Glory Star New Media Group Holdings Ltd (NASDAQ: GSMG) is trading significantly higher Thursday after the company announced it entered into a subscription agreement to purchase up to $10 million in ordinary shares and warrants at a fixed combined purchase price of $3.50.
Each warrant will be exercisable immediately and will expire one year from the date of issuance. The first closing of the offering is expected to close around Aug. 30.
The company said it intends to use the net proceeds from the offering primarily for working capital and other general corporate purposes.
Glory Star New Media Group Holdings is a provider of advertisement and content production services and operates a mobile and online advertising, digital media and entertainment business in China.
GSMG Price Action: Glory Star New Media Group Holdings has traded as high as $4.86 and as low as $1.28 over a 52-week period.
At last check Thursday, the stock was up 38.40% at $2.14.
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