercise price of $0.55 and will be exercisable immediately upon issuance and expire five years and 6 months from the date of issuance. The purchase price for one ordinary share and corresponding warrant will be $0.50. Color Star Technology will secure an estimated $6.6 million in gross proceeds from the registered direct offering and concurrent private placement, which are expected to close on or about September 17, 2020, subject to the satisfaction of customary conditions.
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About Color Star Technology Co. Ltd.
Color Star Technology offers online and offline knowledge-paid services for music and entertainment industries globally. The company routinely posts important information on its website. Its business operations are conducted through its wholly owned subsidiaries Color China Entertainment Ltd. and CACM Group NY Inc. The company’s online education is provided through its Color World music and entertainment education platform. Color Star Technology also offers after-school entertainment tutoring in New York via its joint-venture entity Baytao LLC. For more information, visit the company’s website at www.ColorStarInternational.com.
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