Glory Star Takes Strategic Investment from an affiliate of Baidu Yi Xin at US$10.31 per Share
17 Novembre 2020 - 2:00PM
Glory Star New Media Group Holdings Limited (NASDAQ: GSMG) (“Glory
Star” or the “Company”), a leading mobile and online digital media
and entertainment company in China, today announced that it has
completed the closing of the subscription agreement with Hong Kong
Duoku Limited, an affiliate of Baidu Yi Xin Network Technology
(Beijing) Co., Ltd. (“Baidu Yi Xin”), for the issuance of 193,986
Ordinary Shares at a purchase price of $10.31 per share.
In 2011, Baidu Yi Xin was established as a joint
venture between Baidu Inc., the operator of the world's largest
Chinese search engine service, and NTT Docomo Inc., the predominant
mobile phone operator in Japan. By utilizing Baidu Inc.’s mobile
business as its foundation, Baidu Yi Xin has refined its operations
for mobile games, digital reading, and online music services to
provide mobile Internet users with best-in-class entertainment
services and become an independent network technology company.
“Through its affiliate, We are excited to
announce the addition of Baidu Yi Xin as a strategic shareholder in
Glory Star as it maintains a number of competitive advantages and
is highly-regarded throughout the industry,” commented Mr. Bing
Zhang, Chairman and Chief Executive Officer of Glory Star. “Video
content-driven e-commerce is widely expected to become the next
trillion-dollar market in China as a result of the emergence and
implementation of 5G technology. The strategic investment from
Baidu Yi Xin once again demonstrates the favorable growth potential
of both Glory Star and the video content-driven e-commerce industry
as a whole in the era of 5G. As a pioneer in China’s PGC video
content-driven e-commerce space, we are confident that such
industry developments will be quite advantageous to our future
growth trajectory. Looking ahead, we plan to continue working hand
in hand with Baidu Yi Xin to both accelerate our growth and
consolidate our market leading position.”
The Ordinary Shares issued to Hong Kong Duoku
Limited were issued pursuant to an exemption from registration
under the Securities Act of 1933 (the “Securities Act”). The
securities have not been and will not be registered under the
Securities Act or any state or other jurisdiction's securities laws
and may not be offered or sold in the United States absent
registration or an applicable exemption from the registration
requirements of the Securities Act and applicable state or other
jurisdictions' securities laws.
About Glory Star New Media Group Holdings Limited
Glory Star New Media Group Holdings Limited is a
leading mobile entertainment operator in China. Glory Star’s
ability to integrate premium lifestyle content, including short
videos, online variety shows, online dramas, live streaming, its
Cheers lifestyle video series, e-Mall, and mobile app, along with
innovative e-commerce offerings on its platform enables it to
pursue its mission of enriching people’s lives. The company’s large
and active user base creates valuable engagement opportunities with
consumers and enhances platform stickiness with thousands of
domestic and international brands.
Safe Harbor Statement
Certain statements made in this release are
“forward looking statements” within the meaning of the “safe
harbor” provisions of the United States Private Securities
Litigation Reform Act of 1995. When used in this press release, the
words “estimates,” “projected,” “expects,” “anticipates,”
“forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,”
“will,” “should,” “future,” “propose” and variations of these words
or similar expressions (or the negative versions of such
words or expressions ) are intended to identify forward-looking
statements. These forward-looking statements are not guarantees of
future performance, conditions or results, and involve a number of
known and unknown risks, uncertainties, assumptions and other
important factors, many of which are outside the Company’s control,
that could cause actual results or outcomes to differ materially
from those discussed in the forward-looking statements. Important
factors, among others, are: the ability to manage growth; ability
to identify and integrate other future acquisitions; ability to
obtain additional financing in the future to fund capital
expenditures; fluctuations in general economic and business
conditions; costs or other factors adversely affecting our
profitability; litigation involving patents, intellectual property,
and other matters; potential changes in the legislative and
regulatory environment; a pandemic or epidemic; and other factors
listed in the Company’s Annual Report on Form 10-K for the year
ending December 31, 2019 and in other filings made by the Company
with the Securities and Exchange Commission from time to time. The
Company undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by applicable law.
Such information speaks only as of the date of this release.
Contacts
Glory Star New Media Group Holdings Limited Yida Ye Email:
yeyida@yaoshixinghui.com
ICR Inc. Sharon Zhou Tel: +1 (646) 308-0546 Email:
gsnm@icrinc.com
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