Color Star Technology Co., Ltd. Closes $5.6 Million Registered Direct Offering

NEW YORK, Sept. 20, 2022 /PRNewswire/ -- Color Star Technology Co., Ltd. ("Color Star" or the "Company") (NASDAQ:CSCW), an entertainment technology company with a global network that focuses on the application of technology and artificial intelligence (AI) in the entertainment industry, today announced it closed its previously announced registered direct offering for the purchase and sale of ordinary shares and warrants. Each unit consisted of one ordinary share and one warrant to purchase one ordinary share. The purchase price per unit was $0.08. The gross proceeds from the sale of the securities, before deducting placement agent fees and other estimated offering expenses payable by the Company, was approximately $5.6 million. The Company issued to the investors an aggregate of 70,000,000 ordinary shares and warrants to purchase an aggregate of 70,000,000 ordinary shares. The investor warrants are initially exercisable at $0.08 per share.