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Color Star Technology Prices $6.6M Registered Direct Offering

NEW YORK, Sept. 16, 2020 /PRNewswire/ -- Color Star Technology Co., Ltd. (Nasdaq CM: HHT) (the "Company", "we" or "HHT"), a company engaged in the businesses of providing education

· 09/16/2020 09:06

NEW YORK, Sept. 16, 2020 /PRNewswire/ -- Color Star Technology Co., Ltd. (Nasdaq CM: HHT) (the "Company", "we" or "HHT"), a company engaged in the businesses of providing education services, announced today that it has entered 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 terms of the securities purchase agreement, the Company has agreed to sell 13.2 million ordinary shares. In a concurrent private placement, the Company has agreed to issue unregistered warrants to purchase up to 11.88 million ordinary shares. The warrants will be exercisable immediately upon the date of issuance and have an exercise price of $0.55. The warrants will expire five years and six months from the date of issuance. The purchase price for one ordinary share and a corresponding warrant will be $0.50. The gross proceeds to the Company from the registered direct offering and concurrent private placement are estimated to be $6.6 million before deducting the placement agent's fees and other estimated offering expenses. The registered direct offering and concurrent private placement are expected to close on or about September 17, 2020, subject to the satisfaction of customary closing conditions.

Maxim Group LLC ("Maxim") is acting as sole placement agent in connection with this offering.

The securities described above are being offered by the Company pursuant to a shelf registration statement on Form F-3 filed with the Securities and Exchange Commission (the "SEC") dated February 25, 2020, as amended on March 4, 2020 and declared effective on March 10, 2020. A prospectus supplement related to the offering will be filed with the SEC and available on the SEC's website at http://www.sec.gov. Copies of the prospectus supplement relating to the offering may be obtained, when available, by contacting: Maxim Group LLC, 405 Lexington Avenue, 2nd Floor, New York, NY 10174, by telephone: at (212) 895-3500.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction.